Australian company to help develop Ukrainian uranium deposits

[Uran, 18 December] Uran Ltd of Australia has entered into an agreement with two key Ukrainian state agencies involved in uranium mining, regarding the proposed joint development of the Surskoye and Gurevskoye in the Dnepropetrovsk region. The agreement is with the Department of Fuel & Energy and SE VostGOK, the state enterprise currently responsible for all uranium mining in Ukraine. Feasibility studies completed in 1972 at Surskoye and 1982 at Gurevskoye indicated that the deposits are suitable for mining using in-situ leaching (ISL) extraction methods. Uran and VostGOK will jointly carry out a final feasibility study of both deposits to comply with current JORC Reserve classification. If the final feasibility study is positive, mine planning will commence in the first quarter of 2007, drilling of the extraction borehole will begin in July 2007, with first production expected during the second half of 2007.

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