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Drilling test leaves Govt approval final hurdle for uranium mining

Monday, 28/11/2005

An Australian company is ready to mine uranium in Western Australia after completing its final drilling tests.

Redport Limited has found nearly 8,000 tonnes of high grade uranium just below the surface, north of the town of Leinster in Western Australia.

Chairman of Redport Richard Homsany says the Lake Maitland Uranium Project is ready to go when the WA Government approves.

"We think it's worth about $600 million of in-situ resource, based on the weighted average of recent prices, and we're confident that this is a resource which can be developed," he said.

"We will just wait and see what our further results indicate and hopefully within the next three to five years we have a deposit that will be developed, depending on, of course, on policy settings."