ACB-A-Cap resources U308

[JBmurc]

A-Cap Resources Limited (ACB) is an exploration and mining company with focus on exploring its uranium prospects in Northern Botswana.

Marketcap-60mill

-126mill shares outstanding

-Top20-40%

-BFS underway

-15+mil cash in the bank

-resources 98mlbs U308 100ppm cutoff (-Current resource drilling covers less than 20% of
radiation anomaly total 200mlbs+ est.)



-est. cost to extract $33lb

latest news-
-A-CAP TO TACKLE METALLURGY OF PRIMARY ORE
UPDATE
 A-Cap working with Lycopodium and a team of sub consultants has recently commenced a Bankable Feasibility Study (“BFS”) on the secondary and oxide portions of the Letlhakane
Uranium Project.
 The Global Inferred Resource at the Letlhakane Uranium Project contains 98Mlbs of U3O8
at a 100ppm cut off.
 Approximately 60% of the Inferred Resource is classified as “Primary Ore” which, based on limited previous work, has metallurgical recoveries of up to 50%.
 A-Cap has requested Lycopodium to conduct a study into the metallurgy and possible
treatment options for the Primary Ore.
 The objective is to ascertain if the 60Mlbs of U3O8 in the primary ore can be economically recovered.

Primary Resource
The Global Inferred Resource at the Letlhakane Uranium Project is 280Mt @ 158 ppm for 98Mlbs
of U3O8, however approximately 60% of this massive resource lies beneath the zone of surficial
oxidation. This ore is termed the “Primary Ore” and, based on limited preliminary testwork
previously conducted in 2007 and 2008, appears to have low recovery in metallurgical bottle roll testwork.
Over the past six months several experienced metallurgists have visited the Letlhakane Uranium Project and examined the Primary Ore in drill core offering opinions on possible leaching methods.
At the same time considerable mineralogical work has been carried out by Dr Rob Bowell of SRK at the University of Cardiff Mineralogy Laboratory. Ongoing exploration has revealed that there are higher-grade zones within the Primary Ore that may be amenable to selective mining.
The combination of the above factors has given the Board of A-Cap the confidence to renew testwork on the primary ore with a view to completing a full range of variability testwork to establish the best way to unlock the value in this 60Mlb resource.

[shasta]

A-Cap Resources Limited (ACB) is an exploration and mining company with focus on exploring its uranium prospects in Northern Botswana.

Marketcap-60mill

-126mill shares outstanding

-Top20-40%

-BFS underway

-15+mil cash in the bank

-resources 98mlbs U308 100ppm cutoff (-Current resource drilling covers less than 20% of
radiation anomaly total 200mlbs+ est.)



-est. cost to extract $33lb

latest news-
-A-CAP TO TACKLE METALLURGY OF PRIMARY ORE
UPDATE
 A-Cap working with Lycopodium and a team of sub consultants has recently commenced a Bankable Feasibility Study (“BFS”) on the secondary and oxide portions of the Letlhakane
Uranium Project.
 The Global Inferred Resource at the Letlhakane Uranium Project contains 98Mlbs of U3O8
at a 100ppm cut off.
 Approximately 60% of the Inferred Resource is classified as “Primary Ore” which, based on limited previous work, has metallurgical recoveries of up to 50%.
 A-Cap has requested Lycopodium to conduct a study into the metallurgy and possible
treatment options for the Primary Ore.
 The objective is to ascertain if the 60Mlbs of U3O8 in the primary ore can be economically recovered.

Primary Resource
The Global Inferred Resource at the Letlhakane Uranium Project is 280Mt @ 158 ppm for 98Mlbs
of U3O8, however approximately 60% of this massive resource lies beneath the zone of surficial
oxidation. This ore is termed the “Primary Ore” and, based on limited preliminary testwork
previously conducted in 2007 and 2008, appears to have low recovery in metallurgical bottle roll testwork.
Over the past six months several experienced metallurgists have visited the Letlhakane Uranium Project and examined the Primary Ore in drill core offering opinions on possible leaching methods.
At the same time considerable mineralogical work has been carried out by Dr Rob Bowell of SRK at the University of Cardiff Mineralogy Laboratory. Ongoing exploration has revealed that there are higher-grade zones within the Primary Ore that may be amenable to selective mining.
The combination of the above factors has given the Board of A-Cap the confidence to renew testwork on the primary ore with a view to completing a full range of variability testwork to establish the best way to unlock the value in this 60Mlb resource.

JBMurc

How deep is the Uranium?

Are the grades good & consistent?

That extraction cost @ $33/lb seems high when the U308 spot rate is currently $48/lb, how are they going to mine it?

