heathgate strategy and resultant risk, page-9

Chicka

In fact October 6 and by no other than Rooster who has just pasted the other thread ... would you think that he and others are down ramping ... both answered clearly by the boc

I would think that Samgribbles has a very slow email system ... and one that might be linked to Rooster!


This is Rooster's from october 6. Ring a bell?

beverley still has a life
Forum: ASX - By Stock (Back)
Code: AGS - ALLIANCE RESOURCES LIMITED ( 54c | Price Chart | Announcements | Google AGS) dock
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Code: AGS - ALLIANCE RESOURCES LIMITED ( 54c | Price Chart | Announcements | Google AGS) dock

06/10/09 11:37 (View) Back Post Reply (+5)
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rooster12
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To view the full post without scrolling please use the full width view or single post view. In today's Business Monthly (Advertiser lift-out).
I'm still not sure where AGS stands re the Beverley North discovery. To me, it seems Four Mile has been put on the backburner until Heathgate have fully investigated the potential of Beverley North.

The article...

SARAH MARTIN

October 06, 2009 08:30am

HEATHGATE Resources says the Beverley North uranium mine will be in production by the second half of 2010 following positive drilling results.

The company has applied for a
mining lease for Beverley North
which could become Australia’s
next uranium mine if nearby Four
Mile continues to be delayed.

The $110 million Four Mile mine
is being developed by Heathgate’s
affi liate Quasar Resources and 25
per cent joint venture partner Alliance
Resources.

Alliance recently announced
that problems with the Native Title
agreement for Four Mile had
resulted in a delay to the mine
which would now not occur until
‘‘April 2010 or beyond.’’

Heathgate president David
Williams says the company will
be proceeding at full pace with
its Beverley North find.

‘‘When Four Mile first came up
and Quasar talked to us about it
we said that sounds good and our
attention has been on that but, obviously,
with the delays we have
gone back and focused on what
we have ourselves,’’ Mr Williams
said.

"So we have continued on
and made this particular discovery
and will work on developing
the rest of the resource there.’’

Drilling results from the Pepegoona
prospect in Beverley
North have indicated uranium
deposits in the area could sustain
an 800,000 pound per annum
production target, which Mr Williams
wants in operation as soon
as possible.

He said preliminary gamma
testing at Pepegoona has returned
results that indicated Bev-
Drill has returned results that indicated Beverley North’s deposit could rival
Four Mile’s which is expected to
produce 3 million pounds of uranium
oxide a year.

‘‘We can’t say at the moment if
Pepegoona is a 30 million pound
prospect but in these early days it
is showing all the hallmarks (and)
it is likely we are going to get hits
in that order,’’ he said.

To begin on-site production
quickly at minimal capital cost,
mobile satellite facilities will be
used to mine the uranium oxide
which will be trucked to the existing
Beverley plant for processing.

In doing so, Mr Williams says the
company will save ‘‘single digit
millions’’ of dollars by avoiding
the need for a permanent processing
plant.

‘‘It means we can bring this into
production quickly while continuing
to explore the area. If it turns
out to be another 30 million pound
resource - and we want to go full
bore on it - we can build a more
permanent installation.’’

Mr Williams said Beverley’s
production capacity is 3.3 million
pounds per annum and is running
at about half that rate.

If Four Mile and Beverley North
both come on stream at the same
time, the capacity of Beverley
would have to be increased.

“Opposite to what might be
thought out there, Beverley still
has a life,’’ he said.