ECO RIDGE MINERAL RESOURCES

In June 2013, Roscoe Postle Associates (“RPA”) reported the following updated mineral resources for the Main Conglomerate Bed (“MCB”) at Eco Ridge:



Notes:

  • CIM definitions were followed for Mineral Resources
  • Mineral Resources are estimated within the Main Conglomerate Bed (MCB) at a cut-off value of $90 per tonne. Values were calculated based on prices and recoveries of uranium and rare earths, net of rare earth separation costs.
  • Mineral Resources are estimated using an average long-term uranium price of US$70 per lb U3O8, a rare earth “basket price” of $55 per kg (net of separation charges), and a C$:US$ exchange rate of 1.00:1.00
  • U3O8 Equivalents are calculated by converting rare earths values (net of prices, recoveries, and separation charges) to uranium values
  • A minimum mining thickness of 1.8 metres was used
  • Total Rare Earth Oxides include light oxides La2O3, CeO2, Pr6O11, and Nd2O3, and heavy oxides Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Y2O3, and Lu2O3. Sc2O3 is also included, as it occurs in low concentrations and carries high unit values like a heavy rare earth oxide

Click here for a mineral resource table listing grade and quantity of each individual REO.


RPA also reported the following mineral resources for the higher grade zones in the MCB at Eco Ridge:



Notes:

  • CIM definitions were followed for Mineral Resources
  • This subset of Mineral Resources was estimated within a portion of the Main Conglomerate Bed (MCB) at a cut-off value of $90 per tonne. Values were calculated based on prices and recoveries of uranium and rare earths, net of rare earth separation costs.
  • Mineral Resources are estimated using an average long-term uranium price of US$70 per lb U3O8, a rare earth “basket price” of $55 per kg (net of separation charges), and a C$:US$ exchange rate of 1.00:1.00
  • U3O8 Equivalents are calculated by converting rare earths values (net of prices, recoveries, and separation charges) to uranium

Click here for a mineral resource table listing grade and quantity of each individual REO in the higher grade zones.