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Exclusive Prospecting Licence (EPL) 3287 covers 527sq km and lies in the same uranium province as the Rossing and Langer Heinrich uranium mines and immediately north of the large Trekkopje Mine which is currently being developed by Areva. Resource Area EPL 3287 was initially granted for a 3 year period commencing 30 November 2005 for Base and Rare Metals, Precious Metals and Nuclear Fuel Groups of Minerals and recently renewed until 30 November 2010.
In November 2009 Marenica Energy Ltd delivered an Interim Resource, based on historical and new data. The Company delineated a uranium resource totalling 122Mt grading 140ppm U3O8 comprising of an Indicated Mineral Resource of 16Mt grading 170ppm U3O8 and an Inferred Mineral Resource of 106Mt grading 140ppm U3O8 for a combined total of 38.6 million pounds of contained U3O8.
This Interim Mineral Resource is based on data from just over a third of drill results back from Marenica Energy’s 2009 drilling program and has resulted in approximately 15% of the resource being upgraded to the Indicated category and an increase in overall tonnage and U3O8 content. Final updated resource estimation is due to be completed in January 2010.

HISTORY:
In April of 2006, Marenica Energy entered into a Joint Venture agreement approved by the Ministry of Mines and Energy on 31 May 2006, whereby it could earn an 80% interest in the project.
Due to high uranium prices in the 1970's, Namibia underwent considerable exploration for uranium particularly along a 100km wide corridor extending east from the coast. The Geological Survey of Namibia flew several airborne radiometric surveys which outlined a number of potential targets. Rio Tinto, Anglo America and Goldfields all conducted exploration in the region that delineated hard rock, palaeochannel and calcrete deposits.
Previous exploration notably by the Goldfields Group of South Africa, over the north east portion of the EPL, outlined several uranium mineralised areas. Over 32,000 metres of drilling was conducted in the delineation of secondary uranium deposits associated with palaeo drainage channels and weathered bedrock. Extensive metallurgical testwork was also undertaken and an historical resource estimated. Drill intersections included 9.7 metres at 980 ppm eU308, 8.1 metres at 500 ppm eU308 and 3 metres at 754 ppm eU308. The collapse in the uranium price resulted in Goldfields withdrawing from the project at the end of 1982.
The regional geology of this area consists of basin and dome tectonic features, where massive marbles of the Karibib Formation form three prominent domal structures, while steeply dipping biotite schists (Kuiseb Formation) form the basins similar to that of the Rossing Mine. Potential to find a hard rock deposit is therefore encouraging. The recent discovery of uraninite bearing alaskites on the Marenica Project further enhances the hard rock potential of the area.

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