The purpose is to determine whether uranium mining and milling could be undertaken in a manner that safeguards the environment and public health in the Commonwealth of Virginia.
Virginia Energy will own an approximate 28% indirect equity interest in the Coles Hill uranium deposit in southern Virginia after funding the 2010 operating budget for the project. Coles Hill is considered to be an undeveloped uranium deposit in the US.
It has a measured and indicated resource of 119 million pounds of U3O8 (98.7mt at 0.060% U3O8 at a cut-off grade of 0.025% U3O8), including a higher grade zone of 77.4 million pounds of U3O8 (37.7mt at 0.103% U3O8 at a cut-off grade of 0.050% U3O8) based on National Instrument 43-101 technical report prepared for the company by Behre Dolbear and Company, Marshall Miller and Associates, and PAC Geological Consultants.
Norm Reynolds, president and CEO of Virginia Energy Resource, said: ”We welcome the opportunity to have preeminent scientists provide independent and credible information about the development of a uranium mining and milling industry in Virginia.
“We expect that this study by the National Academy of Sciences will serve as part of the foundation of work which will provide Virginia with enough information to confidently bring uranium mining legislation and permitting framework into being.”
