URANIUM RESOURCES Exploration Nuclear Fuel Resources Boston October 13 – 14, 2010 Jean René...

URANIUM RESOURCESURANIUM RESOURCES

ExplorationExploration

Nuclear Fuel ResourcesNuclear Fuel Resources BostonBoston

October 13 – 14, 2010October 13 – 14, 2010

Jean René BLAISEJean René BLAISE

Uranium explorationUranium exploration

In 2008, worldwide exploration and mine development In 2008, worldwide exploration and mine development expenditures totalled about USD 1.64 billion.expenditures totalled about USD 1.64 billion.(USD 246 400 in the US)(USD 246 400 in the US)

Objectives: Identify new resources and bring new Objectives: Identify new resources and bring new production centers on line.production centers on line.

Majority of exploration activities concentrated in areas with Majority of exploration activities concentrated in areas with potential for unconformity-related, ISL amenable, and potential for unconformity-related, ISL amenable, and hematite breccia complex deposits.hematite breccia complex deposits.

But also « grass roots » exploration , and exploration in But also « grass roots » exploration , and exploration in areas known to have good potential based on past workareas known to have good potential based on past work

Nuclear Fuel Resources – October 13-14, 2010

Uranium exploration methodologyUranium exploration methodology

1- Selection of favorable areas1- Selection of favorable areas

2- Regional prospecting2- Regional prospecting

3- Detailed exploration3- Detailed exploration

4- Drilling and evaluation4- Drilling and evaluation


1- 1- Selection of favorable areasSelection of favorable areas


There are many factors to consider when planning an There are many factors to consider when planning an exploration program in a new area. exploration program in a new area. These include geological, accessibility, environmental These include geological, accessibility, environmental and land use, economic, and political factors. and land use, economic, and political factors.

The most important factors are geological, The most important factors are geological, but the other factors must also be considered to ensurebut the other factors must also be considered to ensure that an exploration program results in the achievement that an exploration program results in the achievement of its objective, the development and exploitation of a of its objective, the development and exploitation of a mineral deposit.mineral deposit.

1-1- Selection of favorable areasSelection of favorable areas


Political framework (country stability, mining and fiscal Political framework (country stability, mining and fiscal legislation)legislation)

Environmental conditions (natural parks, activists)Environmental conditions (natural parks, activists)

Mining risks (infrastucture, currency, taxation)Mining risks (infrastucture, currency, taxation)

Human and financial resourcesHuman and financial resources

Land availabilityLand availability

Review of historical information (geology, past Review of historical information (geology, past exploration data, past mining activities)exploration data, past mining activities)

2- Regional prospecting2- Regional prospecting

– GeologyGeology

– Remote sensingRemote sensing

– Airborne surveysAirborne surveys

– GeochemistryGeochemistry

– Reconnaissance drillingReconnaissance drilling

– DeliverableDeliverable

Potential areas, Claims, Exploration PermitsPotential areas, Claims, Exploration PermitsNuclear Fuel Resources – October 13-14, 2010

Nuclear Fuel resources - October 13-14 2010

2. Regional prospecting2. Regional prospecting

Selection of areas for follow-up exploration should be carried out in Selection of areas for follow-up exploration should be carried out in light of all available geological, geophysical, geochemical and remote light of all available geological, geophysical, geochemical and remote sensing data. sensing data.

It is often useful to rank anomalies in terms of their priority for follow-It is often useful to rank anomalies in terms of their priority for follow-up workup work

Criteria for ranking anomalies:Criteria for ranking anomalies: -coincidence of anomalous results (geophysical and geochemical -coincidence of anomalous results (geophysical and geochemical anomalies, geochemical anomalies coincident with a favourable anomalies, geochemical anomalies coincident with a favourable geological situation or coincident multi-element geochemical geological situation or coincident multi-element geochemical anomalies)anomalies) -clustering of anomalous samples or readings as opposed to -clustering of anomalous samples or readings as opposed to single-point anomalies,single-point anomalies, -high individual geochemical levels or geophysical readings.-high individual geochemical levels or geophysical readings.


