Coles Hill is an undeveloped uranium deposits in the US. It has a measured and indicated resource of 119 million pounds of U3O8 (98.7mt at 0.060% U3O8 at a cut-off grade of 0.025 % U3O8), including a higher grade zone of 77.4 million pounds of U3O8 (37.7mt at 0.103% U3O8 at a cut-off grade of 0.050% U3O8).
The study will provide an analysis of the project economics. Virginia Uranium is the operator on the Coles Hill project. Virginia Energy Resources will own a 28% indirect equity interest in the Coles Hill uranium deposit in southern Virginia after funding the 2010 operating budget for the project.
Walter Coles, senior chairman of Virginia Energy Resources, said: “This is an exciting and important step to quantify the benefits of developing the Coles Hill uranium project for America’s energy independence and for the economic prosperity of Southside Virginia.”
Patrick Wales, project manager for Virginia Uranium, said: “Scoping and feasibility level studies were performed on this project by Marline and Union Carbide over 20 years ago and the time has come to update that information based on today’s mining and milling technologies and economics.”
