| Fri 24 Jun 2005, 9:49 | | Aflease And Altius Sign Strategic Alliance Agreeme |
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Aflease And Altius Sign Strategic Alliance Agreement
Aflease Gold and Uranium Resources Limited
(Formerly The Afrikander Lease Limited)(Incorporated in the Republic of South Africa)
AFL (JSE) AFLUY (NASDAQ)
(Registration number 1921/006955/06)
ISIN: ZAE000061461 & Share Code : AFLAFLEASE AND ALTIUS SIGN STRATEGIC ALLIANCE AGREEMENT
Gold and uranium mining junior Aflease of South Africa and Altius Minerals
Corporation of Canada today announced that they have signed a strategic alliance
agreement, which could see the companies embark on joint venture projects inCanada.
Under the new agreement, the two parties have agreed to work together, to
provide advisory and consulting services to one another, and to collaborate in
the acquisition and development of properties and projects.`The relationship is to be non-binding and non-exclusive,` said Aflease CE Neal
Froneman.
`However, it does represent the start of an important new era for Aflease, as we
spread our wings outside SA, and start to look at the possibility of developingnew uranium projects offshore.`
The new alliance provides for the confidential sharing and exchange of
information and has a 1-year initial term that may be extended.
`Aflease has undertaken to provide advice and assistance on technical,operational and financial issues relating to the development of Altius`
properties and Altius will contribute its expertise in uranium exploration and
uranium exploration environments,` said Froneman.
`In particular we will be focusing on Altius` uranium properties in Canada andnew opportunities that are identified through its reconnaissance
investigations.`
Altius has been actively exploring for uranium in eastern Canada since 2001 and
its uranium portfolio includes an equity interest and a royalty in the district-scale Central Mineral Belt of Labrador, which will be the subject of a
comprehensive $5 million exploration program this summer together with Fronteer
development Group. Please refer to Altius Release 05-06 for details.
The company also has an active joint venture with JNR Resources in the Deer LakeBasin of western Newfoundland that covers three areas of unsourced, altered and
mineralized sandstone boulders grading up to 11.5% U308. A diamond-drilling
program is planned to commence on the property in early August of this year.
In addition to its uranium holdings, Altius has a royalty interest in Inco`sVoiseys` Bay nickel property in Labrador, Canada, as well as a diverse portfolio
of exploration projects, many of which are being advanced through agreements
with select industry partners.
Under the agreement, both companies have agreed to provide one another with anopportunity to participate, through option and joint venture agreements or other
agreed arrangements, in the acquisition and development of projects.
`We are very pleased to be working with the Altius team`, said Froneman. `We
believe our alliance will give us opportunities to acquire and developattractive offshore exploration properties. In this way, the alliance can both
increase our uranium asset base and reinforce the Company`s strategic objective
of expanding its international reach and profile, particularly in North
America.`After 18 months of development, Aflease is resuming mining this month at its
Bonanza gold mine near Klerksdorp.
For further information, please contact
Neal Froneman +27 11 482 3605 (office) +27 83 628 0226 (mobile)
Carol Smith +27 11 482 3605 (office)
+27 82 338 2228 (mobile)Date: 24/06/2005 09:14:04 AM Produced by the JSE SENS Department
