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AURA Aura Energy Limited

8.75
-0.55 (-5.91%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Aura Energy Limited LSE:AURA London Ordinary Share AU000000AEE7 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.55 -5.91% 8.75 8.50 9.00 9.15 8.75 9.15 40,163 09:20:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Uranium-radium-vanadium Ores 0 -6.49M -0.0110 -15.45 100.72M

Aura Energy Limited June Quarterly Report

31/07/2017 7:00am

UK Regulatory


 
TIDMAURA 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
              http://www.auraenergy.com.au/announcements-2017.html 
 
                                                                 31st JULY 2017 
 
                              AURA ENERGY LIMITED 
                           ("Aura" or the "Company") 
 
                             JUNE QUARTERLY REPORT 
 
KEY POINTS: 
 
TIRIS PROJECT (Mauritania) 
 
  * Tiris Mining Lease Application submitted - Key Project Milestone 
  * Continued strong progress on the Definitive Feasibility Study (DFS) 
  * Environmental and Social Impact Assessment (ESIA) completed 
  * Tiris Shareholders Agreement with Mauritanian Government finalised 
  * Tiris Project Water Study continued with completion of resistivity 
    profiling and selection of targets for immediate drill testing 
  * Tiris Resource upgrade drilling program in progress 
  * In-house engineering capacity to progress the project 
  * Discussions with engineering firms underway 
  * Ultra-detailed radiometric survey highlights Hippolyte South significant 
    uranium potential 
 
TASIAST SOUTH GOLD PROJECT (Mauritania) 
 
  * Exploration of Aura's gold tenements poised to commence 
  * Aura secures new western greenstone belts in new tenement (100%) 
 
LITHIUM AND SODA ASH PROJECT (Mauritania) 
 
  * Results from initial sampling encourage continuation of sampling program 
 
HÄGGÅN PROJECT (Sweden) 
 
  * Work continues on the Häggån Community Liaison brief 
  * Häggån Polymetallic potential under review with 'green' metals 
  * Review has highlighted significant quantities of cobalt, vanadium, uranium, 
    molybdenum, nickel, zinc and neodymium 
 
CORPORATE 
 
  * Aura completed an exercise selling unmarketable parcels of Aura shares 
 
Quarterly Overview 
During the June Quarter, Aura Energy continued to press forward with the Tiris 
Definitive Feasibility Study (DFS). The key deliverable for the period is the 
submission to the Mauritanian government of the Tiris Mining Lease application. 
This is a critical project milestone and highlights Aura's drive to get Tiris 
into production to coincide with the consensus expectation for the recovery in 
the uranium price. 
 
As part of the Mining Lease Application, the ESIA was submitted which included 
Flora, Fauna and Archaeology Studies, etc. and community consultation meetings. 
This activity forms much of work required for the permitting of the Tiris 
Project and places Aura in an excellent position to progress Tiris to the next 
stage of development. 
 
Aura continues to enjoy strong support for the Tiris Project from the 
Mauritanian Government and the key ministries of Mining and also Environment. 
 
Aura remains very positive on its significant Tasiast South gold and base metal 
prospects, however, granting of the permits remains behind schedule. Aura 
expects this grant shortly, and will commence field activities immediately 
after that happens. 
 
The reassessment of the Häggån Project in Sweden to separately consider 
polymetallic content of the project gathered some momentum with focus on 
'green' metals highlighting value upside. Häggån contains significant 
quantities of cobalt, vanadium, copper uranium, molybdenum, nickel, zinc and 
neodymium.  The reassessment highlights the potential for the project's early 
development stages to be funded via metal-streaming transactions. 
 
 
TIRIS PROJECT, MAURITANIA (Aura 100%) 
 
 
Tiris Project Overview 
 
Aura is conducting a Feasibility Study on its 100% owned 49 million pound U?O? 
calcrete uranium project in Mauritania (See Figure 1). The project has low 
operating costs and low development capital with strong financial returns under 
long-term pricing scenarios. 
 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
 
 
 
         Figure 1: Location of Aura's Tiris Project Uranium Resources 
 
Tiris Project Definitive Feasibility Study and Mining Lease Application 
 
Following a broad program of evaluation and study over the past 8 months a key 
milestone for the development and construction of the Tiris Project was 
achieved with the submission of the Tiris Uranium Project Mining Lease 
Application on the target schedule to the Mauritanian Government. As part of 
the application, Aura Energy completed an exhaustive Environmental and Social 
Impact Assessment (ESIA) covering all aspect of the project including community 
consultation in the regions close to the project location (See photos below). 
 
