Cauldron Energy (ASX:CXU) has appointed Anson Huang as a...

Cauldron Energy (ASX:CXU) has appointed Anson Huang as a non-executive director of the company with effect from 29 July 2014.

The company had last month raised $11 million from a number of Chinese investors and a further $4 million earlier this month through a placement of 33,898,318 shares priced at $0.118 each to Chinese investor Starry World Investment Ltd.

Proceeds from the placements will enable Cauldron to undertake extensive additional exploration activities within the wider Yanrey region in Western Australia beyond fast tracking the potential ISR project at Bennet Well.

- ANSTO and CoreLabs test work has now been completed;
- Metallurgical studies on Bennet Well diamond core show potential for a significant increase to the uranium oxide grades;
- This is likely to lead to a significant increase in the combined resource of 15.7 million pounds of uranium oxide;

Significantly, initial metallurgical testing showed that uranium extractions for the moderate ISL conditions (CAULD1 and CAULD2) were high at 97.3% and 96.4% for the two composites.

It will also allow the company to progress its Marree base metals project area in South Australia by funding geophysical work required to understand the potential of this project.

This will in turn lead into drill programs for Mount Freeling, Ooloo and Ooloo south west as well as other anomalies.

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