Once ore-grade, or near ore-grade mineralization has Once ore-grade, or near ore-grade mineralization has been intersected, a new stage of exploration begins. In been intersected, a new stage of exploration begins. In most cases drilling is essential during this exploration most cases drilling is essential during this exploration stagestage

During the detailed exploration stage the potential of the During the detailed exploration stage the potential of the zone will be evaluated, and a decision must be made as zone will be evaluated, and a decision must be made as to whether to proceed to definition and resource to whether to proceed to definition and resource estimation, or to start looking elsewhere. estimation, or to start looking elsewhere.



Radiometric mappingRadiometric mapping

Geological mappingGeological mapping

GeochemistryGeochemistry

GeophysicalGeophysical

TrenchesTrenches

Large spacing drillingLarge spacing drilling

Deliverable: Evidences of uraniumDeliverable: Evidences of uranium


4- Drilling and evaluation4- Drilling and evaluation

Geophysical, GeologyGeophysical, Geology

TopographyTopography

Drilling and logging, Chemical analysisDrilling and logging, Chemical analysis

Reserves calculationsReserves calculations

Mining tests, Processing tests (pilot plant)Mining tests, Processing tests (pilot plant)

Deliverable: Ore depositDeliverable: Ore deposit


Exploration MethodsExploration Methods GeologyGeology

Remote sensingRemote sensing


Geophysical surveyGeophysical survey

Radiometric surveyRadiometric survey

DrillingDrilling

Mining and Processing testsMining and Processing tests


GeologyGeologyA geological map shows the distribution, composition, and age of A geological map shows the distribution, composition, and age of the rocks and sediments in a specific geographic area.the rocks and sediments in a specific geographic area.

What do we include in geological mapping?What do we include in geological mapping?– detailed geological mapping of the mineralization itself and of the detailed geological mapping of the mineralization itself and of the

surrounding rocks,surrounding rocks,– petrographic studies of all major rock types and alteration types, petrographic studies of all major rock types and alteration types,

- detailed petrographic work on the ore zones- detailed petrographic work on the ore zones- identification of clay minerals within the alteration zone through use identification of clay minerals within the alteration zone through use

of x-ray diffraction,of x-ray diffraction,- lithogeochemical sampling of the mineralization, host rockslithogeochemical sampling of the mineralization, host rocks- U-Pb isotopic analysis of ore minerals in order to determine the age U-Pb isotopic analysis of ore minerals in order to determine the age

of the mineralizationof the mineralization- ... ...


Remote sensingRemote sensing

Geologists have used aerial photographs for decades. Aerial Geologists have used aerial photographs for decades. Aerial photography and space imagery work especially well on geological photography and space imagery work especially well on geological subjects when the scenes they portray are minimally covered with subjects when the scenes they portray are minimally covered with vegetation vegetation

Aerial photographs serve as databases from which the following can Aerial photographs serve as databases from which the following can be made:be made:

- Define rock units (stratigraphy)- Define rock units (stratigraphy)

- Study the expression and modes of the origin of landforms - Study the expression and modes of the origin of landforms (geomorphology)(geomorphology)

- Determine structural arrangements (folds and faults)- Determine structural arrangements (folds and faults)- Seek surface clues (such as alteration and other signs of - Seek surface clues (such as alteration and other signs of

mineralization) .mineralization) .



Geochemistry can be used for uranium exploration both directly Geochemistry can be used for uranium exploration both directly - in the detection of uranium itself,- in the detection of uranium itself,

indirectlyindirectly- in the definition of geological features which may be associated - in the definition of geological features which may be associated with uranium mineralization (alteration). with uranium mineralization (alteration).

