Category: Uncategorized

Worth a look IMO an outstanding company greatly undervalued by market cap…

Uraniumletter International’s Peer Group of the world’s top-20 Uranium Companies Makes BMN look very cheap…

http://www.australian-shares.com/mining/BMN

Highlights
Significant expansion of the Etango Uranium Project mineral resource estimate including a 21% increase in Measured & Indicated Resources to 107.7Mlbs U3O8 at an average grade of 208ppm U3O8, and a 40% increase in Inferred Resources to 52.4Mlbs U3O8 at an average grade of 197ppm U3O8. For the first time, the resource estimate includes Measured category resources of 2.0Mlbs U3O8. Approximately two thirds of the total resource estimate is located within 200 metres of surface. All mineral resource estimates are reported at a cut-off grade of 100ppm U3O8.
 The Etango Project preliminary feasibility study (“PFS”) has been further advanced focusing upon an open pit mining and heap leach processing operation for the production of 5-7Mlbs per year of U3O8 over an approximate 15 year mine life. The PFS has to date been based on the February 2009 mineral resource estimate.
 New favourable results from larger scale heap leach column testwork and flotation beneficiation testwork were received following the end of the quarter. These results have the potential to materially influence the ultimate choice of preferred processing route and the scale of the plant concerned. Consequently, the PFS timetable has been extended to fully investigate the impact of these developments. The PFS will now also incorporate the latest July 2009 mineral resource estimate.
 Resource definition drilling at Oshiveli and Onkelo to the north of Anomaly A confirmed the extension of multiple broad zones of mineralisation generally close to or directly from surface. Mineralisation remains open between the resource areas and at depth. Further infill and extensional drilling is presently underway.
 Recent geophysical and structural geological work has identified a number of key exploration targets to be tested on the Etango exclusive prospecting licence.
 Successful completion of an equity placement for gross proceeds of A$30 million to Australian and foreign institutional and mining investors, as well as a Share Purchase Plan offered to eligible shareholders for proceeds of A$7.5 million.
 Cash reserves as at 30 June 2009 of A$37.6 million.
 Market Cap $236m

Lots more to come re exploration…… BMN is the green

I wonder what PDN are thinking….

Tubas – DYL and TOE

Attachment qualifies PDN for the what were they thinking award….BMN is the green shaded areas.

Uraniumletter International’s Peer Group of the world’s top-20 Uranium Companies

SOUTH PERTH, Western Australia, Aug. 4 /CNW/ – Australian-based uranium mine development and exploration company, Extract Resources Limited (ASX/TSX: EXT) (“Extract or ‘the Company) today released the preliminary capital and operating cost estimates report which confirm the Rossing South project’s potential to be one of the world’s largest uranium mines.

The report states that preliminary cost estimates on the granite hosted, uranium mineralisation at Rossing South in Namibia indicates that the project can support a viable open pit mining operation developed to feed a 15M tpa agitated tank sulphuric acid leach processing plant. Annual production has been estimated at 14.8M lbs U(3)O(8) with capital costs estimated at US$704M and operating costs of US$23.60 per lb U(3)O(8).

Extract Resources Managing Director, Mr. Peter McIntyre, said “the preliminary cost estimates report indicates a conventional open pit mining operation with an agitated tank leach process plant is expected to support a profitable and sustainable mining operation for +20 years.”

Read article: http://www.istockanalyst.com/article/viewiStockNews/articleid/3390933

Read about Extract Energy ASX Code : EXT

More high grade hits at Wyoming.

Targeting 8-12 million pounds at Ross and 5million pounds at Barber.

PEN have drilled 11 holes with 100% uranium strike rate

Read PEN summary

Nice bounce could be the start of an upwards trend?
http://australianuranium.com.au/australian-uranium-graph.html
The ALTEX-Australia Uranium Index is Australia’s leading Uranium share price index. The index tracks the performance of all companies listed on the Australian Stock Exchange that have a primary focus on the exploration and production of Uranium

Slight divergence by Global uraniums
http://australianuranium.com.au/global-uranium-graph.html
The ALTEX-Global is the world’s leading Uranium share price index. The index tracks the performance of the largest 25 publically listed companies by market capitalisation that have a primary focus on the exploration and production of Uranium

Australia in uranium climate shift: miner
Sunday August 2, 2009, 11:20 am

The chief of a Darwin-based uranium mining company says that with more exploration and a fourth mine, Australia is entering a new era of uranium mining.

While the Federal Government remains firmly opposed to nuclear power in Australia, uranium demand has boosted the fortunes of miners who had seen their bubble burst viciously last year.

Rob Atkinson is the chief executive of Darwin-based ERA, which has gained regulatory approval for new mines in two states.

He has told ABC1’s Inside Business program that Australia is “absolutely blessed” with uranium resources in a very different political environment from a few years ago.

“We’re in a very different world than we were at before… I think [uranium] is certainly perceived as part of the solution in many other countries,” he said.

“We’re certainly pleased to be part of an industry which hopefully will grow in the years to come and for Australia really to lead the way in very safe and successful uranium mining.”

Is this a turning point for uranium?

http://australianuranium.com.au/uranium-charts.html

Anyone have a view as to why we are seeing the co-ordinated changes? Just a blip or more to it?

