Friday, November 30, 2012

'Significant' Uranium Find Near Beverley Mine, Says Core Exploration

Published on Friday November 30 2012 (AEST)  

Core Exploration (ASX:CXO) has found significant high grade uranium including 5 metres at 2,540 parts per million of U3O8 from its maiden drill program at Fitton in South Australia. Grades also included 14 metres at 1,047 ppm and 11 metres at 316 ppm that included 1 metre at 1,465ppm of U3O8. Moderate grade copper and uranium were also found with the best intersection of 5 metres at 0.18% copper and 217ppm U3O8. The assay results confirm high scintillometer readings in field reports and further assays from 15 holes are to be received by mid December. 

Core recently completed a reverse circulation drill program at its Fitton project, which is just 25 kilometres north of Heathgate's Beverley uranium mine. The drilling successfully intersected high-grade uranium mineralization within the broader shear zone at the Scott Lee Prospect with seven of the ten drill holes drilled at Scott Lee reported significant uranium results. 

The mineralization is open at depth and along strike in both directions with substantial potential for further uranium mineralization away from Scott Lee Prospect based on interpretation of magnetic and radiometric data of the area. Drilling until now has focused on the magnetics targets and many of the nearby uranium radiometric anomalies are yet to tested and drilled, which could provide further upside. Core's 2012 drilling program at Fitton is now concluded and totaled 1,902 metres in 29 drill holes. 

The program tested seven separate prospects with the most number of holes drilled in the Scott Lee. The next phase of drilling at the project will focus on improving the extent and grade of mineralization intersected in the first pass program and testing any newly identified target areas. 

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Thursday, November 22, 2012

Peninsula Energy Granted Permit To Mine For Ross Uranium Project - Wyoming USA

Published on Thursday November 22 2012 (AEST)  

The Wyoming Department of Environmental Quality (WDEQ) granted the Permit to Mine for the Ross Production Unit to wholly-owned subsidiary Strata Energy. Strata received the first licence, the Deep Disposal Well licence, in April 2011. 

The final licence required before commencement of production is the Combined Source and 11e.(2) Byproduct Material Licence issued by the U.S. Nuclear Regulatory Commission. Strata received the draft Source Material Licence for the Ross Production Unit in early November 2012, a month ahead of projections. Having concluded the Permit to Mine licensing process, Strata can now focus its entire permitting efforts on completing the Source Material Licence application process. Within the coming weeks, Strata will begin allowable construction, prior to receiving the final Source Material Licence, at the Lance Projects. 

This will include the development of deep disposal wells, monitoring wells and central processing plant site and civil works. Simpson told Proactive Investors today effectively the pre-Source Material Licence construction will shorten the entire time to production. “The risk for us going to production is dramatically reduced by the grant of these licences.” Peninsula Energy (ASX: PEN) has marked a milestone today in its rapid advance towards production at its Lance Projects with the granting of a Permit to Mine for the Ross Production Unit. This is the second of three licences required for the advancement of the Lance Projects to production, which is targeted for the second half of 2013. 

Gus Simpson, executive chairman, commented: “With the issuance of the WDEQ Permit to Mine, the Lance Projects continue to gain momentum toward production. “Yet again, the project team and regulatory authorities have achieved a significant project milestone on time and without issue.” 

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Monday, November 19, 2012

China To Become Worlds Nuclear Number One Nation

Published on Monday November 19 2012 (AEST)

CHINA is on track to become the world's largest generator of nuclear power between now and some time in the 2020s, a senior Rio Tinto executive says. Rio Tinto Energy general manager of markets and industry analysis Stephen Wilson said China was currently about the eighth or ninth largest nuclear energy producer. By the end of the decade, the emerging economic superpower was expected to leap to the number two position, Mr Wilson said, before overtaking the United States in the 2020s, producing 100 gigawatts of power. 

"Their vision is to produce 400 gigawatts of nuclear power by 2050. That's been publicly stated by Chinese officials," Mr Wilson told the Australian Institute of Energy national conference in Sydney on Monday. "That's more than the whole world has got today." The growth in nuclear energy in China would come from new third generation power plants that produced electricity more cheaply than coal and gas plants in coastal China, he said. "What we are looking at in China now is a situation where it is the very early stages of a very, very significant nuclear build program," Mr Wilson said. 

"This is a quiet revolution." Mr Wilson noted Japan's reduced nuclear energy production after the recent Fukushima nuclear disaster, as well as moves from countries such as Germany and Switzerland to cut back on nuclear energy production. Despite the big buildup in nuclear power, Mr Wilson said China, as well as India, would continue to rely heavily on coal for the bulk of its electricity needs and to keep up with growing demand. 

Mr Wilson said meeting the rising energy demand of billions of people would require both improvements in energy efficiency and how to find new resources. "We hope there will be significant improvements, significant contributions from energy efficiency but there will need be growth in energy supply," Mr Wilson said. 

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