Some commonly used methods include:Some commonly used methods include:

-drainage sediment sampling (streams or lakes),-drainage sediment sampling (streams or lakes),

- water sampling (streams, lakes or wells),- water sampling (streams, lakes or wells),

-overburden sampling (soil or glacial overburden),-overburden sampling (soil or glacial overburden),

- vegetation sampling or biogeochemistry, and- vegetation sampling or biogeochemistry, and

- rock sampling.- rock sampling.


Geophysical surveyGeophysical survey

Main objective in applying any geophysical technique is to map a physical property contrast

Most used methods:Most used methods:– Magnetic surveys (vein-type, unconformity-type deposits)Magnetic surveys (vein-type, unconformity-type deposits)

– Gravity surveys (to check for the presence of unexposed geological Gravity surveys (to check for the presence of unexposed geological features such as intrusive bodies, or faults)features such as intrusive bodies, or faults)

– Electromagnetic surveys (mineralization associated with a conductive Electromagnetic surveys (mineralization associated with a conductive body, such as a water-saturated clay-rich fault, a massive sulphide body, such as a water-saturated clay-rich fault, a massive sulphide zone, or a graphitic horizon)zone, or a graphitic horizon)

- Seismic surveys (Have been applied in the Witwatersrand Basin. - Seismic surveys (Have been applied in the Witwatersrand Basin. Could be used to locate and delineate fluvial channels in areas of Could be used to locate and delineate fluvial channels in areas of known or suspected sandstone-type uranium enrichment)known or suspected sandstone-type uranium enrichment)


Radiometric surveyRadiometric survey

Radiometric survey is the geophysical method used specifically for Radiometric survey is the geophysical method used specifically for uranium detection as it is based on radioactivity. uranium detection as it is based on radioactivity.

Radiometric survey can be performed on foot, or from a land Radiometric survey can be performed on foot, or from a land vehicle or aircraft for large areas and regions where access is vehicle or aircraft for large areas and regions where access is difficult.difficult.

Although correctly interpreted radiometric measurements can be Although correctly interpreted radiometric measurements can be used to detect uranium ore deposits, they give little information as used to detect uranium ore deposits, they give little information as to the quantity or concentration of the ore. to the quantity or concentration of the ore.

A radiometric survey measures the distribution of three radioactive A radiometric survey measures the distribution of three radioactive elements (K, Th and U) in the top 30-45 cm of the earth’s crust.elements (K, Th and U) in the top 30-45 cm of the earth’s crust.


DrillingDrilling


Drilling is used at different stages of exploration, in particular when the potential for significant resources has been recognized (during the discovery stage), and a decision has been made to fully evaluate the prospect and carry out an accurate determination of the reserves.

Drilling includes:Hole DrillingHole survey (Collar, Deviation)Geological loggingGeophysical loggingCore samplingU analysisLog

Mining and Processing testsMining and Processing tests

Mining testsMining tests

Open-pit: 3D investigation of the deposit, Large samples for Open-pit: 3D investigation of the deposit, Large samples for processing tests, Selectivity testsprocessing tests, Selectivity tests

Underground: 3D investigation of the deposit, Underground drilling, Underground: 3D investigation of the deposit, Underground drilling,

Large samples for processing tests, Selectivity testsLarge samples for processing tests, Selectivity tests

Processing tests Processing tests

Test the metallurgical properties of mineralization and define the Test the metallurgical properties of mineralization and define the optimal processoptimal process


Unconformity-related depositsUnconformity-related deposits

Definition:Definition:Unconformity-related deposits are associated with and occur Unconformity-related deposits are associated with and occur immediately below and above an unconformable contact that immediately below and above an unconformable contact that separates a crystalline basement intensively altered from overlying separates a crystalline basement intensively altered from overlying clastic sediments of either Proterozoic or Phanerozoic age.clastic sediments of either Proterozoic or Phanerozoic age.

