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Uranium One Announces Results of Feasibility Study on the Modder East Project of its Aflease Gold subsidiary
Uranium One Announces Results of Feasibility Study on the Modder East Project of its Aflease Gold subsidiary.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange\n\nTORONTO, ON and JOHANNESBURG, South Africa, Aug. 16 /CNW/ - sxr Uranium\nOne Inc. (\"Uranium One\") reports that Aflease Gold Limited (\"Aflease Gold\")\nhas announced the results of the feasibility study conducted by Turgis\nConsulting (Pty) Ltd (\"Turgis\") and independently audited by SRK Consulting\n(South Africa) (Pty) Ltd (\"SRK\") on the Modder East Gold Project (\"Modder\nEast\") of its approximately 75% owned Aflease Gold subsidiary. Modder East is\nlocated approximately 30km east of Johannesburg, South Africa.\n\n>\n\nThe Modder East project encompasses a shallow underground mine with a\ndedicated gold treatment facility with a production capacity of 70,000 tonnes\nper month. The mine is expected to deliver 6.68 million tonnes of ore to the\nplant over a 10 year period at an average mill head grade of 5.00g/t of gold,\nproducing approximately 948,290 ounces of gold during this period. The mine\nplan has been developed by applying a one metre mining cut to all areas.\nMining will take place between 300 metres and 530 metres below surface.\nThe feasibility study has used a base case gold price of US$629/oz and an\nexchange rate of US$1.00:ZAR6.585. The analysis has been completed in real\nterms, and the valuation date is June 1, 2006.\nIn light of the positive results of the feasibility study, the Aflease\nGold board has approved the full implementation of the project.\nNeal Froneman, CEO of Aflease Gold, commented: \"The results of the\nfeasibility study have confirmed the high margin nature of Modder East. The\ninitial phase of construction is proceeding well and we are looking forward to\nbringing the mine into production. This is a significant commitment as it will\nbe the first new gold mine in the East Rand in 28 years. We will also continue\nto delineate additional Kimberley Reef resources in the project area for phase\n2 with a view to either extending the life of the mine or increasing gold\nproduction.\"\n\nModder East Project Overview\n\nThe Modder East Project is located approximately 30 km East of\nJohannesburg in the Gauteng Province, South Africa. Aflease Gold will mine the\nBlack Reef at a depth of 300 metres below surface and the UK9a Kimberley Reef\nat depths of between 300 metres and 530 metres below surface.\nThe co...