Boost For Uranium Extraction Project

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11th August 2008, 03:49pm - Views: 921
Boost for Uranium Extraction Project

Adelaide-based Uranium Equities Limited has increased its equity in a US-based
consortium developing new technology for the extraction of uranium from phosphoric acid in superphosphate fertilizers.

Uranium Equities, a specialist uranium company with a number of uranium exploration projects in Australia, today reported new funding arrangements for the PhosEnergy project involving the injection of $2.5 million by a third party.

The PhosEnergy project is being developed through US-registered company Urtek and its phosphoric acid producer partner.

Uranium Equities also announced that construction of a pilot plant in the US was nearing completion with commissioning expected later this month. This follows the lodging of a provisional patent application in the US earlier this month by Urtek and its partner to protect their Intellectual Property rights.

The patency application triggered an option for Uranium Equities to nearly double its equity from 16 per cent to 30 per cent, which was subsequently approved by the Board.

The technology involves extraction of uranium from phosphoric acid streams generated in the production of superphosphate fertilizers from phosphate rock.

Uranium Equities Managing Director Mr Mark Chalmers said the key focus of the technology was reducing capital and operating costs over past technologies, improving operability of the process and reducing quantities of radioactive waste products.

The pilot plant is located on the site of a former uranium producing site. If successful, Urtek will consider increasing the size of the pilot facility and moving into a more detailed engineering study. Commercial application could be as early as 2011, however there is no timetable set as yet.

Historically, significant uranium production has been derived from phosphoric acid with global production peaking at more than 4.5 m lbs U3O8 per annum in the period 1978 to 1983. The majority of production was in the US.

Production from such by-product sources substantially ceased globally in the late 1990's as the price of uranium declined below US$20 per pound. The prevailing extraction technologies, with their high capital and operating costs, failed to compete with more conventional sources of uranium.

Currently, it is estimated that nearly 20 m lbs U3O8 per annum could theoretically be recovered from wet phosphoric acid plants world-wide.

"Significant progress has been made on a number of fronts with the PhosEnergy Process over the past year," Mr Chalmers said.

"We are very pleased with the revised funding arrangements with the partner, progress on construction of the pilot plant and protection of the exciting Intellectual Property that is under development."

SOURCE: Uranium Equities Limited

Issued By Hughes Public Relations:
Phone +61 8 8412 4100
or
Jenny Brinkworth 0419 808 789 (mobile)

Further Information and Interviews:
Please contact Mark Chalmers on
+61 8 8110 0700
or
0417 861482





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