Caracteristics:Caracteristics:Basement consists of middle to upper Lower Proterozoic Basement consists of middle to upper Lower Proterozoic metasediments including graphitic horizonsmetasediments including graphitic horizons

Lineaments and mylonite zones in basementLineaments and mylonite zones in basement

Intense alteration halos around deposit in basement and sandstoneIntense alteration halos around deposit in basement and sandstone

Examples: Examples:

McArthur, Cigar Lake, RangerMcArthur, Cigar Lake, RangerNuclear Fuel Resources – October 13-14, 2010

Unconformity-related DepositsUnconformity-related DepositsMcArthur RiverMcArthur River

1980: Start of McArthur exploration1980: Start of McArthur exploration

Electromagnetic surveys allowed the definition of Electromagnetic surveys allowed the definition of graphite in the basement fault that controls the location of graphite in the basement fault that controls the location of the deposit (depth of 500 to 600 m)the deposit (depth of 500 to 600 m)

1988: Discovery of McArthur deposit1988: Discovery of McArthur deposit

1995: Start of underground development and drilling1995: Start of underground development and drilling

1999: Start of production1999: Start of productionNuclear Fuel Resources – October 13-14, 2010

Unconformity-related DepositsUnconformity-related Deposits

Mac Arthur RiverMac Arthur River

C$ 450 million (US$ 330 million) spent from discovery to C$ 450 million (US$ 330 million) spent from discovery to production.production.

Reserves (as of 31 Dec 2009): Reserves (as of 31 Dec 2009):

128 000 tU @ 17.55 % U128 000 tU @ 17.55 % U

2009 production: 7 339 tU2009 production: 7 339 tU

Cumulative production at the end of 2009: 65 400 tUCumulative production at the end of 2009: 65 400 tUNuclear Fuel Resources – October 13-14, 2010


Mac Arthur RiverMac Arthur River

Surface drilling:Surface drilling:

1980-2008:380 holes1980-2008:380 holes

161 857 m161 857 m



Mac Arthur River: Underground drillingMac Arthur River: Underground drilling


Sandstone DepositsSandstone Deposits

Sandstone uranium deposits occur in medium to coarse-grained sandstones Sandstone uranium deposits occur in medium to coarse-grained sandstones deposited in a continental fluvial or marginal marine sedimentary deposited in a continental fluvial or marginal marine sedimentary environment. environment.

Types of deposits: Types of deposits: Roll-front, Tabular, Basal channel, Tectonic/lithologicRoll-front, Tabular, Basal channel, Tectonic/lithologic

Examples: Examples: Moyunkum, Inkay (Kazakhstan), Crow Butte, Smith Ranch, Colorado Moyunkum, Inkay (Kazakhstan), Crow Butte, Smith Ranch, Colorado Plateau (USA), Imouraren (Niger), Damalskoye (Russia), Beverley Plateau (USA), Imouraren (Niger), Damalskoye (Russia), Beverley (Australia), Mas Laveyre (France)(Australia), Mas Laveyre (France)


Sandstone depositsSandstone deposits

Inkai, Kazakhstan (Roll-front deposit)Inkai, Kazakhstan (Roll-front deposit)

1976-1978: Discovery of the deposit by Volkovskaya1976-1978: Discovery of the deposit by Volkovskaya

1980-1996: Exploration drilling1980-1996: Exploration drilling

Block 1: 17 km2, 1368 holes, 80 holes/km2Block 1: 17 km2, 1368 holes, 80 holes/km2

Block 2: 230 km2, 2294 holes, 10 holes/km2Block 2: 230 km2, 2294 holes, 10 holes/km2

Block 3: 240 km2, 510 holes, 2.1 holes/km2Block 3: 240 km2, 510 holes, 2.1 holes/km2

1988-1995: Pilot plant1988-1995: Pilot plant


Sandstone depositsSandstone depositsInkai, Kazakhstan (Roll-front deposit)Inkai, Kazakhstan (Roll-front deposit)

April 1999: Exploration and mining licences to JV InkaiApril 1999: Exploration and mining licences to JV Inkai

