Enterprise Uranium well-funded for Tier 1 uranium hunt 

(MENAFN - ProactiveInvestors - Australia) Enterprise Uranium (ASX: ENU) has been Admitted to the ASX 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.

The company was incorporated by its former parent Enterprise Metals (ASX: ENT), after the decision was made to demerge the uranium assets into Enterprise Uranium.

Enterprise Uranium will hit the ASX boards on Thursday 20th December 2012 at 12:00 pm EDST, and will have 64.4 million shares on issue and 12.8 million quoted options exercisable at 0.25 each on or before 31 March 2014.


Projects

Enterprise Uranium has five wholly owned exploration projects which combined cover almost 6000 square kilometres, with the company targeting a Tier 1 uranium discovery.

Immediate targets have been identified for drill testing, which is expected to commence around the time of listing.

Importantly for the prospectivity of the project area, they cover strong suficial uranium anomalies which have been identified from recent WA Government and company airborne radiometric surveys, which has indicated that some areas are highly prospective for uranium.

A positive for the Yalgoo project is that a survey identified two major uranium anomalies for follow-up at Muggaburna Well and Salt Creek.

The Muggaburna anomaly is directly related to a broad drainage channel which is 3.5 kilometres long and 700 metres wide, with 18 of 24 calcrete samples collected form the area returning values of between 149ppm and 418ppm uranium.


The Enterprise Uranium board

Enterprise Uranium has assembled an experienced board and management team, with includes; Ms Anna Mao as non-executive chairperson, Trevor Saul as managing director, along with Dermot Ryan, Zhen Huang and Michael Atkins as non-executive directors.