Vimy Resources Limited (ASX: VMY) is a Perth-based resource development company. Vimy’s primary focus is the development of the Mulga Rock Project, located about 240km northeast of Kalgoorlie in Western Australia.
Mulga Rock is Australia’s third largest undeveloped uranium resource.
Cash at the end of the 31 December 2017 Quarter amounted to $7.2 million.
Top 20 81.11%
SOI 359,885,800
Quarterly Activities Report
December 2017
• Announcements by the world’s largest uranium producers of production cuts cause paradigm shift in uranium market, resulting in favourable market conditions
• Definitive Feasibility Study for the Mulga Rock Project to be released in current quarter (March 2018 quarter)
Vimy Resources Limited (“Vimy” or “the Company”; ASX:VMY) is pleased to provide its Quarterly Activities Report for the period ended 31 December 2017.
Vimy announced on 6 December 2017 that it would revise upwards the metal price assumption used in the Definitive Feasibility Study (DFS) on its Mulga Rock Project. The revision was based on statements by the world’s largest uranium producers, Cameco Corporation (TSX:CCO) and JSC “NAC” Kazatomprom (Kazatomprom), outlining their intention to cut uranium production.
The magnitude of these cuts prompted Vimy to reconsider mining optimisation studies and schedules contained within the DFS to ensure it includes the most up-to-date metal price assumptions.
Vimy expects to release the DFS early in the first quarter 2018
Please DYOR as this is not a buy or sell recommendation
Cheers
GF
