The operation is expected to 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 total production to more than 550,000 lbs.
The mill extracts uranium (plus vanadium and tantalum) from waste from other processing facilities or waste sites, and has recovered more than 1.1 million lbs. U3O8 since it started up in 1980.
The operation’s underground tailings system is separated from the nearest aquifer by about 400 metres’ worth of low-permeability rock.
Meanwhile, IUC has begun permitting for the nearby Henry Mountain complex, where inferred resources total 5.5 million tons grading 0.22% U3O8, or 23.8 million lbs.
Meanwhile, the company has entered into a deal to add two properties adjoining the Henry Mountain complex, including the Tony M mine. IUC won 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 private, unpatented claims for $200,000 in cash and 250,000 shares. The vendor will retain uranium and vanadium royalties.
All 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 once it receives the permits to do so.
In Canada, IUC has begun drilling at its Key Lake South uranium project, 20 km southwest of
The Twin Lake area is in the Key Lake boulder dispersion fan, but 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.
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