NAMIBIA – Torontos URAMIN INC. is issuing 52 million ordinary shares to raise the equivalent of Cdn$266 million with which to take its Trekkopje uranium mine to commercial production, hopefully in late 2008.
The Trekkopje project, 100% owned by UraMin, is located 65 km northeast of Swakopmund. Measured and indicated resources stand at 18.4 million lb of uranium oxide, or 61.0 million t at 0.014% U3O8 (NI 43-101 compliant). There is also an inferred resource of 139.2 million lb at 0.013% U3O8. The company says 80% of the mineralization lies within 15 m of the surface, making an open pit preferable.
UraMin is planning a staged development. A 500,000-lb/y trial mine and processing operation will start up this year. If all goes according to plan, the operation will be expanded to full commercial production at a rate of 3.0 million lb/y in 2008.
Please visit the companys website at www.UraMin.com.