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Additional Information
Market: ASX
Sector: General Mining
Epic: ASX: AGS
News: Latest news
Web Site: Alliance Resources
Other Articles: 16-10-200922-09-200915-07-2009

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Alliance Resources

Alliance Resources

Alliance Resources Limited (ASX: AGS) is an emerging uranium producer whose core asset is a 25% free carried exploration interest in the Four Mile Uranium Project in South Australia.  Its 75% joint venture partner and project manager is Quasar Resources Pty Ltd.  Quasar Resources Pty Ltd, is an affiliate of Heathgate Resources Pty Ltd, which owns and operates the Beverley uranium mine, located 8 km southeast of the Four Mile uranium discovery.


The Four Mile Uranium Project is west of the Beverley Mine and is perhaps the highest-grade roll-front deposit in the world.  The western zone of Four Mile already has an Inferred Resource of 15,000 tonnes ( 32M lbs) U3O8. Estimation of resources in other zones is continuing.


Alliance is also developing the Maldon Gold Project in Victoria

Thursday, July 02, 2009

Alliance Resources raises further $8.5 million for Four Mile Uranium Project

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Alliance Resources (ASX: AGS) has placed the shortfall of 12.5 million ordinary shares from its 1:12 rights issue at 68 cents.

Major AGS shareholder Abbotsleigh was a substantial participant in the shortfall placement.

Shortfall placement has been completed and raised over $8.5 million.  Total funds raised from the placement and rights issue including shortfall placement totalled $44.7 million.

Funds raised will be used for AGS's share of development and operating costs at the Four Mile Uranium Joint Venture Project in South Australia.  This is planned to commence production in 2010.

AGS believes it is now fully funded to receipt of first revenue from sale of uranium from Four Mile.

The Four Mile uranium joint venture project in South Australia will become the next major global uranium producer in January 2010. Alliance shares were up 10%.

At the Four Mile Project, the inferred mineral resource estimate has increased to 61 million pounds of uranium oxide grading 0.35% or 3500 parts per million uranium oxide - an increase of 90%.

Recently, a maiden resource estimate was released for the Four Mile East deposit.  It has an initial resource of 4.1 million tonnes grading 0.31% uranium oxide for 29Mlb of uranium oxide.

Alliance Managing Director Patrick Mutz said that the project had the potential to be the highest grade and largest in-situ recovery operation in the world.

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