Forum Uranium Corp. (TSXV:FDC) announced it has closed the second tranche of its private placement previously announced on Dec. 21, 2015, Dec. 29, 2015, Dec. 31, 2015, and Jan. 13, 2016. The company has raised an additional $334,500 through the issuance of 3.08 million flow-through units and 3.61 million non-flow-through units at a price of five cents per flow-through unit and non-flow-through unit.

The company has raised a total of $625,500 in flow-through units and $180,500 in non-flow-through units for total proceeds of $806,000. The proceeds from this financing will be used for drilling at its 100-per-cent-owned Highrock and Highrock South projects nearby Cameco’s Key Lake mine and mill; gravity and radon surveys at its 100-per-cent-owned Fir Island project as a follow-up from a successful drill campaign earlier in the year; and for working capital.

Connect with Forum Uranium Corp. (TSXV:FDC) to receive an Investor Presentation.

The post Forum Uranium Closes $334,500 Second Tranche of Financing appeared first on Investing News Network.

Plateau Uranium Inc. (TSXV:PLU) announce results from the Company’s updated Preliminary Economic Assessment for the Macusani Plateau uranium project, located in the Puno Department of southeastern Peru.

As quoted in the press release:

Key Highlights of PEA (at US$50/lb U3O8 life of mine uranium price)

• Cash operating costs to average US$17.28/lb U3O8 over the life of mine (“LOM”), placing it in the lowest quartile of uranium producers in the world using 2015 production figures.
• Initial capital expenditures (“CAPEX“) have been estimated at US$249.7 M plus US$50.1 M contingencies, to construct the mine and a 10.9 M tonne per annum (“tpa”) heap leach process plant using standard, off-the-shelf equipment and technology. Total sustaining capital costs for LOM are estimated at US$43.9 M.
• Net Present Value (“NPV“) at an 8% discount rate of US$852.7 M pre-tax / US$603.1 M post-tax
• Internal Rate of Return (“IRR“) of 47.6% pre-tax / 40.6% post-tax with capital payback estimated at 1.69years pre-tax / 1.76 years post-tax.
• Conservative uranium selling price of US$50/lb U3O8 used, which is well below the US$65-70/lb long-term price consensus forecasted by industry analysts, and utilized by peer comparables of the Company.
• LOM U3O8 production estimated to average 6.09 Mlbs/yr by processing 109.0 Mt at 289 ppm U3O8 over a 10-year LOM, which would rank within the top five largest uranium operations in the world.
• Standard open pit mining approach with a relatively small, higher grade underground operation contemplated with an average LOM stripping ratio of 2:1 (waste to ore).
  Optimized base case includes only 3 of the 5 main mineralized complexes with current mineral resource estimates identified to date at the Macusani Plateau uranium project. This and the Company’s largely un-explored 910 km2 land package leaves substantial upside to further extend the potential resource base.
• High grade scenarios were also considered with both heap leach and tank leach processing options, all with potentially positive economic results.

Plateau Uranium CEO, Ted O’Connor, stated:

Completing the updated PEA is a very important milestone for Plateau Uranium. The new PEA results show the significant potential of the Macusani Plateau uranium district to become a future uranium production centre. Using a currently realistic, albeit conservative US$50/lb U3O8 future price, both the estimated NPV and IRR for the project are excellent.
The low cost potential of the Macusani Plateau uranium project, with estimated production costs similar to some of the best uranium operations in the Athabasca Basin and Kazakhstan, combined with significant estimated annual production levels, and estimated capital costs of less than US$300 million, near significant infrastructure in mining friendly Peru, all highlight the potential strategic nature of our project to supply the growing near-term uranium demand expected within the next 4 years.

The strong PEA results further validate the merits of the Company’s consolidation and organic growth strategy to control all defined uranium resources in Peru. Our plan is to move the Macusani Plateau uranium project further along the path to development by progressing our environmental permitting strategy in Peru, initiating further delineation, expansion and exploration drilling, and following through with additional pre-feasibility metallurgical and engineering study work over the coming year. The work completed on the high-grade heap leach and tank leach scenarios has provided up-front, potentially economic options to consider in the future pre-feasibility work.

We are seeing signs that uranium demand is increasing as nuclear reactors are being built around the world, and economic supply has not increased. We believe that the uranium market is in the early stages of its inevitable long term recovery, and are positioning Plateau Uranium to be ready to capitalize on this anticipated recovery with an incredibly robust project.

Connect with Plateau Uranium Inc. (TSXV:PLU) to receive an Investor Presentation.

The post Plateau Uranium Announces Positive PEA Results for Macusani Plateau Project appeared first on Investing News Network.

Lucapa Diamond Company Ltd. (ASX:LOM) announced the recovery of more “special” diamonds (diamonds weighing over 10.8 carats) from its Angola-based Lulo diamond project. Among others, a 133.4-carat gem has been recovered — that’s the largest diamond recovered from Lulo to date.

Other highlights include:

• Two D-colour gems weighing 29.2 carats and 11.1 carats among other large special diamonds recovered from Mining Block 8
• Previous exploration bulk sampling in the Mining Block 6 area produced large special diamonds weighing 95.5 carats, 53.2 carats, 32.2 carats, 24.5 carats and 10.9 carats
• Mining and processing of gravels from Mining Block 6 is planned to continue throughout the Angolan wet season and beyond
• Mining Block 6 is just 4km from the diamond plant and ~2km downstream of Mining Block 8, where Lucapa has been recovering large valuable diamonds
• Size and compound nature of the 133.4 carat diamond points to a close primary source, reinforcing Lucapa’s focus on its high priority kimberlite targets

Click here to read the full Lucapa Diamond Company Ltd. (ASX:LOM) press release.

