RE: purchase,,New News!!!First Uranium Corporation - BUSINESS MILESTONES UPDATE5 minutes ago - ACQUIREMEDIA
All amounts are in US dollars unless otherwise noted.
TORONTO AND JOHANNESBURG, May 12 /PRNewswire/ - First Uranium Corporation (TSX:FIU) (JSE:FUM) (ISIN:CA33744R1029)("First Uranium" or "the Company") has today announced that itsEzulwini mine shaft moiling and upgrade program has made significantprogress and as a result, a key production restraint has been removed.
The moiling (clearing) program was initiated after the shaft capacitywas restricted due to lateral pressures experienced in December 2010that created pinch points along the shaft's hanging tower structure.This necessitated a reduction in winding speeds for all conveyancesranging from between two and four metres per second through the hangingtower.
The shaft is now operating at the targeted speeds with man and materialconveyances now travelling at up to seven meters per second.
The material handling capacity of the shaft has also been significantlyimproved. The improved speeds mean that the material handling capacityof the shaft has increased with immediate effect from 110 cars in anine hour cycle to 135 cars a cycle, an increase of 23%.
First Uranium President and CEO, Deon van der Mescht, said, "Thisrepresents a step change in our overall production ramp up program. Byaddressing the winder speeds of key conveyances, we have removed one ofthe key obstacles to achieving our production targets. This concludesPhase 1 of the moiling program and we will continue with the plannedmaintenance program and shaft up-grade program, which will facilitatefurther increases in winding speeds to ensure that shaft capacity keepspace with the planned production ramp-up."
At present, current winding speeds are sufficient to hoist the plannedtonnages and do not represent a production constraint.