Geology & Resources

Langer Heinrich is a surficial, calcrete type uranium deposit containing a Mineral Resource of 77,980t U3O8 at a grade of 0.54% U3O8 (250ppm U3O8 cut-off grade) 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 2013)

250ppm Cut-off Mt Grade
%
U3O8
t U3O8 Mlb U3O8
Measured Resources 25.3 0.055 13,851 30.54
Indicated Resources 70.1 0.055 38,729 85.38
Measured & Indicated 95.5 0.055 52,580 115.92
Stockpiles 28.6 0.042 11,932 26.31
Inferred Resources 17.8 0.06 10,335 22.9
(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 2013)


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 20.0 0.055 11,093 24.46
Probable Ore Reserve 59.4 0.057 33,616 74.11
Stockpiles 28.6 0.042 11,932 26.31
Total Ore Reserve 108.1 0.052 56,642 124.87
(Ore Reserve has been depleted for mining to the end of June 2013)

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 abuts the Langer Heinrich Mining Lease to the west and includes the sediment covered western extension of the mineralised Langer Heinrich palaeochannel.

An application has been made to the Ministry of Mines and Energy to convert the EPL to a mining lease. The Environmental Impact Assessment to accompany the mining lease application was completed as part of the Stage 4 assessment and has been submitted to the Ministry of Environment and Tourism.

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