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Pepinnini confident scoping study will lead to feasibility study on S.A. uranium project

Posted: 29 November 2005

PepinNini Minerals Limited could move to commission a Bankable Feasibility Study (BFS) on its South Australian uranium project as early as February next year – depending on the results of the current scoping study.

The possible BFS target was outlined to shareholders at the Company’s maiden annual general meeting in Adelaide today.

“Any final decision on a BFS go-ahead will of course be subject to the outcome of the recently commissioned scoping study on the project,” PepinNini Managing Director, Mr Norm Kennedy, said.

In what he termed an “upbeat outlook for PepinNini over the next 12 months,” Mr Kennedy also told shareholders:

  • Additional drilling would be carried out in 2006 in an enhanced exploration program across the key Crocker Well and Mt Victoria uranium projects, 120 kilometres west of Broken Hill in the Curnomona Province
  • The current in-ground value of uranium at these projects is conservatively estimated at in excess of A$600 million
  • Every additional US$ per pound rise in the price of uranium, added a further A$20 million to the in-ground value of the Company’s uranium assets
  • The Company’s JORC compliant 14,850 pounds of uranium at Curnomona would respond to conventional leaching, leading to an ore recovery rate of between 80% and 95%
  • The discovery through the 2005 exploration program of a potent mix of rare earth mineralisation within Curnomona, meant the potential worth of these minerals was as significant as the Company’s uranium targets.

BFS timetable

Mr Kennedy told shareholders that a current scoping study on the feasibility of developing Crocker Well and Mt Victoria – being undertaken by GRDMinproc Limited – was on schedule for completion in February.

“We are so confident about these projects and their potential viability and ore grades that even at this early stage, subject to the completion and outcome of the scoping study, we have confidence in moving soon thereafter to support a full BFS,” Mr Kennedy said.

“Uranium wasn’t prominent in our prospectus. However, since listing in April this year, much has changed with increasing world acceptance that nuclear energy is here to stay, it is a solution to worsening greenhouse emissions, the price is going up and demand is long-term and sustainable.

“On that basis, in our first year, it made sense to go and have a look at what we have and as a result, our uranium projects are emerging almost as a separate business – creating tremendous value for our shareholders.”

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