40 University Avenue, Suite 440
Toronto, ON M5J 1T1
Bulletin March 24, 2009
A-CAP RESOURCES LIMITED
A$0.15; ACB-ASX (Australia)
52-Week Range: A$0.88-A$0.08
Recommendation: Speculative Buy (No Change)
Withdrawn (No Change)
LETLHAKANE MINE FEASIBILITY STUDY TO START
1. Feasibility Study
A-Cap Resources Limited of Australia is embarking on a feasibility study for the Company’s proposed
Letlhakane uranium mine in eastern Botswana, and plans to issue a call for tenders shortly.
The Company also released metallurgical results for the project, and reported that the results confirmed that the
two key ore types leach well in columns, thus supporting the recovery number used in the 2008 scoping study.
A-Cap also announced that additional resource drilling would recommence in late March 2009 at the Gorgon
prospect at Letlhakane. This drilling program is designed to close up drill spacing in an effort to upgrade the
resource from Inferred to Indicated.
The Company also announced that an Environmental Impact Assessment of the Letlhakane project began in
late January, and will run for 12 months. As part of the EIA, public participation and information meetings
have been held in local villages and a further meeting with local government officials has been held. To date,
no objections have been received from the communities.
2. Scoping Study
A scoping study on the Letlhakane project was released in October 2008. At a cut-off grade of 100 ppm, an
Inferred Resource was estimated at 280 million tonnes of ore at a grade of 158 ppm of U3O8, for a contained
44,500 tonnes of U3O8 (98 million lbs of U3O8). The figures represent a 330% increase in tonnes and a 13%
increase in grade, leading to an increase in contained metal at the same 100-ppm cut-off