Lifespan Acquires Uranium Mine
LAS VEGAS - Lifespan, Inc. (OTCBB:LSPN) has finalized its acquisition of the La Sal West uranium-vanadium mine in the prolific La Sal uranium district of Utah.
This property consists of 111 BLM surface/subsurface claims and covers a portion of the north/central La Sal District trend and contains three significant past producers: the Bluejay Mine, the M-6 Mine and the Balsley Mine.
Previously the ore produced from these mines contained up to 0.35% U3O8 (Uranium) and 1.5% V2O5 (Vanadium), resulting in production of over one million (1,000,000) tons of ore. Ore of this caliber would equate to a value of over $700 per ton using the current spot price of $95 per lb. for uranium.
“Uranium prices are currently closing in on $100 a lb. -- a 10-fold increase in five years -- and prices could climb sharply higher as governments embrace atomic energy despite dwindling supplies to power their reactors,” said CEO Stuart Brame.
Years of under-investment in uranium mining caused by moribund prices and the anti-nuclear lobby has left the world short of uranium to fuel nuclear reactors. But governments in Europe, the United States, Russia and China, and even environmental groups, are currently warming to nuclear power because it produces significantly less greenhouse gases than conventional fossil fuels, according to the World Nuclear Association.
The host of known uranium mineralization on this property, the Brushy Member of the Morrison Formation was previously exploited on surface and to depths of less than 500 feet below the surface. It is currently believed that uranium mineralization extends well beyond the limit of historic mining within the Brushy Member. The Company’s mineral consultants are in the process of identifying preliminary drill targets utilizing modern technologies and the newly staked ground.
CEO Stuart Brame further opined: "Our acquisition of the La Sal West Project solidifies our presence in the La Sal Uranium District and exemplifies our focus on high-grade conventional uranium projects with past production located in the continental US and containing the potential for significant resource development extending previous production.”
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