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Uranium One Announces Uranium Toll Milling Agreement with Cameco's Power Resources Inc.
Uranium One Announces Uranium Toll Milling Agreement with Cameco's Power Resources Inc..
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\n\n\nstock exchange)\n\n\nTORONTO, ON and JOHANNESBURG, South Africa, Aug. 21 /CNW/ - Uranium One\nInc. ("Uranium One") is pleased to announce that it has entered into a\ndefinitive agreement with Power Resources Inc. ("PRI"), the U.S. subsidiary of\nCameco Corporation, whereby PRI will process uranium bearing ion exchange\nresins from Uranium One's owned and operated in situ recovery (ISR) projects\nin Wyoming.\n\n\nThe agreement has a term of 5 years and commences the earlier of the\nmonth in which an aggregate of at least 250,000 pounds of dried uranium\nconcentrate has been produced from Uranium One resins, or January 1, 2010.\nThis agreement will provide Uranium One with near-term uranium processing\ncapability from its uranium properties in the Powder River and Great Divide\nBasins of Wyoming.\n\n\nUnder the terms of the agreement, Uranium One will transport uranium\nbearing ion exchange resins from its uranium mining operations to PRI's Smith\nRanch-Highland uranium facilities, or an alternate facility owned and operated\nby PRI or an affiliate of PRI located in the States of Wyoming or Nebraska,\nfor processing and production of up to 1.4 million pounds per year of dried\nuranium concentrates. For its services, PRI shall be paid a cash fee or may\nretain for its own account a percentage of the dried uranium concentrates\nrecovered from Uranium One resins. PRI must amend their operating licenses to\naccept uranium bearing resins from Uranium One. This amendment is subject to\napproval by the Nuclear Regulatory Commission.\n\n\nInitial Uranium One production is expected to be sourced from the Moore\nRanch Project, located approximately 50 miles north of the Smith\nRanch-Highland complex, with additional production expected to be sourced from\nthe Allemand-Ross, Barge and Ludeman projects which are also located in close\nproximity to Smith Ranch-Highland.\n\n\nThe Moore Ranch Project hosts a NI 43-101 compliant measured resource\nbase of 2.95 million tons grading 0.1% containing 5.8 million pounds U(3)O(8).\nResource delineation drilling, baseline environmental studies, as well as\nhydrologic testing efforts are ongoing at the site. Preparation of\napplications for required permits and licenses are in the final stages with\n...