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Makena begins ground TDEM survey at Patterson
Makena Resources TSXV:MKN has a time domain electromagnetic survey underway at its Patterson project in the vicinity of Fission Uranium’s (TSXV:FCU) Patterson Lake South. Announced June 13, the ground survey follows a versatile time domain EM survey reported in February and will test three structures to map basement conductors. Based on historic drilling and nearby work, the company estimates basement rocks to begin at about 150 metres in depth.
The project totals 6,687 hectares divided into three claim blocks, one of them adjacently north of PLS. Makena took on a 50% option in Patterson from CanAlaska Uranium TSXV:CVV last August. Makena also holds the Clone gold project in British Columbia.
Rio to slash jobs and production at Rossing
Low prices will drive another 265 workers out of their jobs at Rio Tinto’s (NYE:RIO) Rossing mine, the world’s longest-operating uranium open pit, in Namibia. In a June 9 conference call reported by Bloomberg, Rio subsidiary Rossing Uranium’s managing director Werner Duvenhage said the 23% staff reduction will accompany reduced output from 2,409 tonnes U3O8 in 2013 to just under 2,000 tonnes this year.
The 2013 total, which dropped from 2,699 tonnes in 2012, accounted for 3.4% of world production, Rio previously stated. The company now plans to limit production to its contracts, which provide a premium over current prices. The Ux Consulting price indicator for June 9 hit a near-record low of $28.50 per pound. Duvenhage said existing contracts can carry the mine until 2017 but if prices don’t rise above $45 by that point, Rossing will be in trouble, the Namibian reported.
Rossing shed 276 workers in 2012, the paper added.
At another Namibian mine, Paladin Energy TSX:PDN is waiting on regulatory approval for its 25% sale to China National Nuclear Corp. Last month Paladin suspended operations at its Kayelekera mine in Malawi.
Using 2012 figures, the World Nuclear Association ranked Namibia fourth for global production with 4,495 tonnes.
In operation since 1976, “Rossing has produced the most uranium of any single mine,” Rio has stated. The company holds a 68.58% stake in the mine. Namibia holds another 3%, South Africa 10% and Iran 15%.
European Uranium Resources asset sale falls through
European Uranium Resources TSXV:EUU has terminated the sale of its entire portfolio to Forte Energy after the proposal fell slightly short of two-thirds approval at a June 13 shareholders’ meeting. Anticipating that possibility and “given the continued urgency of addressing the company’s need for cash,” EUU had already been negotiating an alternative transaction for its two Slovakian projects with ASX/AIM-listed Forte.
A feasibility study for the Kuriskova project had been scheduled for release in late 2013 or early 2014.
On June 10 Central Resources TSXV:CBC announced revised terms for a letter of intent to acquire Canadian Uranium Corp. The new deal would follow a 1:3 Central reverse split, offering one post-consolidation Central share for every two and a quarter Canadian Uranium shares. As under the original terms, Canadian Uranium shareholders would end up with about 61% of Central in a reverse takeover. Central also increased its private placement offer from $700,000 to $750,000. Additionally, the company announced Brian Butterworth’s appointment as director. His 30-year career most recently included the position of director of North American exploration for Cliffs Natural Resources NYE:CLV.
92 Resources TSXV:NTY began trading June 10 following its name change from Rio Grande Mining and a 1:5 reverse split. The company holds frac sand claims in southeastern B.C. and expects to complete a 50% option agreement with Unity Energy TSXV:UTY for the southeastern Basin’s Mitchell Lake project “in the near term.”
Also on June 10 Cameco announced it’s considering early redemption of part or all of $300 million in senior unsecured Series C debentures due in September 2015. The company “would finance the redemption either through funds available under its unsecured credit facility, or use cash on hand, or use the proceeds from a debt financing that may be undertaken, in whole or part, to refinance the Series C debentures if market conditions are favourable,” Cameco stated.
On June 11 Athabasca Nuclear TSXV:ASC reported CEO/chairman Ryan Kalt intended to file an early warning report regarding his share purchases. Kalt directly or indirectly holds 11.2 million shares, about 23% of the company’s issued and outstanding shares. He could increase that to 42.8% by exercising his warrants and options. The previous week Athabasca Nuclear closed a $161,759 private placement. The company is a member of the Western Athabasca Syndicate, which reported preliminary drill results from its Swoosh target last month.
Pancontinental Uranium TSXV:PUC granted 3.5 million options exercisable at $0.05 for five years, the company stated June 11. The options replace 3.15 million options that expired on June 3. In January the company announced a preliminary economic assessment for its 45%-held Charley Creek REE/uranium project in Australia’s Northern Territory.
On June 11 Takara Resources TSXV:TKK announced the closing date of a $350,000 private placement had been extended from May 15 to July 2. Last month the company reported property acquisitions in Saskatchewan’s Beaverlodge district.
Athabasca Uranium TSXV:UAX shareholders re-elected directors and passed management resolutions at an AGM reported on June 11. In July 2013 the company released preliminary geophysical results for its Keefe Lake, Fisher River and McGregor Lake properties in Saskatchewan.
On June 12 Anfield Resources TSXV:ARY announced Don Falconer’s appointment as director, replacing Richard Hunter. Falconer’s CV includes positions with Southern Cross Resources, Uranium One and Aurora Energy Resources. Last month Anfield reported additions to its portfolio of Colorado and Utah properties.
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