$20 billion in uranium waits for Queensland ban to lift
Article from: AAP
Tony Grant-Taylor

July 27, 2009 12:00am

THERE seems little chance Queensland’s uranium hopefuls will see the ban on mining lifted any time soon, and some $20b worth is sitting in the ground.

Which is perhaps a pity for those who support mining for the nuclear fuel. Industry monitor Resource Capital Research’s latest quarterly Uranium Sector Review says: “Industry fundamentals remain strong, underpinning support for the contract uranium price, with (significant) growth anticipated in (the number of) nuclear reactors and (an emerging) risk of a supply shortage mid term (four to eight years).”

Given the strict environmental impact hurdles that any mine that was approved would have to jump, four years would be about the minimum time it would take to get any mine into production.

Federal minister Martin Ferguson’s says mining in the state is “just a matter of time”.

However, Queensland Resources Council chief executive said: “We have about $20 billion worth of uranium in the ground right now in Queensland and we have countries that want to use it.

“The opportunity is a big one in terms of hundreds of millions of dollars’ worth of investment, many hundreds of jobs, including for indigenous people and of course a new source of mineral royalties, which would be nice to have at the moment when the Queensland Government’s running a deficit Budget.”

Mount Isa Mayor John Molony also joined the chorus of supporters, as did former Queensland mines minister Tony McGrady, now an adviser for a uranium explorer.

Cr Molony said thousands of jobs would be created in northwest Queensland alone if uranium mining was allowed.

Cr Molony said Queensland could not afford to turn its back on the sector.

Resource Capital Research said there were 436 nuclear reactors in operation worldwide and 45 under construction.

And as of June 30, it said, another “413 new reactors (were) planned or proposed.

“A total of 71 are expected to be commissioned by 2015.”

In South Australia the proposed Four Mile mine received federal approval last week, and in Western Australia, where a number of developments are moving forward quickly, Mega Uranium’s Lake Maitland trotted out its Japanese customers as it pushed for an early start.

But Queensland Mines and Energy Minister Stephen Robertson isn’t moved.

He said last week that the Government took its longstanding no mines policy to the last election and was still committed to it.

Mining of radioactive material began in Australia in the 1930s.

But Queensland’s first (and only) mine was Mary Kathleen, which began production in 1976. It closed in 1982 after the ore body was depleted.

And though most currently known uranium deposits in the state, and elsewhere in Australia, were discovered from the 1950s through to the exploration boom in the late 1960s and early 1970s – which was sparked by the advent of civil nuclear power – no new mine has ever got off the drawing board in Queensland.

There are plenty that might, given a change of government policy, however.

Ben Lomond:
Ben Lomond, 40km from Townsville and now owned by Canada’s Mega Uranium – which this week got the federal go-ahead for its Four Mile project in South Australia – was almost brought into production in the 1980s by French oil producing giant Total. It succumbed to environmental protests and a slow world uranium market.
Resource: 10.7 million pounds of U3O8 (uranium oxide concentrate).

Maureen, Trident and Twoges deposits:
These deposits, 45km north of Georgetown and dubbed the Georgetown uranium project, are owned by Mega Uranium.
Maureen resource: 6.33 million pounds U3O8.

Pandanus West:
The exploration area is 50km west of Greenvale between Charters Towers and Georgetown, and is owned by Southern Uranium and Epsilon Energy.
The area is said to be prospective for Ben Lomond-style deposits.
Resource: To be determined.

Mount Isa Joint Venture:
Covers the Valhalla-Skal and associated deposits near Mount Isa, controlled by Paladin Energy, which is Australia’s newest locally-owned uranium producer – but from the Langer Heinrich operation in Namibia and Kayelekera in Malawi.
Resource: 51.2 million pounds U3O8.

Westmoreland:
Discovered by Mount Isa Mines in 1956 and now owned by Toronto-based Laramide Resources, Westmoreland is northwest of Mount Isa close to the Northern Territory border.
Resource: 51.9 million pounds U3O8.

Isa West:
This project near Mount Isa is controlled by Deep Yellow Ltd. DYL’s advanced projects are also offshore, in Namibia, but at Isa West it is working to earn 100 per cent of the uranium rights on land held by Xstrata near its copper and lead and zinc operations.

Cloncurry project – Swan, Amethyst Castle, Castle Mount and Metal Ridge:
South of Cloncurry and owned by Ivanhoe Australia, controlled by Canada’s Ivanhoe Mines, this project has identified a series of copper-gold-uranium plays.
Resources: To be determined.

Mary Kathleen:
Goldsearch, in joint venture with Central West Gold NL – and a number of other groups – is exploring for uranium in the district that gave Queensland its only producing uranium mine so many years ago.
Resource: To be determined.

TOE have some very nice ground in Australia and and in Namibia. The Namibian story is a good one as they are in partnership via their subsidary Nova Energy with DYL via Reptile resources.

Reptile are going to spend $3.5m on exploration over the next couple of years.

They in conjunction with BMN will almost completely hem in PDN’s Langer Heinrick mine… consequently there could be some corporate activity on the radar as well.

Rio also must be considered and the Russian and Chinese are also showing interest in Nambibia as Namibia will be producing around 20% of the world’s supply within 5 years or so.