Gordon Miller, president and chief executive officer of First Uranium, said: “First Uranium joined a small and exclusive group of uranium producers this past quarter. The Company has commissioned its first uranium plant and is well positioned to fulfill its vision to be a long-term, low-cost producer of both uranium and gold.”
The new plan requires an immediate start to the construction of the third stream of the uranium flotation plant and the third gold plant module, which would be used to optimize uranium grades delivered to the uranium plant.
Plans for construction and commissioning of the third stream of the uranium flotation plant and the third gold plant module at MWS have been finalized, the long-lead items have been ordered, major supplier contracts have been entered into and construction is underway, which has locked in costs and significantly reduced the potential for cost volatility in the Company’s capital expenditure program.
The company has commenced the construction of third stream of the uranium flotation plant and the third gold plant module at MWS, and is scheduled for completion by June 2010.
The first two uranium plant modules, which also form part of the phase 1B expansion project, would be completed and producing at design specification before the end of Q3 2010. For the final phase of construction, management plans to delay portions of the third uranium plant module until such time that higher uranium prices are expected to occur.
