MPM 's Ben Lomond uranium assetMPM entered into an agreement to acquire 100% of the outstanding common shares of Uranium Minerals Ventures Inc. ("UMVI").
The Ben Lomond resource has in excess of 10 million pounds of mineable reserves U3O8 (Uranium) and a Molybdenum credit of 0.15%
At US$20 a pound for U3O8 and US$30 a pound for Molybdenum the in-ground value of the combined metals is over US$400 million
A resource of about 6800 tonnes U3O8 with an average grade of 0.228% U3O8 and 4578 tonnes of molybdenum at an average grade of 0.149% has been delineated. A 1982 feasibility study proposed recovery of 4760 tonnes U3O8 from 0.246% ore.
MPM has a prolific management team and technical expertise.
Uranium prices are soaring to 20 year highs. Some industry experts state that we are in the nascent stage of a nuclear renaissance.
The uranium sector is one of the strongest-performing sectors in the marketplace. Until recently companies with Australian uranium assets have been laggards within this peer group. BHP Billiton's US$7.3-billion purchase of WMC Resources Ltd. and its world-class Olympic Dam copper-uranium deposit has sparked renewed awareness.
UMVI advises that there are no federal government policies or regulations that would constrain advancement of the project. There is, however, a significant current impediment to mine development in the policy of the Queensland State Government which does not permit the mining or processing of uranium in the State. However, this policy is not enacted by legislation in the Queensland Minerals Act. Other companies with interests in uranium resource projects in Queensland are Laramide Resources Ltd. (TSX-V) and Summit Resources Limited (ASX-Australian Stock Exchange.)