1999-20101999-2010

Blocks 1-2: No exploration. Reassesment of old dataBlocks 1-2: No exploration. Reassesment of old data

Pilot plant, development of processing infrastructurePilot plant, development of processing infrastructure

US$ 133.7 millionUS$ 133.7 million

Block 3: 726 exploration holes between 2006 and 2010Block 3: 726 exploration holes between 2006 and 2010

2009 US$ 7.0 million2009 US$ 7.0 million

2010 US$ 31.3 million (expected) 2010 US$ 31.3 million (expected)


Sandstone depositsSandstone deposits

Inkai, Kazakhstan (Roll-front deposit)Inkai, Kazakhstan (Roll-front deposit)

Mineral Resources (Indicated + Inferred)Mineral Resources (Indicated + Inferred)

106 500 tU @ 0.04 % U106 500 tU @ 0.04 % U

Reserves (Proven + Probable)Reserves (Proven + Probable)

51 800 tU @ 0.06 % U51 800 tU @ 0.06 % U

2009 production: 720 tU2009 production: 720 tU

Mine capacity: 2000 tU / yrMine capacity: 2000 tU / yr


Hematite breccia DepositsHematite breccia Deposits

Deposits of this group occur in hematite-rich breccias Deposits of this group occur in hematite-rich breccias and countain uranium in association with copper, gold and countain uranium in association with copper, gold silver and rare earths.silver and rare earths.

Main representative: Olympic Dam deposit in South Main representative: Olympic Dam deposit in South Australia.Australia.Total resources: 8. 34 billion tonnes @ 0.024 % U, 0.88 Total resources: 8. 34 billion tonnes @ 0.024 % U, 0.88 % Cu, 0.31 g/t Au, 1.5 g/t Ag % Cu, 0.31 g/t Au, 1.5 g/t Ag 2009 production: 2 955 tU2009 production: 2 955 tU

Other deposits and prospects: Prominent Hill, Wirrda Other deposits and prospects: Prominent Hill, Wirrda Well, Acropolis, Oak Dam, Mount Painter.Well, Acropolis, Oak Dam, Mount Painter.


Hematite Breccia DepositsHematite Breccia DepositsOlympic DamOlympic Dam

1970-1975: Geological studies, Geology, geophysics, model building1970-1975: Geological studies, Geology, geophysics, model building- - Area favorable for sedimentary copper depositsArea favorable for sedimentary copper deposits

- Coincident magnetic and gravimetric anomalis- Coincident magnetic and gravimetric anomalis- Favourable tectonic lineaments- Favourable tectonic lineaments

1975: DH RD1 intersected 38m averaging 1.0% Cu1975: DH RD1 intersected 38m averaging 1.0% Cu1976: DH RD10 intersected 170 m averaging 2.1% Cu,1976: DH RD10 intersected 170 m averaging 2.1% Cu,

0.06 % U0.06 % U1981: Shaft sinking1981: Shaft sinking


Hematite Breccia DepositsHematite Breccia DepositsOlympic DamOlympic Dam

1988: Start of mining1988: Start of mining

Resources (Dec 2000)Resources (Dec 2000)870 000 tU @ 0.05 % U870 000 tU @ 0.05 % U

Since 2005Since 2005Extensive drilling in the SE portion of the orebodyExtensive drilling in the SE portion of the orebody

Resources (June 2008)Resources (June 2008)1 980 000 tU @ 0.024 % U1 980 000 tU @ 0.024 % U


Resources evaluationResources evaluation

The evaluation of the uranium potential is an ongoing activity The evaluation of the uranium potential is an ongoing activity throughout the life of the mine, from exploration to throughout the life of the mine, from exploration to development and production.development and production.

Various decisions have to be made and will have important Various decisions have to be made and will have important financial implications:financial implications:- Halt or continuation of the exploration and development - Halt or continuation of the exploration and development work,work,- Opening of a new mine,- Opening of a new mine,- Increase of production capacity,- Increase of production capacity,- Shut-down of the mining operations.- Shut-down of the mining operations.