Sounds good to me, but there's a few "buts"

[JBmurc]

I'm guessing the reason their current projected costs are $33 is because of the lower grade thing is it's one large resource which grades can be increased as they've got so much more to explorer

As I've only started to look into ACB still have penalty to study.

got off HC-from a good poster Tibbs-
The current mining feasibility studies have ALWAYS been based on mining the surface, secondary uranium in the calcrete, & Karoo mudstone. This was based on the JORC of 2008, and the scoping study models have been given the go ahead as feasible. Since then we have had another 12 months of drilling at Mokobaesi, Kraken, and Gorgon. Also they have since discovered and drilled a NEW deposit at Serule, and now another has been hit at Serule West. They still have only touched the surface of the region, with another 80% of Letlhekane yet to be drilled .... they will be drilling here for the next 4 years plus!

Also a comment that the primary ore is too "deep" ... what a load of absolute garbage! ACB's deepest ore is around 60m, with most of the "deeper" ore around 40m ... at Gorgon drilling has regularly intercepted up to FIVE mineralised zones in each drill hole, with mineralisation starting at around 15m. At Mokobaesi, the calcrete ore is at surface, the karoo sediments inder that, and the primary ore under that again .... deep? Rubbish! They will be mining the shallower secondary ores first anyway! The key is the stripping ratio ... which is fine.

[shasta]

I'm guessing the reason their current projected costs are $33 is because of the lower grade thing is it's one large resource which grades can be increased as they've got so much more to explorer

As I've only started to look into ACB still have penalty to study.

got off HC-from a good poster Tibbs-
The current mining feasibility studies have ALWAYS been based on mining the surface, secondary uranium in the calcrete, & Karoo mudstone. This was based on the JORC of 2008, and the scoping study models have been given the go ahead as feasible. Since then we have had another 12 months of drilling at Mokobaesi, Kraken, and Gorgon. Also they have since discovered and drilled a NEW deposit at Serule, and now another has been hit at Serule West. They still have only touched the surface of the region, with another 80% of Letlhekane yet to be drilled .... they will be drilling here for the next 4 years plus!

Also a comment that the primary ore is too "deep" ... what a load of absolute garbage! ACB's deepest ore is around 60m, with most of the "deeper" ore around 40m ... at Gorgon drilling has regularly intercepted up to FIVE mineralised zones in each drill hole, with mineralisation starting at around 15m. At Mokobaesi, the calcrete ore is at surface, the karoo sediments inder that, and the primary ore under that again .... deep? Rubbish! They will be mining the shallower secondary ores first anyway! The key is the stripping ratio ... which is fine.

Tibbs would be on the ball, depth seems fine (> 100m & it gets expensive)

With the low(ish) grades, it means more through put to crush & separate which ultimately adds to the extraction costs...

I'll keep digging on this one

[JBmurc]

ACB's resource has been ranked in the world’s top 20 undeveloped uranium deposited by the Bank of Montreal (Source BMO Capital Markets, Company Research, IAEA)


Major buyer of late- 23/09/2009 China Growth Minerals Limited 26,000,000 16.22%


BRIAN BENZA
Staff Writer

BSE-listed A-Cap Resources says the company will require a maximum of P1.6 billion to advance from exploration to mining at its Letlhakane and Serule uranium resources in the Central District.

In the company's annual report for the period ended June 30 2009, Chairman Pat Volpe says the company, which is also listed on the Australian Stock Exchange, will require US$179 million(+/-30percent) to advance to mining.

This translates to between P875 million to P1.625 billion. The project is currently at a Bankable Feasibility Study (BFS) phase.

In the report, A-Cap says its ambitions to become Botswana's first uranium miner are being spurred on by anticipated high nuclear energy demand from China and India in the coming years.

With world net electricity consumption expected to nearly double over the next two decades, some 30 new nuclear reactors are being built, the fastest expansion being in Asia, especially China and India.Volpe says they expect the number of nuclear reactors under construction to increase significantly in the next three to five years as more economies shift to nuclear energy.

"Whilst uranium spot prices remained in a trading range of $42/lb to $53/lb for most of 2009, China and India confirmed their intentions to actively increase the percentage of power to be generated by nuclear (clean fuel), leading to more reactors over the next decade and beyond," he says.

A-Cap will be well placed to contribute to the anticipated increased demand for uranium in the near future. It is expected that the demand should increase over the next three to five years as the number of reactors currently in construction would be complete.

As A-Cap advances another step closer to its objective of becoming Botswana's first uranium miner, this should add to the value of our company, hence to shareholders' wealth.

Volpe adds that despite what is arguably the worst global financial crisis since the 1930's, A-Cap continued to achieve and meet all of its objectives in its ambitions to become the first uranium miner in Botswana. "Our resource has been ranked in the world's top 20 underdeveloped uranium deposits by the Bank of Montreal," he says.

During the year, SRK Consultants released their scoping study report on the company's Inferred Resource in Letlhakane in which they estimate "cash" operating costs of $33 per lb of uranium.