This milestone for Aura's Tiris Uranium Project brings Tiris into the next 
important group of uranium projects that, subject to financing, will be 
developed. Due to its low capital cost, the implementation of Tiris remains 
achievable to meet the next cycle of rising uranium prices. 
 
The Mining Lease Application will now be reviewed by various departments within 
the Mauritanian Mines Department and Environment Department over a period of 6 
months. 
 
The application documentation included the final agreed term sheet for the 
Tiris Shareholders Agreement, which covers the 10% Government interest in the 
Tiris Uranium Project and was successfully negotiated over a 3 week period. 
 
The completion of the Definitive Feasibility Study (DFS) for the Tiris Uranium 
Project is targeted for the end of 2017, however as previously advised, Aura 
envisages some elements of the Tiris DFS will still be outstanding at this 
point with full completion expected in early in 2018. This is not expected to 
impact project implementation and financing, as a number of parallel activities 
will be conducted near the end of the Tiris DFS. 
 
The critical areas remaining for the Tiris DFS are; 
 
  * The Tiris Project Water Study 
  * Metallurgical test work 
  * Tiris Mineral Resource upgrade 
  * Mining Study 
  * Detailed Engineering included package cost estimates 
  * Infrastructure Study 
 
Aura continues to plan for all requirements for the implementation of the Tiris 
Uranium Project during 2018 including construction, potential product offtake 
and financing review. The various departments within the Mauritanian 
Government, including the Mines and Environment departments remain very 
supportive of Aura's project initiative and are assisting in the project's 
implementation. 
 
Tiris Project Engineering Progress 
 
With the commencement of in-house engineering for Tiris activities completed to 
the end of the reporting period include; 
 
  * Review of the 2014 Scoping study, 2017 ESIA and Feasibility study 
    documentation 
  * Issue of a Preliminary Project equipment list, General Design criteria, and 
    the Procurement and Contract Packaging list which guides the contracting 
    strategy 
  * Preparation of an engineering schedule for the Tiris Project 
  * Reviewed methodologies to control dust emissions in mining with shielding 
    of mine loading area, sealed conveyors and covered stockpile 
  * Issued enquiries for test work to three preferred Rotary Scrubber drum 
    suppliers. These suppliers have the capability of turnkey equipment design 
    and supply from ore dumping to crushing and screening 
  * Obtained services of Microstation designer to commence Block Diagrams/PFDs 
  * Prepared layout sketching of ore dumping, stockpile, retrieval, crushing 
    and screening, based on nominated plant throughputs 
  * Held familiarisation discussions with expatriate management personnel 
    previously stationed in Mauritania regarding local issues, and obtained 
    logistics study for a major Mauritanian construction project 
  * Set up of project briefing sessions with a number of local engineering 
    companies as possible engineering consultants 
 
Tiris Resource Upgrade Activities. 
 
A program of 50 metre x 50 metre spaced drilling aimed at upgrading a higher 
proportion of the Tiris resource to Indicated and Measured status, commenced 
late in the quarter and is continuing. Ten per cent of the holes being drilled 
are being triple tube diamond cored to validate down hole gamma logging 
results, to provide density data, to provide additional samples for 
metallurgical test work, and to enable inspection of the material below 
trenching depths. 
 
Tiris Water Search Activities 
 
Water search activities are being focussed in the basal sedimentary units of 
the Taoudeni Basin, located 80 to 100 km south of the Tiris resources. The 
Taoudeni Basin sediments contain known aguifers providing water for operations 
further to the West. A series of targets have been identified in the El Mreiti 
formation sandstones, known to host prolific wells in the region, on which 
drill testing is about to commence. 
 
