As per the Botswana Law, until the BFS including Environmental Management Plan and Closure Plan is submitted to the related Botswana Ministries, the application for a Mining Licence cannot be commenced. The company focuses on the Letlhakane project to become operational in 2011.
The company has invested $6.5m for the Bankable Feasibility Study, which includes resource drilling and metallurgy study work and is expected to run for a year. The company has budgeted $2m for exploration drilling outside the resource area on projects, at Gorgon South and Serule, and on the acquisition of new airborne radiometric data for prospecting licences in the Makghadighadi pans area.
During 2008, a study by SRK showed that the project designed to exploit the oxide and calcrete portions of the global resource would be economically viable with a projected cash cost of $34/lb U3O8. In May 2009, a resource investor, Polo Resources, snapped up a 19.9% stake in A-Cap via a placement in May.
