About Uranium King
On 21 July 2006 Uranium King exercised an option to acquire a 100% interest in the uranium assets of Mineral Energy and Technology Corporation (“METCO”). METCO is a United States based private company which owned the Rio Puerco and Church Rock projects in the State of New Mexico and the Apex and Lowboy projects in the state of Nevada. Based on exploration completed during the 1970’s and 1980’s, the Rio Puerco and Apex-Lowboy projects have combined JORC inferred uranium resources of 6.1 million pounds (2.8 million kilograms) of uranium oxide.
An important feature of these resources are the grades which, particularly in the case of Rio Puerco, are significantly higher than those available to other uranium companies. On 4 September 2006 Uranium King commenced trading on the Australian Stock Exchange after raising $A6.5 million in a heavily oversubscribed initial public offering.