Photo's from the Tiris Project Community Consultation Days 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
 
TASIAST SOUTH GOLD PROJECT, MAURITANIA (Aura 100%) 
 
Aura Energy Limited announced in late 2016 that it has secured rights to 
acquire 175 km2 covering two under-explored mineralised greenstone belts in 
Mauritania (See Figure 2). The areas lie along strike from Kinross' giant 
Tasiast Gold Mine and from Algold's Tijirit gold deposits. 
 
The Mauritanian government has been keen to ensure strong activity on the 
tenements it grants for exploration. The delay in the granting these gold 
tenements has been caused by the requirement for the tenements to be held in a 
non-Mauritanian company vehicle. The transfer of these tenements to this 
vehicle has caused the delay in grant. 
 
Aura continues to expect these tenements to be granted in the near future. 
 
As part of this process Aura has restructured these tenements into a separate 
vehicle and as part of that process secured an additional 420 km2 tenement 
covering +50 kms of additional greenstone belt. This tenement, Grara Mouchgag, 
is on the western greenstone belts in this field and Aura believes the 
prospectivity of this tenement is similar to its other gold tenements. This new 
tenement is shown below in Figure 2. 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
             http://www.auraenergy.com.au/announcements-2017.html 
 
     Figure 2:  Location of Aura areas in relation to known mineralisation 
 
 
These highly prospective gold areas represent an excellent opportunity in 
lightly explored Archean greenstone belts and will leverage Aura's extensive 
operating experience in this part of the world. The project is favourably 
located 200 km from Aura's Nouakchott office, 60 km from the coast, and can be 
managed efficiently within the company's existing management resources without 
distraction from Aura's core uranium focus. 
 
Future Work Program and Other Opportunities 
 
Next steps envisaged at Tasiast South are; 
 
  * Ground electrical geophysics to locate the strongest zones of disseminated 
    sulphide development to prioritise drill targets 
  * Additional bedrock sampling by air-core or auger-drilling to better define 
    the high nickel ultramafics and zones of copper/nickel for follow up 
    drilling 
  * Deep drill testing (RC and DD) of gold and nickel/copper targets defined 
 
 
Aura's timing for this work is dependent on granting of the permits but will 
likely commence during the third quarter 2017. 
 
 
LITHIUM AND SODA ASH PROJECT (MAURITANIA) 
 
Aura sampled and assayed the two large Sabkhas (salt pans) in the region of its 
Tiris Uranium Project with a view to a source of soda ash for the Tiris Project 
and other minerals. 
 
Initial sampling of the Amare lithium and soda ash prospect was undertaken late 
last year and the results indicated elevated grades of lithium but not at 
commercial levels. 
 
This technical success has encouraged Aura to continue the program and test 
further parts of these Sabkha's and to assess further Sabkha's in the region. 
 
Soda ash is the leach agent proposed for Tiris and if a source of sufficient 
quality can be located, it will provide significant benefits to the Tiris 
Project economics. 
 
Sabkha is an Arabic name for a salt-flat that has come into general use in 
sedimentology. They are also known as "Salars" in South America and generically 
as salt pans or flats. The valuable salts can occur in the Sabkha environment 
either in clays at or near surface or in brine reservoirs deeper in the lake 
sediments. 
 
HÄGGÅN POLYMETALLIC PROJECT, SWEDEN (AURA 100%) 
 
Häggån Development Reassessment 
 
The Häggån Polymetallic Project contains significant quantities of cobalt, 
vanadium, copper uranium, molybdenum, nickel, zinc and neodymium. 
 
Scoping studies previously completed by Aura have indicated that the Häggån 
Project has the potential be a very large low-cost producer with significant 
base metals and uranium output. 
 
Work and discussions with relevant Swedish groups continued regarding a 
community engagement program for the Häggån Project. 
 
The key aspects of the community liaison program are twofold; 
 
  * Recruitment of an appropriate representative 
  * Further the education and understanding of Aura's project in those areas 
  * Completion of an economic development study to outline the benefits of the 
    project in terms of direct and indirect jobs, capital outlay and broader 
    contribution to the local and regional economy 
 
Aura continues to press the Häggån project as a unique and strategic source of 
metals in Europe. 
 
Aura believes Häggån is a 5-7 year proposition as a development project and is 
scoping it work program around that time frame. 
 
