Company News Summary
Energy Resources of Australia Provides Annual Statement of Reserves and Resources
Original announcement: Annual Statement of Reserves and Resources
Energy Resources of Australia advised that during 2012, the Ore Reserves for the Ranger Project Area decreased from 13,484t of uranium oxide to 9,675t of uranium oxide as a consequence of depletion by processing and a pit re-design to mitigate potential geotechnical risks as mining progressed deeper into Pit 3. There was also a favourable variance of 1,107t of uranium oxide due to the actual ore mined exceeding the geological model. For the same period, Mineral Resources for the Ranger Project Area significantly decreased from 117,240t to 63,377t of contained uranium oxide. The majority of this decrease was attributable to a reclassification of in-situ low grade ores from Mineral Resources to Mineralised Inventory. This reclassification resulted from the commencement of the backfilling of Pit 3 which sterilised the large resource pit shell that was previously used to quantify the extent of the Ranger Mineralised Resource inventory.
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