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Strategic alliance updates Western Athabasca Syndicate Project
In a September 5 update, the four-company Western Athabasca Syndicate stated it was reviewing final data from airborne geophysical surveys on its Preston Lake project in the PLS vicinity. Results from the 4,840-line-kilometre VTEM-Plus survey have been interpreted to show numerous graphitic-type basement conductors while the 4,400-line-kilometre radiometric survey might indicate radioactive boulders or in-situ mineralization. The companies’ combined geological team has identified 14 priorities for field follow-up.
Low prices force Uranium Energy Corp to slow production, reassess projects
The commodity’s seven-year low has forced Uranium Energy Corp NYSE MKT:UEC to cut production and postpone expansion at its Palangana in-situ recovery mine. But, the company stated September 5, development continues on its advance-stage Goliad and Burke Hollow ISR projects. All three are in southern Texas.
UEC also said it’s reassessing “planned exploration expenditures on the company’s entire pipeline of uranium projects—in Texas, Paraguay, Arizona, Colorado, New Mexico and Wyoming.”
The Vancouver-headquartered company’s president/CEO Amir Adnani added, “With the unprecedented level of construction of nuclear plants that’s occurring globally, we are preparing for major long-term, low-cost growth, while maintaining near-term financial flexibility through the commodity cycle.”
In July the company announced it received an initial US$10 million of a $20-million loan.
On September 5 Uranium Participation Corp TSX:U reported its August 31 estimated net asset value came to $526.7 million or $4.95 per share, compared with $507.9 million or $4.77 a share the previous month. Managed by a subsidiary of Denison Mines TSX:DML, the company invests in holdings of U3O8 and uranium hexafluoride (UF6).
Aldrin Resource TSXV:ALN announced on September 5 the appointment of Graydon Kowal as director. With 18 years’ experience in the mining and petroleum industries, Kowal leads companies that have provided services for Denison, Fission and AREVA Resources Canada.
On September 5 Eagle Plains Resources TSXV:EPL reported results from the previous day’s AGM. The company holds over 35 properties, including uranium prospects in Saskatchewan.
On September 6 Uranerz Energy TSX:URZ reported the close of a $10-million private placement first announced the previous week. The company anticipates the money will go to construction of its Nichols Ranch ISR project in Wyoming and general corporate purposes. Nichols Ranch is slated for production in late 2013 or early 2014.
Noka reported the appointment of Darren L. Smith to its board on September 6. A geologist with Dahrouge Geological Consulting, Smith’s experience includes project management on Commerce Resources’ TSXV:CCE Ashram rare earths deposit in Quebec, as well as uranium exploration.
See previous uranium news updates:
- to August 30
- to August 23
- to August 16
- to August 9
- to August 2
- to July 26
- to July 19
- to July 12
- to July 5
Disclaimer: Lakeland Resources Inc and Commerce Resources Corp are clients of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in those companies.
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