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sxr Uranium One Announces Honeymoon Feasibility Study and Approves Honeymoon Project
sxr Uranium One Announces Honeymoon Feasibility Study and Approves Honeymoon Project.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbols: SXR - The Toronto Stock Exchange, the Johannesburg Stock\nExchange\n\nTORONTO and JOHANNESBURG, Aug. 29 /CNW/ - sxr Uranium One Inc. announced\ntoday that its Board of Directors has approved the development of the\nHoneymoon In-Situ Leach (ISL) Uranium Project in north-eastern South\nAustralia.\nThe Board's decision follows a detailed review of a feasibility study on\nthe Honeymoon Project prepared by Mayfield Engineering Pty Ltd. and Aker\nKvaerner Australia and others and a revised mineral resource estimate for the\nHoneymoon Project completed by K.F. Bampton MSc, MAusIMM, MAIG of Ore Reserve\nEvaluation Services (Adelaide).\n\n>\n\nIn light of the results of the feasibility study, Uranium One's Board of\nDirectors has approved the development of the Honeymoon Project. The Company\nintends to fund the Project with an appropriate mix of finance from debt and\ninternal sources.\nIn commenting on the feasibility study, Neal Froneman, CEO of Uranium\nOne, said: \"We are pleased that the feasibility study confirms that the\nHoneymoon ISL Project is both technically viable and financially robust.\nToday's announcement follows closely on feasibility studies completed for our\nDominion Uranium Project in late July and for the Modder East Gold Project in\nearly August. It is particularly gratifying to be in a position to announce a\nproduction decision on a second uranium project within the span of 4 weeks.\nWith the feasibility studies behind us, we are now moving towards uranium\nproduction, first in South Africa at Dominion in the first quarter of 2007 and\nthen at Honeymoon, where we look forward to commissioning Australia's fourth\nuranium mine in 2008.\"\n\nThe Honeymoon Project\n\nThe Mayfield feasibility study examined the development of a commercial\nuranium ISL project with an annual production capacity of 400 tonnes (880,000\nlbs) of U(3)O(8) and a total project life of between 6 - 7 years. The basic\nwellfield design will be based on '7-spot' patterns consisting of six\ninjection wells arranged in a 20 - 60 metre hexagon, with a centrally located\nproduction well. The production plan is designed to bring the wellfield\non-line in two stages during the first year; first year production is assumed\nto be 75% of design.\nThe process plant will utilize solvent extraction technology to recover\nuranium...