has grades of uranium that have economic potential

Recently MTN announced that it had identified 33,200 tonnes of uranium at one of it's prospects, Mt Gee.

From so much soil they reckon .073% contained uranium and they could produce 24,800 tonnes of U308
Also they estimate other soil contained between .03-.05% and could produce a further 8,400 tonnes of uranium (33,200)

Further they estimate they have some 50,000 tonnes of rare earth elements of the kind used in computers, cell phones etc.

Some people (down rampers) have been spreading the rumour that this is not an economic grade. They are saying that you need .1% to have an economic resource.

Well this is completely WRONG.

Olympic Dam has been producing U308 from soil with less than .06 for over ten years now.

Check out the figures below -

Olympic Dam Uranium Ore Reserves and Resources at 31/12/04

Grade U308 Contained U3O8
(%) (tonnes)
Proved Ore Reserves 0.06 71 000
Probable Ore Reserves 0.05 321 000
calculated:
Measured Resources 0.05 325 000
Indicated Resources 0.04 568 000
Inferred Resources 0.03 522 000
Total Resources 0.04 1.5 million

Furthermore MTN believes that grades below .03-.05 can be economic too as a world class deposit, the Rossing uranium deposit in Namibia attests.