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...Four Mile is the largest Australian uranium discovery in 25 years
Alliance Resources Limited (ASX Code: AGS) is ASX listed resource company focused on the development and, ultimately, production from its joint venture interest in the Four Mile Uranium Project in South Australia, and in realising value from its exploration interests.
The Four Mile Joint Venture Area is located 550 kilometres north of Adelaide in South Australia. Alliance holds a 25% participating interest in the joint venture.
Quasar Resources Pty Ltd (Quasar), an affiliate of Heathgate Resources Pty Ltd (Heathgate), which owns and operates the Beverley Uranium Mine located 8 kilometres southeast of the Four Mile Joint Venture Area, holds a 75% interest in the joint venture and is the manager of the project.
There are two mineralised zones within the joint venture area; Four Mile West and Four Mile East. The combined estimated mineral resource for the Four Mile project is 9.8 million tonnes @ 0.33% (3,300 ppm) U3O8 containing 32,000 tonnes (71 million pounds) U3O8) in accordance with the JORC Code. This grade has the potential to make the Four Mile project the highest grade operating uranium mine in Australia and, as the Company moves toward production in 2010, the highest grade and largest producing ISR operation in the world.
In September 2008 Quasar Resources notified Alliance of its "decision to mine" and provided Alliance with a feasibility study recommending uranium mining using ISR technology.
Competent Person’s Statement
The information in this report that relates to Mineral Resources for the Four Mile Uranium project is based on information compiled by Mr Ken Bampton who is a Corporate member of both the Australasian Institute of Geoscientists and The Australasian Institute of Mining & Metallurgy.Mr Bampton trades as Ore Reserve Evaluation Services. Mr Bampton has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bampton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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