THE search for uranium in Guyana continues unabated, with one more explorer continuing.

U 308 Corporation of Canada, on site in the Roraima Basin, was granted one and two-year extensions, on reconnaissance permits, last week.

A release from the corporation, dated November 27, said it was pleased to announce that the Guyana Government had approved of its wholly-owned subsidiary, Prometheus Resources (Guyana) Inc., extending the expiry dates on the two concessions.

The approvals are for Permit A to continue uranium exploration for another year in approximately 50 per cent of the area covered by the original, until November 22, 2010 and extend Permit B for two years, after May 30, 2010 to May 30, 2012, on approximately 50 per cent of the area covered by the original.

It means U 3O8 has exclusive rights to explore for uranium within the Roraima Basin and adjacent basement rocks in this country, Ms. Adele Butts, Head of the Land Management Department of Guyana Geology and Mines Commission (GGMC) confirmed.

Permit A covers about 258,083 hectares and Permit B 409,923 hectares, where U 308 considers there is prime uranium potential and reconnaissance work there will cover a total of 661,006 hectares of the original 1.3 million hectares, for which permits were first issued in 2005.

Commenting on the development, U 308 President and Chief Executive Officer (CEO), Dr. Richard Spencer expressed sincere thanks to the Government of Guyana and, specifically, the GGMC.

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“These extensions enable U 3O8 to continue with exploration that aims to build on its resource and identify economic uranium deposits that could contribute fuel to meet the world’s rising demand for clean nuclear energy,” he stated.

Spencer also thanked Prime Minister Samuel Hinds and GGMC Commissioner, Mr. William Woolford, for taking the time to review the U 308 principal exploration project.

U 3O8 is based in Toronto, Canada but its primary business objective is to find, develop and acquire uranium projects in the Americas.

The corporation is advancing an exploration strategy that focuses on multiple uranium bearing structures within structural systems in the basement adjacent to the Roraima Basin, with the concept that the individual zones could potentially aggregate to a significant total resource.

The venture, which includes unconformity-related uranium deposits near the base of the Roraima Basin that are similar to those of the prolific Athabasca Basin in Saskatchewan, Canada, is being funded with cash and Canadian chartered bank-backed Guaranteed Investment Certificates.

U 308 made news around this time last year when a Beech King Aircraft N87V, doing its flights, crashed in the Cuyuni with the pilot, Captain James Wesley Barker, 28, First Officer Chris Paris, 23, both United States (U.S.) citizens and Canadian Patrick Murphy, a geophysics technician.

Despite numerous searches, in the months that followed, the plane nor the three men were never found.