White Canyon Uranium is the newest uranium production company listed on the ASX, with production of development material at Daneros having commenced at the end of 2009 following the mine permit being granted in May 2009. Daneros is the first new uranium mine permitted in Utah in 30 years.
Whilst listed on the ASX a TSX-V listing is expected in January 2010. The company has U3O8 upside of 10 million pounds within 3 years, and well placed to establish a 10 year mine production schedule. CLICK HERE FOR FULL ANLAYSIS OF WHITE CANYON URANIUM LTD Wednesday, December 16, 2009
White Canyon Uranium enters option to acquire 74 mining claims
United States-focussed uranium company White Canyon Uranium (ASX: WCU) has entered into an option to purchase 74 additional mining claims as part of a plan to consolidate its holding at the Daneros mine and White Canyon district.
White Canyon Managing Director Peter Batten said this option to purchase agreement gives the Company a significant opportunity to consolidate its holdings in the White Canyon district, and is strategically important as the Company can effectively secure control of the vast majority of the White Canyon district.
Following the announcement, shares in White Canyon increased 1.8% to 29c.
The option to purchase is subject to a 60 day due diligence period commencing on 14 December 2009.
White Canyon listed in March 2008 as an advanced uranium exploration company holding 100% interest in the advanced Thompson, Daneros, Lark Royal, Geitus, Blue Jay and Marcy Look Projects in south-east Utah.
The projects contain historically defined high grade uranium deposits, however the deposits are not JORC compliant.
White Canyon entered the ranks of uranium producers in December 2009 with first production from the Daneros mine.
WCU Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
