Manhattan Corporation Limited Double 8 Uranium Deposit Inferred Resource Increase's 65% To 17.2 Million Pounds

Published on Friday March 11 2011

Manhattan Corporation Limited (ASX:MHC) announces an increased Inferred Resource for the Double 8 uranium deposit at Ponton in Western Australia of 17.2Mlb uranium oxide ("U3O8"). 

The Resource, at a 200ppm cutoff, has been prepared by independent resource consultants Hellman & Schofield Pty Ltd in accordance with the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves "JORC Code (2004)".

In addition, Exploration Results reported by Hellman & Schofield have identified Mineralisation Potential at the 200ppm U3O8 cutoff at:

- Double 8 of between 2.5 and 5.5Mlb U3O8

- Stallion South of between 8 and 16Mlb U3O8

- Highway South of between 8 and 16Mlb U3O8

- Ponton prospect of between 15 and 30Mlb U3O8

The uranium mineralisation at Double 8 remains open and is yet to be closed off by drilling.

Manhattan considers that further drilling of the Double 8 deposit will expand and the confidence levels of reported resources will improve and report to higher confidence categories under the JORC Code (2004). 

Manhattan is also confident that further drilling along the Ponton palaeochannels at Stallion South, Highway South and Ponton will confirm the Mineralisation Potential, as outlined in this announcement, and generate significant resources under the JORC Code (2004).

Stallion, Highway and Shelf prospects have been systematically drilled to a detail that would support resource estimations. Resource estimates will be completed and reported when further secular disequilibrium data are received, models refined and conversion procedures for Manhattan's down hole gamma probe data finalised. 

Preliminary information gives a strong likelihood that a disequilibrium factor for these prospects may be significantly higher than the x1.2 currently assumed for the Inferred Resources at Double 8.

The Double 8 uranium deposit and the Stallion South, Highway South and Ponton Prospects are located on EL28/1898 within QVSNR. EL28/1898 application has been offered for grant in December 2010. 

The grant requires the consent of the Minister for Mines and Petroleum, with the concurrence of the Minister for Environment, to commence exploration activities within the QVSNR. This Ministerial consent, for E28/1898, is now being sought by Manhattan.

Manhattan's priority is now to obtain the grant of, and Ministerial consent to explore on, E28/1898. This access will enable Manhattan to recommence drill testing and evaluation of the Double 8 uranium resource and the Mineralisation Potential identified at Double 8, Stallion South, Highway South and Ponton Prospects.

Hellman & Schofield's confidential report entitled "Review of Resource Estimates and Mineralisation Potential, Ponton Project" dated 9 March 2011 referred to was prepared for Manhattan and received by the Company on that date.

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