Equinox finds new uranium targets at Lumwana (July 24, 2007)

As significant uranium drill results pour in for Equinox Minerals (EQN-T, EQN-A) revised Lumwana feasibility study, the company is finding new anomalies outside the study area of the northwest Zambia project.

Assays from the 16,000-metre program are helping to define distinct uranium zones on the property where Africas largest copper mine is currently being constructed.

An 11-metre intersection from the latest set of assays at the Malundwe deposit graded 0.75% U3O8 and 0.75% copper, which included 3 metres grading 2.66% U3O8 and 0.93% copper.

In another hole, drilling returned 10 metres grading 0.71% U3O8 and 0.54% copper.

The company is revising a feasibility study from 2003, which focused on the copper deposit, but included metallurgical data, designs and costs for another plant to process uranium ore from the property.

Equinox has discovered other uranium channel anomalies outside of the uranium feasibility study area that it plans to investigate on the 1,300-sq. km property.

This suggests further uranium potential in the region, said Equinox president and CEO Craig Williams.

In the 2003 study, the uranium resource for Lumwana was 9.5 million tonnes grading 0.093% U3O8 in the indicated category, plus 2.6 million inferred tonnes grading 0.042% U3O8, for a combined 21.4 million lbs. of contained U3O8.

Drill hole spacing in the current program will average 50 metres by 50 metres with some areas increased to 25 metres by 25 metres to increase statistical deifniation of the resources.

Equinox plans to start copper production in the second quarter of 2008. The mine is expected to produce 169,000 tonnes of copper in concentrates for the first six years of its 37-year mine life.

Equinox shares fell 5% in Toronto today, or 23, to $3.93 on a trading volume of 13.6 million shares.