Sweden Holds Top Two Spots for Estimated Uranium Resources

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Sweden now claims the world's top two undeveloped uranium resources, as newly revised figures have expanded resource estimates for Aura Energy's (ASX:AEE) (West Perth, Australia) Haggan project to 800 million pounds of uranium oxide (U308) (307,718 tons of uranium). This total gives Haggan the number two spot after Continental Precious Mineral Incorporated's (TSX:CZQ) (Toronto, Ontario) Viken project, which also is in the Sweden, with 1.05 billion pounds U308 (402,725 uranium).

Russia's ARMZ Uranium Holding Company (JSC Atomredmetzoloto) holds third place with the 705 million-pound U308 (271,176 uranium) Elkon project. Viken and Haggan contain uranium at low concentrations with a grade of only 0.02%.

Formerly known as Storsjon, Haggan forms part of a large uranium field in central Sweden, with uranium occurring with molybdenum, vanadium and zinc in black shales.

The new Joint Ore Reserve Committee resource estimate shows an increase of nearly 170 million pounds over the 631 million pounds (242,710 uranium) reported by Aura in August 2011, and includes mineralization in the separate Marby permit area for the first time.

"This significant upgrade to the resource and the inclusion of the Marby permit shows that we were correct in our anticipation of a notable extension to Haggan," said Aura Managing Director Bob Beeson.

All available drill hole data obtained by Aura since 2008 has been used in preparing the estimate. The company expects future drilling to further increase the resource base. Current exploration targets based on already-completed drilling, stand at 440 million to 840 million pounds of U308 (169,200 to 323,100 uranium). The latest resource figures use drilling results from only 25% of Aura's permit areas at Haggan, with the majority of its permits still to be tested.

Aura is "rapidly progressing" with development activities at the Swedish site. The company is in negotiations with a potential strategic partner in relation to the project, Beeson said. Aura recently signed an exclusivity agreement with a major uranium market participant to provide further feasibility work at Haggan in return for equity in the project. The company has reported exceptional results from bioheap leaching test work, with yields of up to 85% uranium, according to Beeson.

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