WINDHOEK Swakop Uranium is moving a step closer to the realisation of the largest uranium mine in the country, as ongoing drilling and exploration activities on the site continue to produce positive results.
Government is interested in having ownership in this uranium mine through the State-owned mining company, Epangelo Mining.
The good results push further the companys target of completing the feasibility study and starting with work to bring the uranium mine on stream, says the licence holder, Extract Resources.
This week, the company announced that drilling continues to return high grade intercepts and the survey programme is producing encouraging results.
Kalahari Minerals, which owns nearly 41 percent of Extract Resources, also commented, saying the results so far confirm the world-class nature of the uranium deposits and the future production potential.
Extract Resources is an Australian-based uranium exploration and development company, exploring the Husab Uranium project, which contains two known uranium deposits, the Rssing South and Ida Dome.
The companys confidence stems from the fact that the current area of exploration, Rssing South, represents just a fraction of the prospective area, says the Chairman of Extract Resources, Steve Galloway.
We are pleased that we continue to return results with positive surprises at Rssing South, the quality of the original discovery continues to be confirmed, and if anything, gets better, comments Galloway.
With the feasibility study ongoing and enough cash to fund a new exploration programme, the company is well positioned to add substantial resources to our existing inventory over the next six months and beyond, says Galloway.
The area under exploration is located south of Rssing Uranium Mine and is owned 40 percent by Kalahari Minerals, a company dually listed on the Canadian and Australian stock exchanges. Rio Tinto, which also owns Rssing Uranium, holds 15 percent shareholding.
The area is said to hold larger and higher grade deposits of uranium than the deposits at Rssing Uranium.
Kalahari Minerals and Extract Resources listed on the Namibian Stock Exchange in October last year.
Future intentions are to list Swakop Uranium Mine on the Namibian Stock Exchange as well. Late last year, Galloway together with other senior executives, paid a call on Prime Minister Nahas Angula telling him [Rssing South contains] prime uranium deposits, much bigger and higher grade than Rssing Uraniums deposits.
Mark Hohnen, the Chairman of Kalahari Minerals, also said they intend to apply for the mining licence by the middle of this year and start with the construction of the mine as soon as possible.
Extract Resources has roped in the services of seasoned miner, Norman Green, the man who brought Skorpion Zinc Mine to fruition. Green, who has been appointed as the Chief Executive Officer of Swakop Uranium, would lay the foundation needed to bring Swakop Uranium Mine on production within the next four years.
The Minister of Mines and Energy, Erkki Nghimtina, has informed Extract Resources about Epangelo Minings interest to participate in Swakop Uranium.
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