Business
Kivalliq Energy CEO Update
VANCOUVER, May 4, 2013 /CNW/ - Dear Stakeholder, What a year so far! With three...
About this update from Valore Metals Corp.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 4, 2013 /CNW/ -\n\n\n\nDear Stakeholder,\n\n\nWhat a year so far!\n\n\nWith three successful years of exploration behind us, we have shown that\n the Lac 50 Trend hosts one of the highest-grade, undeveloped uranium\n deposits in the world. We've identified 12 new uranium-mineralized\n zones, drilled 87,000+ metres to date (454 diamond drill core and 126\n reverse circulation \"RC\" holes), and increased our property holdings to\n 340,000+ acres.\n\n\nIncrease in Uranium Resource & Discoveries\n\n\nDrilling along the Lac 50 Trend in 2012 resulted in a 60% increase in\n the NI 43-101 inferred resource estimate, now totalling 43.3 million\n pounds U3O8 grading 0.69%. This improves on the previous resource estimate of 27.1\n million pounds, and is a 200% increase over our maiden resource\n estimate announced in early 2011. In addition, Kivalliq's aggressive RC\n exploration drilling campaign identified numerous new zones, several of\n which will be further tested by diamond drilling in 2013. Results from\n geophysical surveys this season also continue to expand and enhance\n Kivalliq's inventory of exploration targets.\n\n\nMetallurgical Results: High Uranium Extraction, Low Impurity Yellowcake\n\n\nNot only have we continued to increase our inferred resource base, we\n have also demonstrated the potential to extract an attractive final\n yellowcake product from the deposits within the Lac 50 Trend.\n Preliminary metallurgical test results received to date indicate that\n 94.1% of uranium can be extracted in 48 hours and 95.9% of uranium\n extracted in 72 hours from conventional alkaline leaching. The uranium\n value attained from the leach solution was 71.9% (U) for a final\n yellowcake product. This was a low impurity product and certainly a\n very positive outcome at this early stage.\n\n\nFinancing: $4.5 Million Non-Brokered Deal Closed\n\n\nTo date, Kivalliq has raised approximately $64M in the public markets.\n In April of 2013, despite very volatile market conditions, Kivalliq\n closed a private placement financing totalling $4.5 million which will\n fund the first phase of this year's work program that will include high\n priority drilling and geophysical surveys in key areas that must be\n completed before ice break-up sometime in June. Pending results and\n market conditions, Kivalliq will co...