Energy Ventures’ $1.6 million raising to support 38 million pound Auroroa Uranium Project

Energy Ventures (ASX: EVE) is looking to move forward the ongoing technical assessment of the Aurora uranium deposit in the United States with a $1.6 million capital raising closing soon.Funds from the raising will mainly be put towards Feasibility Studies on the Aurora Project, located in Oregan, U.S.

The company is undertaking a incompletely underwritten non-renounceable rights issue, offering 1 new share for every 7.5 shares held at an issue price of $0.035.This is a 15% discount to the company’s recent share price.Up to $750,000 of the Rights Issue is underwritten.

All Energy Ventures shareholders who are registered as at 5pm (AEDT) on 9 February 2012 and who have a registered address in Australia or New Zealand can contribute in the Aurora metallurgical results. Initial results from metallurgical testing at Aurora illustrate that the project has potential for well-organized removal of internal waste with minimal uranium losses.

Energy Ventures kicks off metallurgical testing at Aurora uranium project in Oregon

Energy Ventures (ASX: EVE) has commence a program of metallurgical testing on mineralisation beginning its Aurora uranium project in southeast Oregon, USA, as part of the company’s continuing feasibility assessment of the deposit.

The testing represents the first stage in developing a full process flowsheet for the uranium mineralisation at Aurora, which is the company’s mainly advanced development opportunity, and is designed to purify the understanding of material handling, comminution processes and liberation of uranium.

The company is also look at potential opportunities for beneficiation of the mineralisation at Aurora which has possible for shallow open pit mining, and expect results of the first stage of testwork in October 2011.