United States Projects
Willow Creek Project
Delineation Drilling Activities at Willow Creek
In January 2010, Uranium One completed the acquisition of 100% of the MALCO Joint Venture (“MALCO”) from wholly-owned subsidiaries of AREVA and Électricité de France (EDF). The assets of MALCO include the licensed and permitted Irigaray ISR central processing plant, the Christensen Ranch satellite ISR facility and associated uranium ore bodies located in the Powder River Basin of Wyoming. Collectively, the facilities and ore bodies at Irigaray and Christensen Ranch are referred to as the Willow Creek Project.
Willow Creek is expected to form the basis of the operating plan for Uranium One’s projects in Wyoming. The existing central processing plant currently has a capacity of 1.3 million pounds of U3O8 per year, which is expected to be expanded to the licensed capacity of 2.5 million pounds per year. Initial production from Willow Creek is expected to begin in 2011.
Moore Ranch Project, Wyoming
Drilling Activities at Moore Ranch
Uranium One’s Moore Ranch Project is expected become a satellite ISR operation, with loaded resins being transported to Willow Creek for further processing into dried U3O8. The U.S. Nuclear Regulatory Commission issued a draft Materials License in June 2010 to build and operate an in situ uranium recovery facility at the Moore Ranch project. The final Moore Ranch Materials License is expected to be issued after the NRC has issued its Supplemental Environmental Impact Statement, followed by a 30-day public notice period. Production of uranium bearing resins from Moore Ranch is expected to begin in 2012, serving as an additional source of feed to the Willow Creek central plant.
Uranium One’s additional projects in the Powder River Basin, including Ludeman, Allemand-Ross and Barge, could also be developed as satellite operations with final processing through the Willow Creek central plant.
Great Divide Basin, Wyoming
Uranium One has a number of projects in the Great Divide Basin area of Wyoming that are suited to the ISR extraction method. Uranium One’s principle properties in the Great Divide Basin are the JAB and Antelope projects.
United States Conventional Uranium Properties
Uranium One has a number of conventional uranium properties in the United States, primarily in Arizona and Utah, where we continue to assess the potential for future production. Among the conventional assets is the Velvet Project which is located in San Juan County, Utah. Velvet is the centrepiece of Uranium One’s assets in the Lisbon Valley area and is the access point for Uranium One’s adjacent Wood Project.