Charley Creek Rare Earth Project Scoping Study Results
April 15, 2013 (Source: Crossland Uranium) — Crossland Uranium Mines Ltd (Crossland: ASX:CUX), is pleased to announce the completion of the Charley Creek Rare Earth Project Scoping Study, including a preliminary economic evaluation.
The Creek Project is a joint venture with Pancontinental Uranium Corporation (TSX:PUC) which holds 45% of the project. Crossland holds the balance (55% interest). Crossland is delighted with this confirmation of its expectation of strong financial returns from the conceptual project. This Scoping Study identifies Charley Creek as one of the lowest capital cost Rare Earth Element (REE) projects in the world with a viable timeline to development. The Charley Creek Alluvial Rare Earth project is substantially different to most other REE projects that can be in production by mid‐2016, offering the full spectrum of Light, Medium and Heavy Rare Earths in an easily extractible and readily processable form.
The capital cost through to production of mixed Rare Earth Carbonate is one of the lowest on offer. The project is very scaleable, and could provide a stable supply of REE, including a substantial proportion of Heavy REE, for many decades. With the positive outcomes of the Scoping Study, the joint venture can now advance to a Feasibility Study which contemplates further optimisation of recoveries, Reserve definition, and expansion options. Given appropriate funding, it is expected that this and the Environmental Impact Statement can be concluded within the next year, leading to permitting and other agreements, financing and construction in early 2015. Production should be achievable by mid‐ 2016.
Highlights of Scoping Study:
- Low capital cost of A$156 million,
- Mine life 20(+) years; extensions likely,
- JORC Code compliant Resource (Indicated and Inferred) of ~800Mt containing ~235,000t TREO,
- Project production commencement expected in 2016,
- Feasibility Study will further optimise the project.
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