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May 07, 2011

2100 tons of uranium oxide per year expected from a $390 million Tanzanian mine

Mantra Resources on Friday said that a definitive feasibility study (DFS) for the first phase of its Nyota prospect, in Tanzania, supported yearly production of 4,2-million pounds (2100 tons per year) of uranium oxide (U3O8)

A mine producing 2100 tons per year (for ten years) could be expected for $390 million of development cost. An increase of 3% on world uranium production.



The phase-one DFS was based on a measured and indicated resource of 67,7-million tons, averaging 439 ppm, for 65,6-million pounds of contained U3O8.

The additional 41,2-million tons, averaging 395 ppm for 35,9-million pounds of U3O8 in the inferred resources category was excluded from the DFS.

Breese said that the DFS was based on an owner-operated mining scenario, with the processing plant based on a simple acid leach and conventional resin-in-pulp technology.

The development costs for the phase-one project was estimated at around $390,5-million, of which $163,1-million would go to the processing plant and $227,4-million for the project infrastructure and management.

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