The company declared its first reserve at the Karatau Uranium Mine, with attributable probable reserves of 14.6 million pounds U3O8. Uranium One also declared its first reserve at the South Inkai Uranium Mine, with attributable proven and probable reserves of 23.6 million pounds U3O8.
Compared to the previous resource estimate, the updated Karatau resource estimate shows a 2% increase in indicated resources to 32.6 million pounds, and a 373% increase in inferred resources to 9.5 million pounds U3O8 (100% basis).
The company also completed the acquisition of Christensen Ranch and Irigaray in Wyoming for $35m in cash effective January 25, 2010.
The Irigaray central processing plant currently has the capacity to produce approximately 1.3 million pounds of dried U3O8 per year. Uranium One intends to expand the processing capacity at Irigaray in line with the facility’s Nuclear Regulatory Commission license to approximately 2.5 million pounds U3O8 per year by incorporating a vacuum dryer purchased for use at the company’s Moore Ranch project.
Uranium One anticipates that its Moore Ranch project will now become a satellite ISR operation, with loaded resins being transported to Irigaray for further processing into dried U3O8.
The company’s other projects in the Powder River Basin, including Ludeman, Peterson, Allemand-Ross and Barge could also be developed as satellite operations, with final processing through Irigaray.
