P&E Mining Consultants Inc. calculated the updated open pit mineral resource estimate using an average internal cut-off grade of 0.035%U based on processing costs of US$30 per tonne, process recovery of 90%, G&A costs of US$10 per tonne and mining costs of US$5 per mineralized rock tonne and US$4 per waste rock tonne. The uranium price used in the estimate was US$55.00 per pound U3O8, which is equivalent to US$65 per pound U. Block model grades were interpolated with the inverse distance squared (1/d2) method from one metre composites derived from U assays capped at 3%U. Potentially economic resources were contained within a conceptual optimized pit shell with 50-degree slopes.


$49 to remove and process upen pit             todays market  produce $65           profit  $16 / ton


25% profit margin      not bad  


spot  market  last year hit $70 PER  POUND