What are the prospects for the development of Mt Gee?
Marathon announced on 2 September 2008 a revised, indicated and inferred resource for the Mt Gee uranium deposit of 51 million tonnes averaging 615 parts per million U3O8 (cut-off grade 300ppm), yielding 31,400 tonnes of contained U3O8. The estimate was an increase from the earlier estimate released in June 2008 of 46.1Mt of mineralisation at 651ppm for 30,030 tonnes of contained U3O8, also at the same cut-off grade of 300ppm. A 73-hole drilling program was completed in March 2007, with a further 27 diamond drill holes drilled into the Mt Gee deposit in late 2007 and early 2008. The results were consistent with Marathon’s mineralisation model. A scoping study conducted by Coffey Mining Pty Ltd has determined that underground mining is the best solution from both an environmental and economic perspective. The scoping study assessed: • an operation processing approximately 1.5 million tonnes per annum at 760 ppm U3O8. • production of about 900 tonnes per annum of U3O8 using conventional