Different stages of an ore reserve estimationDifferent stages of an ore reserve estimation

– The resource databaseThe resource database– The geological modelThe geological model– In situ resource evaluationIn situ resource evaluation– Estimation of the recoverable reservesEstimation of the recoverable reserves– Quality of the estimationQuality of the estimation– Classification of resources and reservesClassification of resources and reserves


The Resource DatabaseThe Resource DatabaseThe Resource Database is established by the collection,

verification, recording, storing and processing of the data and forms the foundation necessary for the estimation.

The Resource Database typically will include :- geological data (e.g.lithology, mineralization, alteration, and structure), - survey data,

- geophysical data, - geochemical data, - assay data, - rock quality, - bulk density information.


The geological modelThe geological model

All geological information within the deposit should be transposed from plans onto sections (or vice versa) to confirm reliability and continuity using all available data (drill holes, mine workings, etc.).

Two directions of vertical sections (usually orthogonal) and plans should be used to ensure manual interpretations are internally consistent.


In situ resource evaluationIn situ resource evaluation

Estimation obtained, within the enveloppe defined by the geological Estimation obtained, within the enveloppe defined by the geological model, using an above background cut offmodel, using an above background cut off

No mining cut offs or constraints are applied to the geological No mining cut offs or constraints are applied to the geological estimationestimation

There is no change in time of this estimation without new data.There is no change in time of this estimation without new data.

Estimation methods include polygonal or nearest neighbor estimates, inverse distance to a power, various kriging approaches


Estimation of recoverable reservesEstimation of recoverable reserves

Due to the spatial variability of the quality of the ore, the overall Due to the spatial variability of the quality of the ore, the overall resources are rarely entirely mined. resources are rarely entirely mined.

Recoverable reserves depend on:Recoverable reserves depend on:

The cut off defined by the costsThe cut off defined by the costs

The support of the selection unitThe support of the selection unit

The information ultimately available at the time of the selection.The information ultimately available at the time of the selection.

Estimation methods:Estimation methods:

Service variable method, Disjunctive kriging, Uniform conditioning Service variable method, Disjunctive kriging, Uniform conditioning method, Models without edge effect, Conditional simulationsmethod, Models without edge effect, Conditional simulations


Discovery costs in selected countries (1945-2008)


CountryCountry RAR (tU)RAR (tU) Inferred Inferred (tU)(tU)

Identified Identified (tU)(tU)

Production Production (tU)(tU)

Id + Prod Id + Prod (tU)(tU)

Expl Exp Expl Exp (USD 1000)(USD 1000)

Discov cost Discov cost (USD/kgU)(USD/kgU)

AustraliaAustralia 1 176 0001 176 000 497 000497 000 1 673 0001 673 000 156 428156 428 1 829 4281 829 428 973 418973 418 0.530.53

CanadaCanada 361 100361 100 124 200124 200 485 300485 300 426 670426 670 911 970911 970 2 915 8992 915 899 3.203.20

FranceFrance 00 100100 100100 75 98275 982 75 99275 992 907 240907 240 11.9411.94

IndiaIndia 55 20055 200 24 90024 900 80 20080 200 9 1539 153 89 35389 353 407 457407 457 4.564.56

NigerNiger 242 000242 000 30 90030 900 272 900272 900 110 312110 312 383 212383 212 275 274275 274 0.720.72

South South AfricaAfrica

195 200195 200 100 400100 400 295 600295 600 156 312156 312 451 912451 912 186 990186 990 0.410.41

USAUSA 207 400207 400 NANA 207 400207 400 363 640363 640 571 040571 040 3 322 6133 322 613 5.825.82

Sub-total Sub-total non-USSRnon-USSR

2 236 9002 236 900 777 500777 500 3 014 4003 014 400 1 298 4971 298 497 4 312 9074 312 907 8 988 8918 988 891 2.082.08

