During 2008/09 Paladin invested A$800,000 in ASX listed NGM Resources Limited (NGM) (ASX Code: NGM) to allow work on its Niger uranium concessions.
During the year Paladin invested a further A$386,400 to increase its equity in NGM to 22.5%.
NGM is exploring three contiguous exploration licences in the Tim Mersoi Basin in Northern Niger. Two Areva operated uranium mines, located 150km north-north-west of the NGM tenements in the Arlit area of the Tim Mersoi Basin, have produced in excess of 120,000t of U3O8 since 1975. The Tim Mersoi Basin is known as one of the most productive uranium provinces in the world.
NGM carried out exploration including a 1,500m drilling programme in June and July 2009. Early drill results are encouraging, confirming the prospectivity of the tenements.
Further information on NGM can be found at www.ngmresources.com.au.