In December, Black Range Minerals announced a placement of 45,234,000 new ordinary shares at an issue price of $0.005 per share to raise $226,170.
The company's Hansen/Taylor Ranch Project hosts the largest uranium resource in Colorado and the third largest uranium deposit in the U.S.
It 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.
The Hansen Deposit is the largest and most advanced of all the deposits within the project, with a resource of 28 million tonnes at 0.064% for 39.4 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.
The $80 million capital expenditure is the lowest in the industry, even for in situ recovery (NYSEMKT:ISR).
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.