Häggån Polymetallic Attributes 
 
Aura conducted a study of Häggån's gross metal content to highlight the 
significant polymetallic potential of the project and to illustrate the value 
of these metals at current prices (See Figure 3 below). 
 
This review has highlighted Häggån's potential to supply base metals and the 
so-called 'green metals' to satisfy the growing demand for battery related 
metals as part of the electrification of vehicles. 
 
The potential for base metal streaming transactions from this deposit to aid 
the development is under review to reposition future development focussed on 
the benefits of base metal production from Häggån. This approach allows a 
broader appeal of the project in Sweden with strong industrial spin-off 
benefits for the local community such as local manufacturing and valued added 
metal work industries. 
 
This work will continue over 2017. 
 
To view this release as a .pdf complete with referenced images please click the 
                                following link: 
 
              http://www.auraenergy.com.au/announcements-2017.html 
 
                   Figure 3:  Häggån spread of metal values 
 
CORPORATE 
 
Unmarketable Parcel Sale Process 
Aura instituted a Sale Facility for shareholders who hold unmarketable parcels 
of shares in the Company. 
 
Under ASX Listing Rules an unmarketable parcel is defined as: 
 
(i) a shareholding with a market value of less than A$500, and therefore 
(ii) any shareholding of 13,513 shares or less based on the closing share price 
of 3.7 cents on the Record Date (6 February 2017) is an unmarketable parcel 
 
At the completion of the process 2,082,606 shares were sold reducing the number 
of shareholders by 363. 
 
 
Aura Energy Directory 
 
ASX Code:                   AEE 
AIM Code:                   AURA 
Shares on issue:         792,808,124 
Options on issue:         89,553,189 
 
Board of Directors: 
 
Peter Reeve                 Executive Chairman 
Bob Beeson                 Non-Executive Board Member 
Brett Fraser                 Non-Executive Board Member 
Jules Perkins               Non-Executive Board Member 
 
 
 
Website:                     www.auraenergy.com.au 
 
 
For further information contact: 
 
Aura Energy Limited                   Telephone: +61 (3) 9516 6500 
Peter Reeve (Executive Chairman and   Email: info@auraenergy.com.au 
CEO) 
 
WH Ireland Limited                    Telephone: +44 (0) 207 220 1666 
Adrian Hadden 
James Bavister 
 
Yellow Jersey PR Limited              Telephone: 
Felicity Winkles                      +44 (0) 7748 843 871 
Joe Burgess                           +44 (0) 7769 325 254 
 
 
Competent Persons 
 
The Competent Person for the Tiris Metallurgical Test work is Dr Will Goodall. 
 
The information in the report to which this statement is attached that relates 
to the test work is based on information compiled by Dr Will Goodall.  Dr 
Goodall has sufficient experience that is relevant to the test work program and 
to the activity he is undertaking.  This qualifies Dr Goodall as a Competent 
Personas defined in the 2012 edition of the 'Australasian Code for Reporting of 
Exploration Results, Mineral Resources and Ore Reserves'.  Dr Goodall is a 
Member of The Australasian Institute of Mining and Metallurgy (AusIMM).  Dr 
Goodall consents to the inclusion in the report of the matters based on his 
information in the form and context in which it appears. 
 
The Competent Person for the Tiris and Häggån Resources is Mr Neil Clifford. 
 
The information in the report to which this statement is attached that relates 
to the resource is based on information compiled by Mr Neil Clifford.  Mr 
Clifford has sufficient experience that is relevant to the style of 
mineralisation and type of deposit under consideration and to the activity he 
is undertaking.  This qualifies Mr Clifford as a Competent Person as defined in 
the 2012 edition of the 'Australasian Code for Reporting of Exploration 
Results, Mineral Resources and Ore Reserves'. Mr Clifford is a Member of the 
Australasian Institute of Mining and Metallurgy (AusIMM). Mr Clifford consents 
to the inclusion in the report of the matters based on his information in the 
form and context in which it appears. 
 
