(Alliance News) - Aura Energy Ltd on Wednesday said the recently completed FEED study for its Tiris uranium project in Mauritania has confirmed "excellent economic returns".
Aura Energy, a mineral explorer with projects in Sweden and Mauritania, said the study reinforced that the project is a near term, low cost and long life mine.
It also confirmed the adoption of a two million barrels per annum of triuranium octoxide processing plant as the base case for the project.
"The exploration drilling program currently underway, aimed at expanding the mineral resources at Tiris East, aims to demonstrate the potential to extend the mine life beyond the initial 17 years, as well as the potential to expand production significantly above the current base case of 2.0 Mlbspa U3O8 production rate," the firm explained.
Chief Executive Officer Andrew Grove said: "The FEED study clearly demonstrates that Tiris will be a low-cost, high value, near-term uranium producer with the ability to scale in a very strong uranium market.
"The board believes the current exploration drilling is likely to deliver near term resource growth around Tiris East. This will enhance the strong economics delivered in the FEED study, and also provide optionality to further expand the production rate beyond the current design of 2Mlbs pa U3O8 and extend the mine life", he added.
Shares in Aura Energy rose 2.5% to 12.30 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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Aura Egy (AURA)