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Market:ASX
Sector:General Mining
EPIC:PNN
Latest Price: 0.05  (6.00% Ascending)
52-week High:0.15
52-week Low:0.05
Market Cap:4.75M
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PepinNini Minerals

PepinNini Minerals (ASX: PNN) is a diversified, near-term production exploration company with interests in Australia and Argentina.

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PepinNini raises $3.5 million to progress Crocker Well Uranium feasibility study

Tuesday, June 09, 2009
PepinNini raises $3.5 million to progress Crocker Well Uranium feasibility study

PepinNini (ASX: PNN) has raised $3.5 million via the placement of 10 million ordinary fully paid shares at 35 cents per share to international and Australian institutional investors. The placement was oversubscribed.

Funds will be used progress the Company’s share (40%) of the Bankable Feasibility Study (BFS) currently underway for the Crocker Well Uranium Deposit being developed in Joint Venture with Sinosteel Corporation (60%) and for other working capital requirements.  The BFS is due for completion in September 2009.  The Sinosteel PepinNini Joint Venture has lodged an application for a Mining Lease with the South Australian Government for the development of a uranium mine at Crocker Well.

The Crocker Well Uranium Project is located approximately 150kms west of Broken Hill and approximately 400kms north of Adelaide in the highly prospective Curnamona region of South Australia. There are numerous other known uranium deposits within close proximity to the Crocker Well deposit, including the Honeymoon Uranium deposit.

The base case is predicated on the excavation of up to 30 million tonnes of ore (which allows for any potential increase in the resource), and a possible production rate of between 500 tonnes per annum of U3O8 and 1,250 tonnes per annum U3O8.

This implies a project life of between 7 and 15 years, however all of these figures are subject to more detailed ore reserve calculations, mining and process optimisation studies.

Mining is expected to commence in 2011/12 and based on current estimates regarding the amount of the resource, we expect the mine life to be between 7 and 10 years.

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