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ACAP Resources Limited (ASX:ACB) Quarterly Report and Appendix 5B for period ended March 2011

31 MARCH 2011
- Global Resource Upgrade for the Letlhakane Uranium Project expected Q2 2011
- Further uranium mineralisation was defined between the Serule West Prospect and Gorgon
- South Prospect outside existing resource areas. This new mineralisation will be added to the resource inventory at the inferred level.
- Importantly some of the best intersections ever drilled at Letlhakane were recorded; such as MOKR2375 19.9m @ 447ppm U308 (includes 6m @1150ppm) and 6.4m @ 555ppm U3O8 pointing to a significant high-grade zone at Serule West that requires further exploration.
- Encouraging reconnaissance exploration on the Southern Pans Exploration Project
- Initial drilling of selected targets on the Southern Pans Exploration Project ongoing at end of quarter.
- Senior representatives from KEPCO (Korean Electrical Power Corporation) the major Korean Power Utility and operator of all of Korea’s Nuclear Power generation visited the Letlhakane Uranium project with a view to making an investment into the project. A Letter of Understanding has been completed between A-Cap and KEPCO allowing for future cooperation.
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