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a-cap: Favourable Economics from the Scoping Study on Letlhakane Uranium Project

HIGHLIGHTS

  • A resource of 90 million lbs of uranium at 284PPM U₃O₈ at a cut off of 200ppm within a global resource of 352Mlbs
  • An optimised in pit resource of 57 Mlbs of uranium grading 197ppm U₃O8
  • Additional unscheduled in pit resources of 13Mlbs at 196ppm U₃O8 at Gorgon West
  • Average recoveries of 71.5% from heap leach processing
  • A nine million tonne per annum open pit and heap leach project to produce 3Mlbs U₃O₈ pa
  • A mine life in excess of 20 years
  • Operating costs estimated at US$42 per pound U₃O₈ in the first 5 years and US$48 per pound in the first 10 years
  • Capital costs for plant and infrastructure of US$309 million

A-Cap Resources Limited (“A-Cap” or “the Company”) provide an update on the ongoing project development activities at the Letlhakane Uranium Project in Botswana. The Letlhakane Uranium Project contains a large global resource of 352 million pounds of uranium within this, 90 million pounds of higher grade resource at 284ppm has been identified and forms the basis of a Scoping Study just completed. The study is based on shallow open pit mining and heap leach processing to produce 3 million pounds of uranium per annum over a mine life in excess of 20 years. This internal Scoping Study has been completed using:

  • Metallurgical results from the recently completed two metre optimisation column testwork at SGS, Perth
  • Updated resources which were completed by Optiro late in 2012 and open pit optimisation studies by CUBE Consultants in late 2012 and January 2013
  • Mining costs have been provided by Wirtgen Australia and have been amended to reflect the lithological and physical make up of each deposit
  • Capital costs have been provided by various parties and added to by the A-CAP technical team and consultants
  • Operating costs have been developed from mining, metallurgical and manning costs appropriate to the region with budget estimates supplied by third parties for key inputs.

Work is still in progress so this report provides an interim view of the Project with more detailed studies in progress. The scoping study indicates potential for a mine life in excess of 20 years subject to world market prices for uranium. A startup date in 2016 coincides with projected shortfalls in supply and forecast increased uranium prices.

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