VIPR Industries Closes Acquisition of Itigi Manyoni Uranium Propertyadmin
Industries Inc. has completed its acquisition of the highly prospective Itigi Manyoni Uranium Property located in Tanzania. Airborne radiometric surveys have identified uranium anomalies indicating strong potential for significant uranium mineralization on VIPR’s project area.
Radiometric mapping of VIPR’s newly acquired 170 kilometer Itigi Manyoni Uranium Prospect has identified anomalies in multiple zones featuring high uranium counts. The prospect lies within the Tanzanian Craton, formerly known as the Dodoman Craton, in a typical granite / greenstone terrain composed of extensive granitoids and narrow arcuate greenstone belts. Other companies actively exploring for uranium in Tanzania include Atomic Minerals Ltd. and Mantra Resources Ltd. Companies targeting uranium in Africa also include Deep Yellow Ltd and Denison Mines Corp. Paladin Resources Ltd. is developing its 3.3 million pound per annum Kayelekera Uranium Project in neighboring Malawi.
Earlier this week VIPR announced it had also closed on the acquisition of a highly prospective gold property in Tanzania’s Singida Gold Belt. VIPR’s Singida Gold Property is located directly adjacent to and along strike from Shanta Gold Limited’s Singida Project where exploration drilling has identified an indicated resource of 543,000 ounces of gold valued at an estimated $500 million at current gold prices.
Mr. Mike Gerstner, President and CEO of VIPR Industries, commented:
“VIPR Industries is developing a growing portfolio of high quality, high value mineral prospects in Tanzania, a country with low political risk, mining-friendly investment policies and abundant mineral resources. The Itigi Manyoni Uranium Property demonstrates excellent potential for significant uranium mineralization.
Demand for uranium from accelerating nuclear power generation is outpacing mine production, creating a widening supply gap. We look forward to implementing our aggressive exploration plans for the Itigi Manyoni uranium prospect in order to meet this rising demand.”
Requirements for uranium, the fuel for nuclear reactors, are increasing dramatically. Nuclear power generation is expanding around the world as countries look to reliable, emissions-free nuclear power to manage rising energy demand and reduce greenhouse emissions. As of April 1, 2008, 439 nuclear reactors in 31 countries are generating more than 16% of the world’s electricity supply. Worldwide 35 new plants are under construction, 91 are planned, 228 are proposed, and many existing plants are expanding capacity, according to the World Nuclear Association.
The U.S. Department of Energy’s International Energy Outlook 2008 predicts that as concerns over rising fossil fuel prices, energy security, and greenhouse gas emissions support the development of new nuclear generation, electricity generation from nuclear power will increase from about 2.6 trillion kilowatthours in 2005 to 3.8 trillion kilowatthours in 2030. The International Atomic Energy Agency forecasts that by 2030 the dramatic increase in nuclear power will cause uranium demand to rise from its current level of 66,500 tonnes per year to between 94,000 and 122,000 tonnes.
VIPR acquired the Itigi Manyoni Property along with the Singida Gold Property as an asset purchase for 5,543,000 pre-split restricted shares from Kinti Group Inc., a Toronto, Ontario, and Tanzania-based private company. VIPR is leveraging Kinti Group’s local area expertise, network of contacts and portfolio of quality assets.
VIPR Industries Inc. is a precious metals exploration and development company focused on Gold, Uranium, and other high quality precious metal resources and reserves through mergers, acquisitions and resource development.
Contacts: VIPR Industries Inc. Investor Relations (416) 644-8648 Email: email@example.com