A Virginia Uranium Inc. commissioned study shows the Coles Hill uranium mine project could insert up to $300 million annually into the local economy and pinpoints an chance for more on-site exploration. The company’s preliminary economic assessment, conduct by independent engineering consultant Lyntek Inc. and BRS Inc, shows it is economically feasible to mine and mill the uranium ore put at Coles Hill in Pittsylvania County. In fact, VUI project manager Patrick Wales argues it’s at present one of the world’s most economically viable uranium resource projects. The deposit could be more than the predictable 119 million pounds.
“We have one of the world’s best capitals as it is now,” Wales said. “Any additional work we do to enlarge the deposit would be on-site.” The economic appraisal noted the historic exploration drilling conducted at Coles Hill was for open pit mining depths. The Coles family homestead situated in between the two ore bodies was protected from surface trouble and exploration drilling there was limited. Underground mining in that confined area could potentially enlarge the resource, but more exploration would be wanted to know. All underground mining would be economically possible, the assessment stated. Most likely, because some of the uranium ore comes correct to the surface, the company could use a combination of underground and open pit mining, Wales said.
The economic assessment will supply into the mining plans for Coles Hill, but some more analyses will be needed in the coming years, Wales said. Potential investors continue to call and call the site and the company hears a lot from the nuclear industry about the require for domestic uranium, Wales added. “This is one of the biggest energy projects in the entire U.S.,” Wales said. “The deposit contains a tremendous resource not just for Virginia but for the whole country to fuel our nuclear power plants domestically.” At present, the United States imports 92 percent of the uranium use to fuel nuclear power plants. A domestic provide would also mean savings on transportation costs, Wales said.
“We have one of the world’s best capitals as it is now,” Wales said. “Any additional work we do to enlarge the deposit would be on-site.” The economic appraisal noted the historic exploration drilling conducted at Coles Hill was for open pit mining depths. The Coles family homestead situated in between the two ore bodies was protected from surface trouble and exploration drilling there was limited. Underground mining in that confined area could potentially enlarge the resource, but more exploration would be wanted to know. All underground mining would be economically possible, the assessment stated. Most likely, because some of the uranium ore comes correct to the surface, the company could use a combination of underground and open pit mining, Wales said.
The economic assessment will supply into the mining plans for Coles Hill, but some more analyses will be needed in the coming years, Wales said. Potential investors continue to call and call the site and the company hears a lot from the nuclear industry about the require for domestic uranium, Wales added. “This is one of the biggest energy projects in the entire U.S.,” Wales said. “The deposit contains a tremendous resource not just for Virginia but for the whole country to fuel our nuclear power plants domestically.” At present, the United States imports 92 percent of the uranium use to fuel nuclear power plants. A domestic provide would also mean savings on transportation costs, Wales said.
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