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Boss Resources bags $3mln for uranium project

Funds to be applied to advance activities at the Honeymoon Uranium Project
Australian dollars
The placement is being made to new and existing sophisticated investors

Boss Resources (ASX:BOE) is raising $3mln via a placement of shares at $0.05 each to advance its Honeymoon Uranium Project in South Australia.

The placement is being made to new and existing sophisticated investors.

The company’s Honeymoon project is a high-grade sandstone hosted uranium project on a granted mining lease.

READ: Boss Resources heads to market following uranium re-rating

Boss recently completed a drill hole programme at Honeymoon in preparation for the commencement of a field leach trial, which is an integral part of the ongoing definitive feasibility study.

Importantly, the company had completed a preliminary feasibility study in May 2017, which confirmed a highly economic project.

Boss estimates a low capital outlay of US$10mln to re-start the existing solvent extraction plant for the production of 0.88 mln pounds per annum of uranium.

Importantly, all-in-sustaining costs of US$23.90 per pound of uranium is projected over the life of mine, which is among the lowest cost quartile of world-wide uranium producers.

The project has a significant potential for economic upside with further resource expansion and life of mine extension.

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