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Energy Ventures’ $1.6 Million Raising To Support 38 Million Pound Auroroa Uranium Project

Energy Ventures (ASX: EVE) is looking to advance the ongoing technical assessment of the Aurora uranium deposit in the United States with a $1.6 million capital raising closing soon.

Funds from the raising will primarily be put towards Feasibility Studies on the Aurora Project, located in Oregan, U.S.

The company is undertaking a partially underwritten non-renounceable rights issue, offering 1 new share for every 7.5 shares held at an issue price of $0.035.

This is a 15% discount to the company's current share price.

Up to $750,000 of the Rights Issue is underwritten.

All Energy Ventures shareholders who are registered as at 5pm (AEDT) on 9 February 2012 and who have a registered address in Australia or New Zealand can participate in the

Aurora metallurgical results

Initial results from metallurgical testing at Aurora show that the project has potential for efficient removal of internal waste with minimal uranium losses.

The results, released late last month, revealed that internal waste could be removed through scrubbing and screening.

Based on these results, the Aurora deposit could be bulk mined, with mineralisation upgraded prior to leaching.

The Aurora Project hosts a near surface, flat lying zone of higher grade mineralisation that is amenable to open pit mining, with a JORC Resource of 38 million pounds uranium equivalent.