more diversification

Quarterley report is on ETRADE. MEY diversifying further into Summerdown exploration company in Namibia with Cheetah Minerals Ltd.

Extracts from 1st page of report:

HIGHLIGHTS
MARENICA URANIUM PROJECT, NAMIBIA
(Marenica Energy – 75%)
• Column-leach metallurgical testwork confirms that
both Marenica ore types leach effectively. The
agglomeration required for the heap-leach process is
however difficult and relatively expensive owing to
high polymer requirements. A tank leach process
route and associated beneficiation pathways are also
being examined.
• The Company has engaged consultants Hydromet Pty
Ltd, MH Consulting, OMC and Elemental Engineering
to complete an updated scoping study focusing on
Heap and Tank leach options. In conjunction with this
work, Optiro Pty Ltd has been engaged to complete a
resource update, re-optimisation and revised
economic model.
• Marenica has made an early-stage investment in Texas
& Oklahoma Coal Company Limited (“TOCC”), giving it
exposure to the rapidly emerging US coal market.
Marenica has subscribed for 3.4 million shares in
TOCC, which has issued initial seed capital of 28.75
million shares at $US0.06 per share. This will equate to
a 6.4 per cent interest in the Company’s pre-IPO
issued capital.
OVERVIEW
During the Quarter, Marenica’s exploration and
management team continued to progress development
plans for the Company’s 75%-owned Marenica Uranium
(“Project”), located in Namibia, Southern Africa.
Metallurgical test-work is continuing at AMMTEC
laboratories in Australia to assess the heap leach process
route. Leaching of the ore types is progressing well with
current recoveries at 50% after 100 days. A final recovery
of 75% is anticipated.
A full leaching cycle is expected to continue to 180 days.
However the necessary addition of significant quantities
of polymer adds greatly to the heap leach process cost.
Metallurgical testwork is also underway at Nagrom Pty
Ltd, investigating various ore upgrade pathways for use
in the Tank leach option.
The Company engaged consultants Hydromet Pty Ltd and
MH Consulting to review all previous metallurgical work
for the project. The review identified a number of areas
in the original 2010 SRK scoping study that required
further assessment. As a result, an update of the scoping
parameters is being currently undertaken, using
consultants Hydromet Pty Ltd, MH Consulting, Orway
Mineral consultants and Elemental Engineering.
Optiro Pty Ltd has been engaged to complete an
economic review of the project, which will involve a reestimation
of the Marenica resource. The information
provided by Hydromet Pty Ltd and others will be used to
re-optimise the Marenica deposit focusing on the
preferred process route. The results of this work are
expected to be completed in the current quarter.
Environmental and hydrological baseline studies
continued during the September Quarter.
During the quarter the Company took the first step
towards diversifying and expanding its asset base with a
cornerstone investment in emerging US coal project
Texas & Oklahoma Coal Company Limited.
Post the end of the quarter Marenica signed an option to
joint venture on the Summerdown exploration project in
Namibia with Cheetah Minerals Ltd. The project area is
adjacent to Shaw River Manganese project and has
potential for manganese and rare earths.