Toronto-based Anaconda Uranium (ANU-V) will join a subsidiary of a Portuguese state mining company in developing and mining the Nisa uranium deposits in southern Portugal.
The Nisa project consists of at least eight shallow uranium deposits with reserves in excess of 5 million lbs. uranium grading 0.13% U3O8.
To earn a 75% interest in the project, Anaconda will provide up to 1 billion escudos (about $8 million) to bring the deposits into production.
As part of the agreement, a permitted and operational ion-exchange plant for yellowcake production will be made available by the state-owned subsidiary, Empresa Nacional Uranio (ENU), to treat material from Nisa. The total capacity of the plant, situated at Urgeirica, about 190 km from Nisa, is 380,000 lbs. U3O8 annually.
A feasibility study calls for heap leaching to be carried out at the Nisa mine site, followed by transportation of loaded resin to Urgeirica.
Yellowcake would be produced at the rate of 250,000 lbs. U3O8 annually.
Anaconda plans to begin production at this rate within 12 months and then expand operations up to the limit of the Urgeirica plant. The primary market for Nisa uranium will be other countries of the European Community.
In addition to this latest venture, Anaconda recently secured four uranium projects with total resources of 70 million lbs. U3O8. These include Ben Lomond and Maureen in Australia, Copper Mountain in Wyoming and La Jara Mesa in New Mexico.
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