Huge uranium deposits discovered in Lethlakane

Botswana's premier uranium explorer, A-Cap Resources has announced a 65 percent resource increase at its Letlhakane exploration project. The company says the increase from 158 million lbs to 261 million lbs means the project has one of the largest undeveloped uranium deposits in the world. A-Cap is expected to commence production from Botswana's first uranium mine next year.

In a statement accompanying the upgrade report, A-Cap says that the updated resource will be used to produce estimates of the mine plan including operating and capital costs for the project. The company had earlier forecast that it will require $179 million (+/-30percent) to advance to mining. This translates to between P840 million to P1.55 billion. Commenting on the resource upgrade, A-Cap managing director, Andrew Tunks said: "Our exploration programme is ongoing and we believe that real potential exists for us to grow this Mineral Resource further.