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(Alliance News) - Aura Energy Ltd on Wednesday said it has begun work to improve the feasibility study for the Tiris uranium project located in Mauritania.
The company also said that it has received strong interest from export credit agencies for financing the Tiris project.
Shares in Aura were up 15% at 0.55 pence in London in midday trading.
Work to improve the Tiris definitive feasibility study includes converting additional resources to reserves and extending the known mineral resource base. Work also includes recovering vanadium from process streams and reducing operating cost through mining initiatives and cut-off grade.
All of these studies are planned to "provide strong improvement to the Tiris" definitive feasibility study and are likely to be "important in the next round of [export credit agency] finance negotiations".
Aura has also been given "strong initial feedback" for Tiris to be funded through export credit agency finance. The company said seven such agencies have expressed interest in reviewing the finance package for Tiris, including "some of the major export credit agencies".
The company also commented on the Tiris water programme. Of the five targets tested so far, two produced significant water flows.
Aura Energy Executive Chair Peter Reeve said: "With the full water program progressing well above expectations, the strong upside expected from the various Tiris enhancement projects, the positive early feedback from the second round of the Export Credit Agency Finance process for Tiris funding, and the positive sentiment on uranium from the recent London World Nuclear Authority conference, Aura is confident that it will shortly have all the building blocks in position to commence development of this compelling uranium project."
By Anna Farley; annafarley@alliancenews.com
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