A preliminary evaluation was conducted by Coffey Mining and Amec Foster Wheeler Australia, which found out that MRUP is one of the best undeveloped uranium projects in Australia.

The study also found out that the project is likely to provide around 47 million pounds of uranium oxide (U3O8) over 16 years of minelife, and is likely to generate yearly earnings of around A$161m ($127m), at a uranium price of $75/lb U3O8.

The MRUP project consists of four separate conceptual pits that have ore thicknesses varying from 1.5m to 12m in MRW and up to 32m at MRE.

According to Vimy Resources, the project needs a process plant which is likely to require around A$332-m ($263m) in funding, and during its operation the mine would also require a third mining field, needing additional A$15m ($11m) capital investment.

Managing Director Mike Young said: This Scoping Study verifies this and reaffirms our aggressive schedule to develop the project. This is another step in the Vimy story in which we have continued to define our course of action, then delivered on those results. The team is to be congratulated on its hard work to get us to this point.

"We look forward to finalising the Pre-feasibility Study in August and starting the Feasibility Study in September 2015."