* The Albidon Board has resolved to maintain its 30% interest in the Chirundu Uranium Joint Venture and commit to funding its share of the Bankable Feasibility Study (BFS) for the Chirundu Uranium Project.

* Albidon's joint venture partner African Energy Resources (AFR) completed a Pre-Feasibility Study (PFS) on the Chirundu Uranium Project on the 9 May 2008.

* The PFS demonstrates that commercially viable mining of uranium from the Chirundu Uranium Project is possible under the projected uranium price, capital cost and operating cost scenarios used by AFR.

* Key points from the successful PFS:

o Production of 1.3 Mlb U3O8 per annum over a 5-6 year project life

o Open pit mining

o Acid heap-leach processing and ion-exchange precipitation

o Estimated capital costs US $68 million for pre-production costs with an additional US $21 million deferred costs

o Uranium recovery estimated at 85-90% for Njame ores, and over 70% for Gwabe ores.

Albidon's joint venture partner, AFR, completed a PFS on the Chirundu Uranium Project and concluded that it demonstrates commercially viable mining of uranium under the projected uranium price, capital cost and operating cost scenarios examined by AFR. The Board of AFR has approved the commencement of a BFS for the Project. Based on a detailed review of the PFS, Albidon has decided to maintain its 30% interest in the Chirundu Uranium Joint Venture and will contribute to the BFS costs in proportion to that interest. Albidon's share of BFS costs is expected to be in the order of $US2 million. – Press Release