Business
Uranium One Reports Significant Increase in Resources at its Dominion Uranium Project
Uranium One Reports Significant Increase in Resources at its Dominion Uranium Project.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, ON, and JOHANNESBURG, South Africa, June 14 /CNW/ - sxr Uranium\nOne Inc. is pleased to announce that it has compiled a revised mineral\nresource estimation for its Dominion Uranium Project in South Africa, which\nshows a significant increase in indicated and inferred uranium and gold\nresources over the estimates reported in December 2005.\nThe revised mineral resource estimate will be incorporated into the\nDominion Uranium Project feasibility study currently being finalized by the\nCorporation's independent geotechnical consultants, SRK Consulting. The\nDominion feasibility study is expected, subject to the completion of the\nindependent review, to be released by mid-July 2006.\n\nRevised Mineral Resource Estimate\n\nThe revised mineral resource estimate shows a uranium resource of\n47,492,142 pounds U(3)O(8) in the indicated category and 199,193,598 pounds\nU(3)O(8) in the inferred category. This represents a 195% increase in\nindicated resources and a 36% increase in inferred resources over the\nestimates contained in the December 2005 independent technical report on the\nDominion property prepared by SRK Consulting (available on SEDAR). The average\ngrade of the uranium resource has decreased from 0.99 kg/t to 0.83 kg/t in the\nindicated category and from 0.66 kg/t to 0.51 kg/t in the inferred category.\nThe decrease in the average grade of the indicated uranium resource is not\nconsidered significant in view of the fact that selective mining will take\nplace in the identified pay-shoot areas.\nIn addition, the revised resource estimate shows a gold resource at\nDominion of 910,821 ounces in the indicated category (a 163% increase from the\n346,000 ounces previously reported) and 3,613,908 ounces in the inferred\ncategory (a 63% increase from the 2,213,000 ounces previously reported).\nIn all cases, mineral resources have been reported in accordance with the\nclassification criteria of the South African Code for Reporting of Mineral\nResources and Mineral Reserves (the SAMREC Code).\n\nThe table below summarizes the revised resource estimate by category:\n\n>\n\nThe increase in uranium and gold resources reflects the results of an\nextensive program of surface diamond drilling carried out at the Dominion\nproperty in 2005 and 2006 (to April 15, 2006) and to a smaller extent, a lower\nuranium cut-off grad...