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Ashburton finds radioactive boulders, conducts radon survey
Speaking of radioactive boulders, an August 8 announcement from Ashburton Ventures TSXV:ABR heralded the discovery of several with scintillometer readings up to 360 cps and basement rock lithologies similar to those reported by Alpha and Fission. Nine out of 10 boulders from the company’s Sienna claims measured more than 200 cps, with four of them topping 300 cps. Samples from nine boulders have been sent to the lab, with assays pending.
Ashburton has also been busy with a radon survey. So far 15 radon detector cups have been placed at 200- to 500-metre spacing along 3.5 kilometres. The 147-hectare Sienna North property is contiguous with the northern boundary of PLS. The 1,090-hectare Sienna West lies about 25 kilometres southwest of PLS.
There were quite a few targets but this one really lit up. So we made the decision to expedite the program and begin the fieldwork immediately. We’ll be employing the same techniques that worked for Alpha and Fission.—Skyharbour Resources president/CEO Jordan Trimble discusses plans for the Western Athabasca Syndicate Project.
Noka offers $750,000 private placement
On August 9 Noka Resources, a Western Athabasca Syndicate member company, announced a private placement of up to 5 million units at $0.15 to raise gross proceeds up to $750,000. Each unit consists of one share and one transferable warrant exercisable for an additional share at $0.20 during the first year and $0.25 during the second.
Proceeds will go to Athabasca Basin exploration and general working capital.
Uranium One reports Q2 adjusted net earnings of $7 million
Uranium One TSX:UUU announced Q2 results on August 6. Production for the quarter came to 3.55 million pounds U3O8 compared to 3 million pounds in the same period last year. Sales came to 2.9 million pounds averaging $43 a pound, compared to 1.9 million at $51 in Q2 2012. Adjusted net earnings were $7 million or $0.01 per share compared to $8.4 million or $0.01.
Uranium One forecasts production of 12.5 million pounds this year and 13 million in 2014 from its operations in Kazakhstan, Australia and the United States. The company intends to go private under a takeover by ARMZ, the mining department of Russia’s state-owned nuclear energy company Rosatom, which already holds 51.4% of Uranium One. The companies expect to close the deal by late Q3.
Denison reports Q2 net loss of $2.43 million
Q2 results announced on August 8 by Denison Mines TSX:DML showed a net loss for continuing operations of $2.43 million or $0.01 a share, compared with a loss of $1.7 million or $0.01 per share for the same period in 2012. Last year’s Q2 also showed a loss from discontinued operations of $50.36 million or $0.13 per share.
Exploration spending in Canada, Zambia, Namibia and Mongolia totalled $2.5 million, down from $4.4 million in Q2 2012. Denison now plans to spend $12.1 million on Canadian exploration this year, an increase from the originally budgeted $9.9 million. The company’s Zambian budget has been reduced to $3.1 million from an originally planned $3.5 million while Mongolian spending will drop to $1.4 million from $1.7 million.
Denison also holds a 22.5% interest in the McClean Lake mill, which began commissioning during Q2 in preparation for Cigar Lake production later this year. With most of the mill’s operating expenses paid by the mine’s four-company JV, Denison’s Q2 share of expenses came to $203,000.
Uranerz reports Q2 net loss of $3.19 million
Released August 9, Uranerz Energy’s TSX:URZ Q2 financials showed a net loss of $3.19 million or $0.04 a share, compared with $8.45 million or $0.11 a share in Q2 2012.
The company plans to begin production at its Nichols Ranch in-situ recovery mine in Wyoming late this year or early 2014.
Majescor alters private placement offer
On August 8 Majescor Resources TSXV:MJX announced that a previously offered private placement had been changed to 15 million units at $0.01 for proceeds up to $150,000. Each unit consists of one share and one warrant exercisable for two years for one additional share at $0.05 in the first year and $0.10 in the second.
The original offer, announced July 30, was for 7.5 million units at $0.02. Proceeds would go toward existing accounts payable and working capital. The offer is subject to approval under TSXV temporary relief measures.
According to an August 7 Mineweb article, those measures will end August 31, generally barring private placements for stocks trading under $0.05. However Venture president John McCoach told Mineweb the exchange intends to relax other rules to allow share consolidations of 10:1 or less without shareholder approval.
McCoach said TSXV research showed “it’s very, very rare, if ever, that shareholders have voted against a consolidation, particularly a modest consolidation.” But the new rule would save companies the time and expense of holding a shareholders’ meeting.
Majescor’s projects include a 40%/60% JV with Strateco Resources TSX:RSC on their Mistassini uranium project in Quebec. Majescor has been under a management cease trade order after missing the June deadline for filing its annual financial statements.
AREVA resumes full operation in Niger following terrorist attack
French giant AREVA’s Somair mine has returned to full production following a May 23 bombing that killed one employee and injured at least 14 others. An August 7 report from the World Nuclear News said open pit mining resumed the day after the attack and one of two processing lines restarted on June 18. With the second line now back in service the operation has resumed full production.
“Rebel groups have previously targeted foreign uranium workers in Niger,” the WNN stated. “Four French workers were kidnapped and later released in 2008, while four French nationals including an AREVA employee from a group of seven who were kidnapped from [the region of] Arlit in 2010 remain in captivity.”
AREVA’s two Niger operations produce 7.5% of the world’s uranium supply, according to the World Nuclear Association or, according to the Voice of America, about a quarter of supply for France’s 58 nuclear reactors. Those reactors generate about 75% of the country’s electricity, the VOA added. The French government holds a majority interest in AREVA.
See previous uranium news updates:
Disclaimer: Skyharbour Resources Ltd is a client of OnPage Media Corp, the publisher of ResourceClips.com. Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources.
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