IUC powered by waste

International Uranium (IUC-T) has begun processing uranium-bearing waste material at its 2,000-ton-per-day White Mesa mill in southeastern Utah.

The company figures the operation will produce about 500,000 lbs. of yellowcake, which will be stockpiled in anticipation of higher prices. The subsequent processing of three other sources of waste material is expected to boost the total uranium production to more than 550,000 lbs.

The mill processes uranium-bearing materials from other processing facilities or waste sites, and has recovered more than 1.1 million lbs. of U₃O₈ since its start up in 1980.

Meanwhile, IUC has begun the permitting process for the nearby Henry Mountain complex, where inferred resources total 5.5 million tons grading 0.22% U₃O₈, for 23.8 million contained lbs.

The company is also finalizing a deal to add two properties adjoining the Henry Mountain complex, including the Tony M mine. IUC was the winner of a recent Utah State auction with an initial cash bid of US$1 million. The company has also inked a letter of intent to buy 17 privately held, unpatented claims for $200,000 in cash and 250,000 shares. The vendor will retain uranium and vanadium royalties.

All of the properties are within trucking distance of the White Mesa mill. The addition of the Tony M mine boosts the inferred resource figure to around 34 million lbs. U₃O₈.

The company plans to begin mining immediately upon receipt of the required permits.

Meanwhile, the IUC has begun drilling at its Key Lake South uranium project, about 20 km southwest of Cameco‘s (CCO-T) Key Lake mine in Saskatchewan’s Athabasca basin region. Some 1,500 metres worth of drilling will test several electromagnetic conductors in the prospective Twin Lake area on the southern portion of the project.

The Twin Lake area is situated within the Key Lake boulder dispersion fan, but IUC says the size and strength of the surficial radiometric anomalies suggest a more local source.

In early 2004 electromagnetic and magnetometer surveying confirmed the presence of a circular basement dome measuring 3 km in diameter; the dome is flanked by graphite-bearing pelites.