Tiris definitive study 'progressing well', says Aura Energy

(Sharecast News) - Aura Energy told the market on Tuesday that the Tiris definitive feasibility study was progressing well, with all major work targeted for completion by year-end.The AIM-traded firm said the study was in full progress on a number of fronts, following a period of constrained activity due to previous weakness in the uranium price.The Tiris Uranium Project, 100% owned by Aura, is a near-term development project with production expected in 2020.It has a 17 million pound triuranium oxide resource in the measured and indicated category, a $45m capital cost and a $19.40/lb operating cost from the 2014 Tiris scoping study.The company said major recent definitive feasibility study activities included the completion of a major bulk sampling exercise in the Sahara Desert site, "significant" metallurgical test work in both Australia and South Africa, and the development of the final process flowsheet.It confirmed that Mincore Engineering had been engaged as overall project engineer, with Simulus Engineering engaged for leach plant engineering, and Adelaide Control Engineering engaged for triuranium oxide recovery and packaging.Optimisation of the water usage had also been undertaken given the project location, with a geophysical study for water sourcing close to the site set to reduce costs.Aura also reported the establishment of vanadium as a potential project product, with a federal Innovation Connection grant awarded by the Australian government for the programme with ANSTO Minerals."The progression of the Tiris Uranium Project DFS is pleasing, following an extended hiatus during the period of lower uranium prices," said Aura's executive chairman Peter Reeve."In the current environment of rising prices, the Tiris Project with its low capital and operating costs remains currently as one of the world's most compelling uranium development projects."The current rise in the uranium price is encouraging and the Tiris Uranium Project is expected to be in production in 2020, subject to financing and permitting, moving Aura to producer status."