USSR and USSR and CIS statesCIS states

669 600669 600 682 100682 100 1 351 7001 351 700 528 857528 857 1 880 5571 880 557 4 598 3334 598 333 2.452.45

TotalTotal 2 906 5002 906 500 1 459 6001 459 600 4 366 1004 366 100 1 827 3541 827 354 6 193 4546 193 454 13 587 22413 587 224 2.192.19

Conclusions relating to Uranium Exploration


Worldwide, discovery costs of Known Resources (<USD 130 / kgU)Worldwide, discovery costs of Known Resources (<USD 130 / kgU)

+ Production vary from USD 0.05 / kg U to USD 16.39 / kg U, with an + Production vary from USD 0.05 / kg U to USD 16.39 / kg U, with an average cost of USD 2.27 / kg U.average cost of USD 2.27 / kg U.

Between 1945 and 2008, worldwide uranium exploration expenditures Between 1945 and 2008, worldwide uranium exploration expenditures are estimated to have totalled about USD 17 700 million.are estimated to have totalled about USD 17 700 million.

An estimated 154 300 km of exploration drilling were completed An estimated 154 300 km of exploration drilling were completed between 1970 and 2003.between 1970 and 2003.

Key dates in the Development of Selected Mines


CountryCountry Deposit/MineDeposit/Mine Exploration beginsExploration begins Discovery of depositDiscovery of deposit Beginning of productionBeginning of production

AustraliaAustralia Beverley (ISL)Beverley (ISL) 19681968 19701970 20002000

Honeymoon (ISL)Honeymoon (ISL) 19681968 19721972 20102010

Jabiluka (UG)Jabiluka (UG) 19681968 19711971 Date unknownDate unknown

Olympic Dam (UG)Olympic Dam (UG) Early 1970sEarly 1970s 19761976 19881988

Ranger (OP)Ranger (OP) 19681968 19761976 19811981

BrazilBrazil Lagoa Real (OP)Lagoa Real (OP) 19741974 19761976 20002000

CanadaCanada Cigar Lake (UG)Cigar Lake (UG) 19691969 19811981 20122012

Key Lake (OP)Key Lake (OP) 19681968 Gaertner: 1975Gaertner: 1975

Deilman: 1976Deilman: 1976

19831983

19891989

McArthur River (UG)McArthur River (UG) 19811981 19881988 19991999

McClean Lake (OP)McClean Lake (OP) 19741974 19791979 19991999

KazakhstanKazakhstan Inkay (ISL)Inkay (ISL) 19761976 19791979 20012001

Kanzhugan (ISL)Kanzhugan (ISL) 19721972 19741974 19821982

Mynkuduk (ISL)Mynkuduk (ISL) 19731973 19751975 19871987

Uvanas (ISL)Uvanas (ISL) 19631963 19691969 19771977

NigerNiger Akouta (UG)Akouta (UG) 19561956 19721972 19781978

Arlit (OP)Arlit (OP) 19561956 19651965 19701970

History of elapsed time between discovery and start of mining

(all mining methods)


0

5

10

15

20

25

30

35

1940 1950 1960 1970 1980 1990 2000 2010

Start of Mining

Yea

rs b

etw

een

Dis

cove

ry a

nd

Min

ing

Factors that control the elapsed time between the start of exploration

and the beginning of production


Market price, availability of exploration capital, regulatory Market price, availability of exploration capital, regulatory requirements, political stabilityrequirements, political stability

Time for developmentTime for development

Time for licensing Time for licensing (including environmental impact assessment)(including environmental impact assessment)

Time for constructionTime for construction

These time frames are likely to expand as exploration targets become more elusive and as environmental and safety requirements become more stringent.

URANIUM RESOURCES Exploration Nuclear Fuel Resources Boston October 13 – 14, 2010 Jean René...

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