The Michelin Project is located 140km north of Goose Bay and 40km southeast of the community of Postville, Labrador, Canada.
On 1 February 2011 Paladin completed the acquisition of the uranium assets of Aurora Energy Resources Inc. (Aurora) from Fronteer Gold Inc. (TSX-FRG, AMEX-FRG). Paladin now holds title to significant uranium assets within the highly prospective Central Mineral Belt (CMB) of Eastern Canada.
The CMB is one of the few remaining, underexplored uranium districts globally and this acquisition not only provides a noteworthy mid-term development asset but also offers an excellent opportunity for new discoveries and expansions of the existing deposits. This highly strategic transaction fulfils Paladin’s long held ambition to expand into Canada, a leading country in uranium mining, both in terms of resources and its stable political and business environment, providing the Company with an important new platform from which to plan its continued growth.
In March 2012 the Nunatsiavut Government enacted the Environmental Protection Act and amended the Labrador Inuit Lands Act, lifting the moratorium on the working, production, mining and development of uranium on Labrador Inuit Lands. This has now cleared the way to re-commence work on projects within the Central Mineral Belt of Labrador, Canada, (CMB) where the Company has a number of very prospective exploration and development targets.