Paladin doubles Namibian mine reserves


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Paladin doubles Namibian mine reserves
October 04, 2010 09:19 AM

Paladin doubles Namibian mine reserves

Paladin Energy Ltd (ASX:PDN) has announced its reserves at the Langer Heinrich mine in Namibia have doubled to 134 million pounds.

The uranium miner says drilling was carried out across the full extent of the deposit, resulting in a highly successful upgrade of ore reserves and mineral resources.

So much so that Paladin says the increase justifies the planned Stage 4 expansion for which a feasibility study is currently underway.

Paladin says the additional mine production is essential to meet increasing worldwide demand and says it is in an excellent position to capitalize on the market opportunities.

Paladin Energy recorded a net loss of $63.12 million in the 2010 financial year.

The doubling of the reserves in Namibia might take some of the sting out of their recent knock back for the Angela Pamela JV with Cameco mine in the Northern territory?

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