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Enterprise Uranium's Exploration Heats Up With New Uranium Discovery In WA

Enterprise Uranium (ASX: ENU) has returned high levels of uranium from an in-situ soil assaying program at three prospects within the Peranbye Project in Western Australia.

The company has made a new discovery with the definition of an 8 kilometre by 0.5 kilometre uranium anomaly, now known as the "Hot Chocolate Prospect".

Portable XRF has also returned high levels of uranium from the Rombold and Goose Eye prospects.

At the newly defined Hot Chocolate, in-situ assaying of soils has returned up to 631 parts per million uranium, with 131 of the 514 assays reporting above 200 parts per million uranium.

Hot Chocolate was the focus of the majority of the pXRF survey, with initial sampling identifying high levels of uranium over an extensive area and infill sampling completed.

The Rombald Prospect covers a lake system extending over 12 kilometres. Orientation traverses with the pXRF produced assays up to 140 parts per million uranium.

Further sampling will be undertaken in 2013 to map this extensive area of anomalous surficial uranium.

The Goose Eye Prospect also covers a lake system extending over 16 kilometres, with significant airborne uranium responses.

Orientation traverses with the pXRF produced assays up to 38 parts per million uranium.

Further assaying will be undertaken in 2013 to map the surface uranium distribution.

It is anticipated that this surface assaying, combined with Enterprise Uranium's 2012 electromagnetic survey data, will produce drill targets in 2013.

Emergence of Enterprise Uranium

Enterprise Uranium was recently formed from the spin-off of Enterprise Metals' uranium assets into a new entity.

The company hit the boards of the ASX today following a successful IPO, with the prospectus offering 25.5 million shares at $0.20 to raise up to $5.1 million, with oversubscriptions allowed for a further $1 million.

Enterprise Uranium has 64.4 million shares on issue and 12.8 million quoted options exercisable at $0.25 each on or before 31 March 2014.

The company has five wholly owned exploration projects which combined cover almost 6,000 square kilometres, with the company targeting a Tier 1 uranium discovery.

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