The report also shows uranium recovering from 78 percent up to 90 percent in the calcrete and secondary ore resources. "These positive results allowed A-Cap to successfully raise $10 million during the year," says Volpe. "Along with the existing $10 million funds on hand, be applied to advancing the project to a Bankable Feasibility Study, including an Environmental Impact Assessment.

"These studies are estimated to be completed by late 2010, and the company has appointed Lycopodium to manage and prepare the BFS." he adds.

During the year, A-Cap enjoyed further exploration success at its Serule prospect. With further exploration planned for Serule again and for Gorgan South in 2009-2010, this should boost the company's global uranium inventory.

So far, the Letlhakane area is estimated to hold at least 30 million lb of uranium.Targets to be tested during the upcoming exploration include Gorgon South, Gorgon West, Serule North Extension, Serule West Extension and Bolau.

A-Cap holds six prospecting licences covering a total area of 4,400km2 and three licences under application covering a further 3,000km2. All ground held by A-Cap was previously explored by major companies, among them Falconbridge, BCL, Urangesellchaft and Union.

[drillfix]

Hi JB,

Yup, seems there are a couple signals there.

MACD looks to be in the right place but would like to see the stochastics moving up to cross the lower 20 line, along with a crossing of the EMA lines, and throw some volume on the top, to be sure to be sure said the Irish guy.

Chart etc:

http://i35.tinypic.com/5ey6pg.gif

[JBmurc]

China Growth Minerals Increases Shareholding
to 16.07%
A-Cap Resources Limited (‘A-Cap’), is pleased to announce
that China Growth Minerals Limited (‘CGM’) has acquired a
further 13,000,000 shares of A-Cap from Polo Resources plc
pursuant to the Share Sale Agreement (refer announcement
dated 25 September 2009), bringing their total shareholding
to 26,000,000 shares, or 16.07% of the issued share capital.
A-Cap Managing Director Andrew Tunks said, “We welcome
CGM’s latest investment in A-Cap, which now increases their
shareholding to 16.07%, making CGM our largest
shareholder on the register. Their increase in shareholding
in A-Cap is further evidence of their ongoing support of our
assets in Botswana, particularly the Letlhakane Uranium
Project, which we believe is one of the largest uranium
discoveries in the world. With the global demand for nuclear
energy increasing, particularly in China, we are delighted to
have such a prominent Hong-Kong based investment firm on
board.”
For Further information contact
A-Cap Resources + 613 9813 5888
Victoria Thomas, Six Degrees Media + 613 9674 0347

[shasta]

China Growth Minerals Increases Shareholding
to 16.07%
A-Cap Resources Limited (‘A-Cap’), is pleased to announce
that China Growth Minerals Limited (‘CGM’) has acquired a
further 13,000,000 shares of A-Cap from Polo Resources plc
pursuant to the Share Sale Agreement (refer announcement
dated 25 September 2009), bringing their total shareholding
to 26,000,000 shares, or 16.07% of the issued share capital.
A-Cap Managing Director Andrew Tunks said, “We welcome
CGM’s latest investment in A-Cap, which now increases their
shareholding to 16.07%, making CGM our largest
shareholder on the register. Their increase in shareholding
in A-Cap is further evidence of their ongoing support of our
assets in Botswana, particularly the Letlhakane Uranium
Project, which we believe is one of the largest uranium
discoveries in the world. With the global demand for nuclear
energy increasing, particularly in China, we are delighted to
have such a prominent Hong-Kong based investment firm on
board.”
For Further information contact
A-Cap Resources + 613 9813 5888
Victoria Thomas, Six Degrees Media + 613 9674 0347

ACB looking good & i see the U308 price has increased slightly over the last few weeks +0.50 to $US41.25/lb

[JBmurc]

ACB looking good & i see the U308 price has increased slightly over the last few weeks +0.50 to $US41.25/lb

yeah you should have been loading up back in the low 30's shasta
sadly I had to sell my ACB an some PEN ,ROC holdings need to come up with 75k deposit to start the building of are house here even though I really could see ACB going alot higher

[shasta]

yeah you should have been loading up back in the low 30's shasta
sadly I had to sell my ACB an some PEN ,ROC holdings need to come up with 75k deposit to start the building of are house here even though I really could see ACB going alot higher

ACB - Letlhakane Metallurgical Testwork Update

http://www.stocknessmonster.com/news...E=ASX&N=336142

My top U308 play with a JORC resource of 158m/lbs

Uranium is the one metal/mineral/resource to lag of late, & it's only a matter of time before the spot price starts ascending once again.

Seems to have well & truly discounted from oil, after following it up to ~$US140lb/bbl, it followed oil back to $US40lb/bbl, except oil went up & Uranium hasn't, i thought the problems at Cigar Lake would have prompted a recovery in the U308 spot price...

Could be a good time to start buying back into Uranium stocks