Published on Friday April 27 2012 (AEST)
A joint venture group has accepted a 10-year mining lease to develop the Four Mile uranium deposit in South Australia's north.
Mineral Resources Minister Tom Koutsantonis said the lease would allow Quasar and Alliance Resources to develop a mining and rehabilitation plan.
The Four Mile deposit is located near the existing Beverley uranium mine which will be used to process ore from the new project.
"Since the discovery of the resource in 2005, the joint venturers have been working through some challenges to realise the potential of this mine believed to contain a grade of uranium that is 10 times higher than that found at Olympic Dam," Mr Koutsantonis said.
"I am confident that Four Mile is the latest in a pipeline of uranium projects that will help realise the benefits of the mining boom for all South Australians and tap into the growing global demand for energy."
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