SASKATCHEWAN — Partners in the Midwest joint venture (Saskatoon’s Areva Resources 69%, Toronto’s Denison Mines 25% and OURD 6%) have decided to postpone development of their Midwest uranium project in the northern part of the province due to “current economic conditions.” They plan to review the status of the project every six months.
In a news release issued by Denison, it was noted that capital costs have increased about 50% over the previous estimate of $435 million.
The Midwest partners will complete the environmental assessment of the project and complete the engineering for the site. The project can then be developed quickly when economic conditions improve. The joint venture anticipates spending $12.4 million on the Midwest project in 2009.
Details of the project are available at www.ArevaResources.com.