 
Top 20 Shareholders                                 26 July 2017 
 
Rank  Name                                          Units            % of Units 
 
1.    COMPUTERSHARE CLEARING PTY LTD <CCNL DI A/C>  246,847,839      31.14 
 
2.    HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED     99,143,528       12.51 
 
3.    CITICORP NOMINEES PTY LIMITED                 63,251,412       7.98 
 
4.    PRE-EMPTIVE TRADING PTY LTD                   36,900,000       4.65 
 
5.    SAMBOLD PTY LTD <SUNSHINE SUPER FUND A/C>     15,364,895       1.94 
 
6.    BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS      14,752,355       1.86 
      RETAILCLIENT DRP> 
 
7.    PASAGEAN PTY LIMITED                          13,094,558       1.65 
 
8.    MR MARTY HENG LAU                             10,000,000       1.26 
 
9.    MR PETER DESMOND REEVE                        9,718,304        1.23 
 
10.   HSBC CUSTODY NOMINEES (AUSTRALIA)             6,750,000        0.85 
      LIMITED-GSCO ECA 
 
11.   BUSHELL NOMINEES PTY LTD <BUSHELL SUPER FUND  6,292,542        0.79 
      A/C> 
 
12.   MR PIETER HOEKSTRA + MRS RUTH HOEKSTRA        5,300,000        0.67 
      <HOEKSTRA SUPER FUND A/C> 
 
13.   YARANDI INVESTMENTS PTY LTD <GRIFFITH FAMILY  4,754,793        0.60 
      NO 2 A/C> 
 
14.   MS MICHELLE ANNE PAINE                        4,700,000        0.59 
 
15.   MRS KERRYN PATRICIA DELEN                     4,104,840        0.52 
 
16.   MR LUKE PETER DALE + MRS MARIEANNE ERIKA DALE 3,611,468        0.46 
 
17.   M & K KORKIDAS PTY LTD <M&K KORKIDAS P/L S/   3,400,000        0.43 
      FUND A/C> 
 
18.   MS CHUI YING CHAN                             3,327,828        0.42 
 
19.   MR SCOTT ANDREW ROBERTS                       3,250,000        0.41 
 
20.   DR ROBERT BEESON                              3,129,071        0.39 
 
      Total Top 20 Shareholders                     557,693,433      70.34 
 
      Remaining Shareholders                        235,114,691      29.66 
 
      GRAND  TOTAL                                  792,808,124      100.00 
 
 
 
 
Top 20 Shareholders                                 26 April 2017 
 
Rank  Name                                          Units         % of Units 
 
1.    COMPUTERSHARE CLEARING PTY LTD <CCNL DI A/C>  245,012,306   30.90 
 
2.    HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED     98,750,518    12.46 
 
3.    CITICORP NOMINEES PTY LIMITED                 64,094,142    8.08 
 
4.    PRE-EMPTIVE TRADING PTY LTD                   36,250,000    4.57 
 
5.    SAMBOLD PTY LTD <SUNSHINE SUPER FUND A/C>     15,364,895    1.94 
 
6.    BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS      13,939,258    1.76 
      RETAILCLIENT DRP> 
 
7.    PASAGEAN PTY LIMITED                          13,094,558    1.65 
 
8.    MR MARTY HENG LAU                             10,000,000    1.26 
 
9.    MR PETER DESMOND REEVE                        9,718,304     1.23 
 
10.   BUSHELL NOMINEES PTY LTD <BUSHELL SUPER FUND  6,292,542     0.79 
      A/C> 
 
11.   MR PIETER HOEKSTRA + MRS RUTH HOEKSTRA        5,300,000     0.67 
      <HOEKSTRA SUPER FUND A/C> 
 
12.   YARANDI INVESTMENTS PTY LTD <GRIFFITH FAMILY  4,754,793     0.60 
      NO 2 A/C> 
 
13.   MS MICHELLE ANNE PAINE                        4,700,000     0.59 
 
14.   MRS KERRYN PATRICIA DELEN                     4,358,840     0.55 
 
15.   MS CHUI YING CHAN                             3,600,000     0.45 
 
16.   MR LUKE PETER DALE + MRS MARIEANNE ERIKA DALE 3,496,659     0.44 
 
17.   M & K KORKIDAS PTY LTD <M&K KORKIDAS P/L S/   3,400,000     0.43 
      FUND A/C> 
 
18.   MR HENDRIK JACOBUS DELEN + MRS KERRYN         3,179,142     0.40 
      PATRICIA DELEN <DELEN FAMILY SUPERFUND A/C> 
 
