Looks like RIO is backing two horses (1.1 horses) to reduce the chance of losing outright.
"If we can't get Husab then we will just have to make do with Roughrider. Maybe we can get 10% of what's in Husab out of it... but.... well the name says it all...."
Roughrider is located within a glacier region with about forty percent of the property under water 10m deep average which is where about half the ore is located. The land is tilled with elevations ranging from 477 metres to 502 metres above sea level.
Winters are long and cold with an average temperature of minus forty-five degrees Celsius for at least 7 months of the year. The Winter snow pack to 70-90cm deep on the land and the water. The lake is frozen from October to April.
Roughrider has an "inferred" resource estimated of 30 million pounds of U3O8. (i.e. less than 10% of Husab - which is where RIO has its equipment and a working mine.)
This just confirms all the easy Uranium is gone and they have to snap up whatever is left! It makes you wonder just what Husab is really worth?
http://www.infomine.com/index/pr/PB068923.PDF
EXT Price at posting:
$7.96 Sentiment: Hold Disclosure: Held
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