Paladin Achieves Record Uranium Sales For March 2011 Quarter

Published on Friday April 15 2011 (AEST)-Australia

Paladin Energy Has Reported Record Uranium Sales For The Quarter Ended March, Despite a 4% Decrease In Production Figures.

During the three months to March, Paladin sold around 1,4-million pounds of uranium oxide (U3O8), generating a record revenue of $92,5-million.

Overall production for the quarter also reached around 1,4-million pounds, which was a 4% decrease on the 1,46-million pounds of U3O8 produced in the December quarter, but an increase on the 1,1-million pounds of U3O8 produced in the previous corresponding quarter.

The Kayelekera mine, in Malawi, hit record production during the quarter, with a step-change in plant performance achieved during the quarter, Paladin reported.

The uranium miner told shareholders that the project had produced 606 034 lb of U3O8 during the quarter under review, which was a 14% increase on the previous quarter.

Production during the month of March at the Kayelekera operation reached 93% of the plant capacity, with the operation producing some 253 036 lb of U3O8.

The Langer Heinrich operation, in Namibia, however, saw a 14% decrease in production, owing to abnormal rainfall in the three months to March, particularly during the latter part of the quarter.

Paladin noted that this had restricted access to higher-grade mining areas and increased the difficulty in treating wet ore. As a consequence, the Langer Heinrich operation only produced 795 815 lb of U3O8 during the period, compared with a nameplate 925 000 lb.

Meanwhile, Paladin reported that the Langer Heinrich stage three expansion project was progressing, and has entered the commissioning phase. The stage three expansion would see the operation increase its current capacity to around 5,2-million tons a year.

The uranium miner said on Friday that the front-end feed preparation, crushing and scrubbing circuit was on track for production ramp-up during April, while the increased throughput capacity and scrubbing efficiency at the front-end was expected to quickly add to the production capacity of the processing plant.

The stage three expansion was currently 92% complete.

Paladin also reported that the stage four feasibility study, which was targeting a combined 8,7-million tons a year production level, remained on schedule for completion during the December quarter.

The environmental impact assessment documentation was nearly ready for final submission and work on the process design of the new plant has advanced significantly.

A new mining design and production schedule has also been completed and a conceptual design for the tailings deposit was being reviewed.

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Deep Yellow Identifies Significant Uranium Mineralisation In Basement Rocks Beneath The Tubas-Tumas Palaeochan

Published on Monday December 13 2010

Deep Yellow Limited (ASX:DYL) is pleased to announce that follow-up infill drilling at Tumas Zone 3 of the Tubas-Tumas palaeochannel in Namibia, by DYL's wholly-owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN), has identified high-grade uranium mineralisation in the basement rocks beneath the palaeochannel; mineralised Red Sand adjacent to the channel similar to the Tubas Red Sand (TRS) deposit material, as well as additional high-grade mineralisation within the palaeochannel.

Basement Hosted Mineralisation

In November 2010 RUN conducted follow-up infill drilling near Tumas Zone 3 of the Tubas-Tumas palaeochannel to investigate reverse circulation (RC) drilling results indicating the potential for basement mineralisation below a relatively high-grade section of the palaeochannel on RUN's EPL 3496.

The investigation confirmed that drillhole ORXR1 intercepted high-grade secondary uranium mineralisation hosted in granitic basement below the palaeochannel with a mineralised intercept of 

47 metres at 830 ppm cU3O8 from 29 metres.

Three scissor holes drilled on the ORXR1 section suggests the mineralisation in ORXR1 may be limited in extent in the immediate area, but provides evidence for and may provide a model for new basement hosted targets.

A 60 degree angle hole ORXR3 also returned basement intercepts of 

- 4 metres at 405 ppm cU3O8 from 30 metres

- 5 metres at 412 ppm cU3O8 from 43 metres

- 5 metres at 420 ppm cU3O8 from 53 metres

Mineralisation is carnotite in both holes.

The basement mineralisation appears to be associated with the contact zone between granite and gneiss (metasedimentary rocks). Microscopic studies show that the granite is a pegmatiticleucogranite phase (alaskite). Mineralisation is secondary carnotite. Diamond drilling will be carried out in 2011 to determine the potential of this contact zone.

Red Sand Mineralisation

Reverse Circulation infill drilling around ORXR1 also identified aeolian Red Sand hosted mineralisation with drill hole ORXR37 intercepting 8 metres at 516 ppm cU3O8 from 5 metres.

Mineralised aeolian red sand from ORXR37 has very similar characteristics to the Tubas Red Sand (TRS) deposit which is part of the Omahola Project located 20 kilometres to the west. The TRS deposit contains 13.9 million tonnes at 160 ppm U3O8 for 2,217 tonnes (4.9 million pounds) contained U3O8. This new discovery, on the flank of the palaeochannel, is consistent with mineralisation at the TRS deposit and further confirms the possible extent of this unique style of uranium mineralisation over 10's of kilometre of the main Tubas-Tumas palaeochannel system.

The red sand sample from 9 to 10 metres depth in ORXR37 assayed 249 ppm U3O8 and the TRS sample from 4 to 6 metres depth assayed 327 ppm U3O8.

Palaeochannel Mineralisation

Infill drilling on a 50 metre grid to the original reconnaissance drilling has outlined further highgrade palaeochannel mineralisation with an intercepts of 

- 8 metres at 614 ppm cU3O8 from 7 metres

- 11 metres at 1,097 ppm cU3O8 from 5 metres

- 7 metres at 782 ppm cU3O8 from 3 metres

The earlier reconnaissance holes are unlabelled. Significant mineralised intercepts are given in Table 1 (see link at the bottom of the release). The palaeochannel mineralisation remains open upstream (east).

Only 49 holes were completed in this restricted campaign and the various modes of mineralisation (palaeochannel, aeolian and primary) remain open in most directions and will be subjected to further evaluation by drilling in 2011.

Tumas Zone 3 Exploration Target Range

The Tumas Zone 3 reconnaissance drill data was evaluated by Hellman & Schofield (H&S) as part of the upgraded Tumas JORC Resource estimate (ASX 28 October 2010). Due to the broadly and irregularly spaced lines of drillholes at the time, the calcrete-hosted mineralisation in Zone 3 was determined to be too poorly defined for inclusion in resource estimates. However when combined with geophysical survey results, the drill results provide an indication of the orientation and extent of the mineralised zone. Consequently a conceptual exploration target range was estimated at 10 to 30 million tonnes at a grade of 300 to 400 ppm U3O8 at 200 ppm cut-off. H&S stated that it is uncertain if future exploration will result in the determination of a Mineral Resource.

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