19.   DR ROBERT BEESON                              3,129,071     0.39 
 
20.   MRS JENNY LEE BUSHELL                         3,091,182     0.39 
 
      Total Top 20 Shareholders                     551,526,210   69.57 
 
      Remaining Shareholders                        241,281,914   30.43 
 
      GRAND  TOTAL                                  792,808,124   100.00 
 
 
About Aura Energy's Projects 
 
TIRIS PROJECT, MAURITANIA (Aura 100%) 
 
The Tiris Uranium Project is based on a major greenfields uranium discovery in 
Mauritania, with 49 Mlb U3O8 in current resources(1) from 66 million tonnes @ 
334 ppm U3O8. The project has several natural attributes which result in low 
capital and operating costs. These attributes are: 
 
  * Shallow flat-lying surface mineralisation (only 1-5 metres deep) within 
    unconsolidated gravels 
  * Low cost mining with no blasting and negligible overburden 
 
  * Uranium ore can be simply (wash and screen) upgraded by up to 700%; from 
    335 ppm to 2500ppm 
 
  * Leads to a very small plant, small footprint and minimal supporting 
    infrastructure 
  * Leach feed grade 2,000-2,500 ppm U3O8 with 94% leaching recovery in 4 hours 
 
The conceptual 1 Mtpa mine and plant project described in the Scoping Study(2) 
was designed to take full advantage of these unusual characteristics, whilst 
providing a low capital cost and rapid project development and construction. 
Significantly, a water study by Golders has indicated that potential sources of 
water in the immediate vicinity will satisfy the demands of the project. 
 
The Study, which indicates 11 million pounds of uranium will be produced over 
an initial mine life of 15 years, only utilises 20% of the known Global Mineral 
Resource resulted in the following outputs; 
 
  * Low capital cost - US$45 million 
  * Low operating cost - A$30/lb 
  * Easily scalable 
  * Mining at 120 tph (1.0 Mtpa) 
  * Small 25 tph leach facility 
  * Mined grade >420ppm U3O8 for 15 years 
  * Produce 0.7-1.1 Mlbs U3O8 per year 
  * Expand project from cashflow 
 
HÄGGÅN POLYMETALLIC PROJECT, SWEDEN (Aura 100%) 
 
Häggån is located in central Sweden and is a large undeveloped multi element 
project. The project has a resource containing significant quantities of 
cobalt, vanadium, uranium, molybdenum, nickel, zinc and neodymium. 
 
The Häggån project is located in a sparsely populated area of swamp and forest 
used mainly for commercial forestry. Sweden's has a current and active mining 
industry, with a clear regulatory position and a well-established path from 
exploration to production. 
 
A Scoping Study(5) suggests that the Häggån Project has excellent potential to 
become a major, low cost producer of a range of metal, a number which could 
support demand from the burgeoning electric vehicle battery industry. Aura's 
discovery that the mineralisation is ideally suited to bioleach metal 
extraction was the major breakthrough to creating a robust and economic 
project. Bioleaching, including bioheap leaching, is a proven technology widely 
used in copper and gold industries. 
 
The Häggån Inferred Resource contains 2.35 billion tonnes at the grades shown 
in the table below. Metal content is also shown. 
 
NOTES TO PROJECT DESCRIPTIONS 
 
(1)   There is a low level of geological confidence associated with inferred 
mineral resource and there is no certainty that further exploration work will 
result in the determination of indicated measured resource or that the 
production target will be realised. 
 
(2)   The Company released to the ASX the Tiris Project Scoping Study on 16 
July 2014 and the Company believes that no material change to forecast capital 
and operating costs and forecast production rates have occurred since the 
release. 
 
(3)   There is a low level of geological confidence associated with inferred 
mineral resource and there is no certainty that further exploration work will 
result in the determination of indicated measured resource or that the 
production target will be realised. 
 
(4)   http://www.world-nuclear.org/info/Country-Profiles/Countries-O-S/Sweden 
 
(5)   The Company released to the ASX the Häggån Project Scoping Study on 7 
February 2012 and an updated study on 29 May 2014. The Company believes no 
material change to forecast capital and operating costs and forecast production 
rates have occurred since the releases. 
 
 
 
END 
 

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