Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Black Range Minerals Raises Over A$2M

Black Range Minerals (ASX: BLR) has closed its partially underwritten one for two non-renounceable rights issue raising $2.03 million of the total $2.1 million.

The company received acceptances for 165.1 million shares at $0.005 each, and has also received further applications for 240.2 million shortfall shares.

The directors will now seek to finalise allocation of the shortfall shares.

The money raised will be used to advance the wholly owned Hansen/Taylor Ranch Uranium Project in the U.S. towards production.

The project hosts one of the largest uranium resources within the U.S., the world's largest consumer of uranium.

The project has an Indicated and Inferred JORC Resource of 69 million tonnes at 600 parts per million (0.06%) for 90.9 million pounds of uranium.

A Scoping Study, completed in the first half of 2012, indicated that an initial mining operation can potentially be developed at the Hansen Uranium Deposit at a capital cost of less than $80 million to produce around 2 million pounds of uranium per annum at an operating cost of about $30 per pound.

Considerable progress has been made on plans to conduct further mine development evaluation work at the Hansen Uranium Deposit, including preparation to conduct onsite trials of underground borehole mining.

Black Range is targeting receipt of all permits required to conduct these trials in the second half of 2013.

The company is targeting the receipt of all mining permits by 2015 and the commencement of production in 2016.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.