Geology & Resources

Langer Heinrich is a surficial, calcrete type uranium deposit containing a Measured and Indicated Mineral Resource of 49,288t U3O8 at a grade of 0.55% U3O8 (250ppm U3O8 cut-off grade) and an Inferred Mineral Resource of 10,246t U3O8 at 0.06% U3O8 in seven mineralised zones within the 15km length of a contiguous paleodrainage system. The deposit is located in the Namib Desert, 80km from the major seaport of Walvis Bay.

The Mineral Resource is detailed below at a cut-off grade of 250ppm U3O8.

Mineral Resource Estimate (depleted for mining at end of June 2014)

250ppm Cut-off Mt Grade
%
U3O8
t U3O8 Mlb U3O8
Measured Resources 22.4 0.055 12,410 27.36
Indicated Resources 67.0 0.055 36,877 81.30
Measured & Indicated 89.4 0.055 49,288 108.66
Stockpiles 30.4 0.041 12,500 27.56
Inferred Resources 17.6 0.06 10,246 22.6
(Figures may not add due to rounding and are quoted inclusive of any Ore Reserves, and have been depleted for mining to the end of June 2014 and are quoted on a 100% basis)


Ore Reserves

Economic analysis on this resource has indicated a break-even cut-off grade of 250ppm.

Ore Reserve Estimate (250ppm U3O8 Cut-off)

250ppm Cut-off Mt Grade
% U3O8
t U3O8 Mlb U3O8
Proved Ore Reserve 17.1 0.057 9,653 21.28
Probable Ore Reserve 56.3 0.056 31,764 70.03
Stockpiles 30.4 0.041 12,500 27.56
Total Ore Reserve 103.8 0.052 53,917 118.87
(Ore Reserve has been depleted for mining to the end of June 2014 and are quoted on a 100% basis)

The Ore Reserve was estimated from the original un-depleted Measured and Indicated Mineral Resource of 139.3Mt at a grade of 0.055% U3O8. The Mineral Resource estimate was completed using Multi Indicator Kriging and incorporates a specific adjustment based on expected mining parameters. As a result, additional dilution and mining recovery are not included in the Ore Reserve estimation.

These reserves form the basis of the continuing life of mine plan for the Project. The revised mine plan allows a project life in excess of 20 years, based on a processing feed rate of 3.45Mt/a

Exploration

EPL3500 covers the western extension of the mineralised Langer Heinrich paleochannel. An application to convert the EPL to a mining lease is currently in place and progressing through the regulatory process. An Environmental Impact Assessment (EIA) was lodged with the Ministry of Environment and Tourism supporting the mining lease application and this has now been accepted with the Certificate being forwarded to the Ministry of Mines and Energy.

Latest Prices

© Paladin Energy Ltd 2014

Latest Announcements

Level 4, 502 Hay Street, (Po Box 201)
Subiaco Western Australia 6008
Phone +61 (8) 9381 4366
Fax +61 (8) 9381 4978
E-mailpaladin@paladinenergy.com.au