Western Prospector Announces Changes to Mill Design for More Efficient Uranium Processing Method
Tue Jun 3, 11:48 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2008) - Western Prospector Group Ltd. (TSX VENTURE: WNP.V) ("Western") today announced it has designed a simplified method for processing uranium ore at its Gurvanbulag deposit in Mongolia. The improvement is expected to result in lower capital and operating costs for the onsite processing mill.
Western's preliminary economic assessment completed by Micon International Ltd. in September 2007 assumed a traditional process called "solvent extraction" would be used to recover pure uranium oxide from the bulk extraction system. The newest test work, completed by SGS Lakefield Research Ltd. under the supervision of Melis Engineering Ltd., indicates the "Resin-in-Pulp" (RIP) method can be employed to perform the same function with lower capital and operating costs. In particular, by eliminating the flammable solvents used in the traditional solvent extraction process, the separate building required for this stage of the process has been eliminated from the mill design. In addition to direct capital and operating cost benefits, Western anticipates savings in insurance premiums arising from the elimination of flammable solvents.
Western has instructed its feasibility study team, led by Aker Metals, a division of Aker Solutions Canada Inc., to incorporate these changes into the processing mill design and costs. Western's feasibility study is on schedule for completion in the third quarter of 2008.
The original test work for the preliminary economic assessment was based on combining small scale samples from surface drill holes. The most recent test work was based on large scale samples collected from underground after completion of dewatering and geological mapping. The geological mapping determined the character of the mineralization throughout the deposit to ensure that samples were representative.
"Western's decision to dewater Gurvanbulag was an important one for progressing toward a successful feasibility study," said Eric Bohren, President and Chief Executive Officer. "As a result of having underground access to the mineralized zones, we were able to complete thorough metallurgical testing and confirm the suitability of this lower cost RIP processing method."
Gerald Harper, PhD, P.Geo, Senior Vice President Mongolian Operations of Western Prospector Group Ltd. is a qualified person as defined under NI 43-101 and has reviewed the technical information presented in this news release.
Note Regarding Forward-Looking Statements
This press release and other written or oral communication from the Company may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts, that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements.
Risks and uncertainties that could cause actual results to differ materially from those in our forward-looking statements include, among other things, the fact that we are a mineral exploration and development company which activity involves an inherent degree of risk and may not result in our developing a body of commercial ore; the long time horizons involved in the mineral exploration and development projects; risks associated with operating and holding mineral interests in other countries, particularly Mongolia; the outcome of litigation which may be commenced against the Company and others in the Supreme Court of British Columbia, in which the potential plaintiff, Maximum Ventures, Inc. may seek, among other things, a declaration that Maximum held a right of first refusal on certain of the Company's material Mongolian properties, including a portion of the Saddle Hills uranium interests; the numerous operating hazards and liabilities, including possible environmental liabilities, inherent in mineral exploration and development; significant costs and capital requirements; risks associated with securing and maintaining title to properties or enforcing agreements with other third parties; the need for significant and continued availability of capital and financing; commodity prices; general economic, market or business conditions; and, governmental policies and legislation.
These forward-looking statements are based on certain material factors and assumptions, including general business and economic conditions; the terms and conditions governing our exploration and development programs; the ability of third-party services providers to deliver products or services in a timely manner; and, the reliability of information provided to the Company by third parties, among others. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this release are given as of the date hereof. Readers are cautioned not to place undue reliance on these forward looking statements as there can be no assurance that the conditions, events, plans or assumptions on which they are based will occur. Readers should perform their own detailed, independent investigation and analysis of the Company before making any investment decision and are encouraged to seek independent professional advice. All of the forward-looking statements in this document are expressly qualified by the above.
This news release may use the terms "inferred resources", "indicated resources", "mineral resources" and "resources". Western advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. This News Release may use the terms "preliminary economic assessment" and "preliminary assessment report". Western Prospector cautions investors and readers that this assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
Readers are cautioned that the above list is not exhaustive and that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com and available on the Company's website at www.westernprospector.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contacts
Eric Bohren
Western Prospector Group Ltd. - Investor Relations
President and CEO
(604) 675-6985
(604) 608-3413 (FAX)
Email: ir@westernprospector.com
Website: www.westernprospector.com / www.sedar.com
Camilla Bartosiewicz
Barnes McInerney Inc. - News Media
(416) 367-5000 ext. 240
Email: cbartosiewicz@barnesmcinerney.com |
