Tuesday, March 13, 2012

Paladin Receives Approval For Canadian Exploration

Published on Tuesday March 13 2012 (AEST)

UPDATE 11.30am: Paladin Energy has enjoyed some rare good news with the uranium miner announcing it has secured clearance to begin exploring its Canadian assets.

The company announced this morning a three-year moratorium on uranium mining had been lifted by indigenous landowners.

The Africa-focused uranium miner said the work ban on uranium projects in Inuit-administered lands in Labrador had been removed, as was flagged in December.

Five of the Perth-based company's six deposits in Canada, acquired through the takeover of Aurora Energy, lie within this area.

Paladin said in a statement that drilling was expected to start in the September quarter, focusing on the Michelin deposit.

Paladin shares have been battered in recent months on falling prices for uranium prompted by the Fukushima nuclear plant emergency in Japan and underperformance at its two African uranium mines.
Shares in Paladin were up 6.5 cents, or 3.64 per cent, at $1.85 at 11.30am, compared to losses in the broader market of about 0.2 per cent.



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