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Wildhorse Energy expects government approval for uranium joint venture shortly, 8:23 am by Giles Gwinnett
The Mecsek Hills uranium project is one of the largest uranium deposits in Europe and has a total JORC inferred resource of 48.3 million tonnes at 0.072% uranium for 77 million pounds of uranium
Wildhorse Energy (LON:WHE) expects Hungarian government approval for its joint venture to restart uranium mining in the short term, the firm said in a quarterly report.
The Mecsek Hills uranium project is one of the largest uranium deposits in Europe and has a total JORC inferred resource of 48.3 million tonnes at 0.072% uranium for 77 million pounds of uranium.
It also has an exploration target of a further 55 to 90 million pounds of uranium with a grade range of 0.075% to 0.10% uranium.
In 2012, the government pledged its support for a joint venture between the company, MO and Mecsekérc (ME), and Hungarian Electricity Ltd (MVM), the owner of Paks Nuclear Power Plant (Paks NPP), to evaluate the necessary conditions to restart mining.
Wildhorse said it was continuing its discussions with the Hungarian state regarding the further development of the project, while various uranium related studies needed for licensing have kicked off.
Regarding its underground coal gasification (UCG) project, for which it continues to look for a strategic partner, the firm recently hailed the fact the Hungarian Parliament has given the green light to the modification of the mining law which now includes UCG specific regulations, setting out a legal framework for the development of such projects.
It means UCG will now fall under the existing mining law and will be regulated as such.
The firm has also inked a non-binding term sheet setting out the terms of a A$3mln capital raising through the issue of unsecured convertible loan notes, it added.
2014 will be the year of Uranium and UCG
GLA
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