OREANDA-NEWS. July 2, 2009. The uranium mining JV of Atomredmetzoloto OJSC (ARMZ) in Namibia, SWA Uranium Mines, has discovered two promising uranium areas in that country and will shortly start the feasibility study of the project to build a mining plant, says ARMZ’s report.
 
ARMZ’s representative in SWA Uranium Mines is RUNEX Uranium, a company set up jointly with VTB Capital Namibia on a parity basis. The third shareholder of SWA Uranium Mines is Arlan Invest Holdings.

The areas are situated north-west and south of Klein Spitzkoppe mine.

Presently, ARMZ is prospecting uranium in Canada. The company has set up two JVs with Cameco: Northern Basins Uranium Ltd. (NBUL) and Karhu Geology LLC. NBUL is already prospecting uranium, while Karhu is expecting to receive the permit this year. This year ARMZ is planning to set up a JV with Mongolia and is expecting the signing of a Russian-Mongolian inter-governmental agreement on the protection of investments. ARMZ is also prospecting uranium in Armenia. Until recently the company has operated only in Russia and Kazakhstan.