LONDON (Alliance News) - Aura Energy Ltd on Wednesday said it has restarted work on the definitive feasibility study for the Tiris uranium project in north-eastern Mauritania.
Aura raised GBP2.2 million when it floated on London's AIM market in September and is using those funds to back work on the definitive feasibility study for Tiris, which it expects to complete by the end of 2017.
Aura said it has appointed the study manager and established a review committee to oversee the work. It has started down hole drill logging work and radiometric surveying on the site and restarted work on the environmental impact study for the project.
The firm is also preparing documents for the mining lease application for Tiris and will be holding meetings with mining ministry officials in Mauritania.
"With the DFS firmly back underway and field activities commenced, we remain confident of completing the study by the end of 2017. Aura maintains that with recovery of the uranium price over the coming two years and the strategic balance of its other minerals exploration program it is perfectly positioned to fund and construct Tiris to coincide uranium production with an improved uranium pricing environment," said Aura Executive Chairman Peter Reeve.
Aura shares were down 2.6% at 1.51 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Aura Egy (AURA)