The firm will start construction of a A$120m ($125m) exploration decline at the Ranger 3 Deeps project in May 2012, with subject to regulatory approvals.
The company said that it will not construct the heap leach facility, due to its high cost, and rather proceed with development of Ranger 3 Deeps project.
The Ranger deposit is estimated to contain about 34,000 metric tons of uranium oxide, reports Dow Jones Newswire.
ERA has reported a A$121m loss in the first half of 2011, as the heavy rains have shut down Ranger mine for months.
