Uranium Resources, Inc. (NASDAQ: URRE) (URI), announced the summary results of the feasibility study for its Churchrock Section 8 Project located in the northwestern New Mexico’s historic Grants Mineral Belt. The feasibility study to determine the technical and economic viability of developing the deposit utilizing in situ recovery uranium technology was compiled by Behre Dolbear & Company, TREC, Inc. and Western States Mining Consultants, Inc., with assistance provided by the engineering staff of URI. A presentation summarizing the feasibility study is available on URI’s website, www.uraniumresources.com, under Projects.
Churchrock Section 8 Feasibility Study Highlights
- 6.5 million pounds of mineralized uranium material at a grade of 0.11% U 3O 8
- In situ recovery is the preferred uranium extractive technology for the project
- Assumed recovery rate of 67% results in production of 4.4 million pounds
- Projected six-year production life with peak production at more than one million pounds annually
- Pre-production development costs estimated at $35 million
- Direct operating costs are estimated to be $20 to $23 per pound of U 3O 8 produced
"The completion of the Churchrock Section 8 feasibility study is a measurable step forward for URI toward our goal of realizing uranium production in New Mexico" stated Terence J. Cryan, Interim President and CEO of URI. “A technically and economically relevant project for the U.S. uranium industry, Churchrock remains one of our primary strategic initiatives. We are currently working to both de-risk and further enhance the economics of the project. This includes our negotiations with the Navajo Nation regarding a comprehensive agreement and efforts to reach agreements with current royalty holders. We believe this project will create significant value for our shareholders.”
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