According to the modeling, the mid-range case of a 600 tonnes per annum in-situ recovery uranium mining operation at the mine would require a capital cost of A$75.8 ($77.6m), with an operating cost of A$25.90/lb ($26.5m).

The financial models have examined a range of cases, starting at 400tpa and scaling up through 600tpa to 800tpa.

Technical work on the Blackbush deposit is still in progress and the optimal size and operating parameters have not yet been determined.

UraniumSA, through its subsidiary Samphire Uranium, has applied for a retention lease to conduct an ISR field trial at the Blackbush deposit early in 2012.

The Samphire project currently has a total resource of 19,000 tonnes of uranium in the Blackbush and Plumbush deposits.