Home' Australian Resources and Investment : March 2010 Contents AUSTRALIAN RESOURCES & INVESTMENT • MARCH 2010 • 171
RCR DECEMBER QUARTER FEATURED COMPANY SUMMARY
African Energy Resources Limited
AFR Pre-Feasibility Study
AFR’s share price has surged ~130% in the past quarter, driven by exploration success at the
Sese Uranium Project (Botswana), and the award of a mining licence at Chirundu (11mlb U3O8,
Zambia). Drilling is ongoing at multiple Karoo Basin targets.
Black Range Minerals Limited
BLR is focused on acquiring 100% (currently 49%) of the Hansen Uranium Deposit, CO
(historic ~30mlbs of U3O8), to add to its 60.2mlb U3O8 inventory at adjoining Taylor Ranch. It
is also seeking a mining permit for a combined Taylor/Hansen operation.
Eleckra Mines Limited
EKM Advanced Exploration
EKM’s exploration in the Yamarna belt (WA), current 749koz 1.78g/t Au resource, has produced
high grade discoveries that suggest ~1moz is possible by mid 2010, with much improved
grades. With the 6.2mlb Thatcher Soak uranium resource, shares look undervalued.
Energy and Minerals Australia Limited EMA Resource Definition
Drilling at the Mulga Rock Deposits (54.4mlbs U3O8) is in progress, ahead of an expected
Ambassador Deposit resource upgrade in 1Q10 and MRD scoping study in 2Q10. Near-term
news could include results of metallurgical testing.
Energy Resources of Australia Limited ERA Producer
ERA is focused on mining, evaluating and exploring its leases in the highly prospective East
Alligator River region (NT). Valuation upside from current levels is dependent on further
exploration success and new project approvals.
Extract Resources Limited
EXT Advanced exploration
As EXT’s Rossing S resource heads towards 600mlb, the key issue for EXT shareholders will be
how EXT structures any potential project development partnership that has been flagged by
EXT. Because of the size of the project, neighbour Rio Tinto is not the automatic choice.
Greenland Minerals and Energy Limited GGG Advanced Exploration
A Pre-Feasibility Study of the giant Kvanefjeld Deposit (283mlb U3O8 and 4.91mt total REO),
including a process flow sheet, is expected in late 2009. GGG is engaged in wide-reaching
community consultation about development of the project.
Marenica Energy Limited
MEY Mid Exploration
MEY holds the Marenica uranium deposit (80% MEY), Namibia. Aggressive exploration underway
(A$6m). Total resource 38.6mlb U3O8. M&I target (1Q10) 15-20mlb at 180ppm (to 20m depth).
Potential for heap leach. Adjacent to Trekkopje heap leach project (AREVA).
Monaro Mining NL
MRO Advanced Exploration
A share placement of A$3m will allow MRO to drill in 1Q10 at its two 100%-owned US uranium
projects: Rio Puerco (Grants Mineral Belt, NM) and Apex- Lowboy (NV). Resources 12.3mlbs
U3O8. Leveraged to +US$8m spend by JV partners, including Vale (Apache Basin, NV).
NGM Resources Limited
NGM Mid Exploration
NGM has a large strategic land holding in the prolific Tim Mersoi basin, Niger. Early results
from Phase II drilling (4Q09) confirm widespread uranium mineralisation including some high
grade intercepts (0.7m @ 0.18% eU3O8). Resource expected 1H10. PDN holds 19.9% of NGM.
Paladin Energy Limited
PDN has outlined growth potential at African operations to 13.8mlbspa U3O8 (up from 8.5mlbs)
from 2014. Current focus is ramp-up at Langer Heinrich Stage 2 to 3.7mlbspa U3O8 and
Kayelekera to 3.3mlbspa. Delays forced downgrade in 2010 production guidance to +5.6mlb
PepinNini Minerals Limited
PNN BFS, Advanced Exploration
PNN’s intensified exploration, drilling high grade gold, major copper-nickel and base metals
targets in Qld/SA should activate a drifting share price in 1H10, along with the impending
release of the Crocker Well Project BFS (60% Sinosteel, 40% PNN; 14.9mlb U resource).
Toro Energy Limited
TOE BFS, Scoping Study and Exploration
Toro’s acquisition of the Firestrike ground is an important first step in increasing its Wiluna
resource base (current 24mlb) - highly beneficial to project economics. Toro is now cashed up
to drive Wiluna BFS, and increase exploration programs after recent Lake Mackay discovery.
White Canyon Uranium Limited
Mining development at Daneros Uranium Project (Utah) has almost reached the orebody, with
first ore shipments to Blanding Mill (Denison) expected in December, 2009 or early 2010.
Regional target 10mlbs U3O8, with exploration drilling expected in 1Q10.
CanAlaska Uranium Ltd
CVV Advanced Exploration
CVV has a strategic land position in the Athabasca Basin. Since Sept ‘04 CVV has spent over
C$55m on exploration and defined with a pipeline of high value exploration targets. Funding
commitments from key strategic investors amounts to ~C$40m.
Fronteer Development Group Inc
FRG has high-quality uranium and gold projects, including 100% ownership of Michelin, anchor
asset to Canada’s next uranium district. Michelin could produce 96.9mlbs U3O8 over a 17-year
mine life, with a net present value of $914 million.
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