The post Lucapa Recovers 133.4-carat Diamond at Lulo Project appeared first on Investing News Network.

The gold price ended last week below $1,100 per ounce, but this week was back above that level once again. It rose as high as $1,106.20 on Wednesday, and since then has bobbed above and below the $1,100 mark — as of 12:00 p.m. EST on Friday it was changing hands at $1,098.80. 

Commenting on this activity in the gold space, Kitco states that Friday has brought fewer safe-haven buyers into the market. A firmer US dollar index “is also limiting the upside in the precious metals markets.”

Unfortunately for gold bugs, many market watchers don’t believe gold has reached the end of its troubles — this week, a number of firms released updated gold price forecasts, and for the most part they are not overly optimistic.

For instance, ICBC Standard Bank said in a note this week that it sees the precious metal averaging $1,060 this year, down from its previous forecast. Meanwhile, BNP Paribas (EPA:BNP) said in its own note that it sees gold averaging just $960 in 2016 — also a reduction from its previous call.

On a more positive note, Citi Research recently upped its 2016 average gold price forecast to $1,070. “Gold’s safe-haven rationale is back in vogue for the time being on fears of further China macro contagion, whipsaw equity markets and geopolitical issues in the form of rising Arabian Gulf tensions,” said the firm. Nevertheless, it is advising wariness about the US dollar.

For its part, the silver price fared much the same this week as it did last week. The white metal’s high for the week came Friday when it hit $14.30 per ounce, and its low of $13.88 came on Monday.

Commenting on the silver price, DailyFX market analyst Alejandro Zambrano said Thursday that the metal is “trapped in [its] familiar $13.61 to $14.40 range, and there is little reason to trade unless specifically targeting this range.”

On the base metals side, Bloomberg said Friday that copper is set for its biggest weekly rise since October, driven upward by “speculation central banks will do more to counter market turmoil around the world.” The news outlet states that LME copper for three-month delivery was sitting at $4,462 per MT on Friday morning, up 3 percent for the week.

Finally, oil prices saw some much-needed improvement on Friday, with US crude oil jumping 6.5 percent to reach $31.44 per barrel; Brent crude also saw gains. However, investors shouldn’t necessarily expect those improvements to last.

“These days are relief bounces,” Michael Antonelli, an equity trader at Baird, told The Wall Street Journal. “You would need a whole lot of days of crude oil stabilizing and a whole lot of days for the market stabilizing to feel better about where things are going.”

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. 

Related reading: 

Weekly Round-Up: Gold Below $1,100, Copper Under $2

Weekly Round-Up: Gold on a Tear After China Troubles

Weekly Round-Up: Gold Price Rebounds from Six-year Low

Weekly Round-Up: Gold Holding Steady Ahead of Fed Meeting

Weekly Round-Up: Gold Price Up After Bumpy Week

The post Weekly Round-Up: Copper Set for Biggest Weekly Rise Since October appeared first on Investing News Network.

The Wall Street Journal reported that natural gas prices fell on Friday due to concerns over demand. A snowstorm is set to hit the east coast of North America, but market watchers fear that won’t boost demand enough to help cut down oversupply.

As quoted in the publication:

Futures for February delivery recently fell 0.7 cent, or 0.3%, to $2.131 a million British thermal units on the New York Mercantile Exchange.

Moderate temperatures have reduced demand for natural gas as an indoor-heating fuel this winter, forcing producers to put more fuel in storage and pushing prices lower. As of Jan. 15, natural-gas inventories stood 17% above the five-year average for this time of year, according to the Energy Information Administration.

A blizzard expected to hit the U.S. East Coast this weekend could boost heating use, but analysts warn it could also cause power outages, which would reduce demand for natural gas as a power-generation fuel.

Click here for the full article.

The post Natural Gas Prices Dip to $2.13 per mBtu appeared first on Investing News Network.

Orocobre (ASX:ORE,TSX:ORL) announced the closing of a placement to domestic and international institutional and sophisticated investors for proceeds of roughly A$85 million. Proceeds will cover financing costs related to the Olaroz project.

As quoted in the press release:

The Placement will significantly strengthen Orocobre’s financial position and available cash balance.

The proceeds of the Placement will be used principally to service financing costs related to the Olaroz project, including principal and interest payments due in March and September 2016 and payments to the Debt Service Reserve Account. Other uses of funds are detailed in the Company’s latest presentation, released to the market today.

Click here for the full press release.

The post Orocobre Completes A$85 Million Capital Raise appeared first on Investing News Network.

UEX Corporation (TSX:UEX, OTCPINK:UEXCF, FWB:UXO) announced the closure of a $2.0 million private placement with Mr. Stephen Sorensen as previously announced in the company’s December 22, 2015 news release. Mr. Sorensen purchased 20,000,000 units at a price of $0.10 per unit pursuant to a price protection notice filed with the TSX. Each unit consists of one common share of UEX and one full share purchase warrant. Each warrant gives Mr. Sorensen the right to purchase a common share of UEX at a price of $0.20 per share for a period of two years from the closing of the Offering.

According to the company press release:

Mr. Sorensen, a long time UEX shareholder, beneficially holds directly or indirectly 22 million shares of UEX representing approximately 8.27% of the issued and outstanding shares of UEX.

The Offering was a non-brokered private placement with no commission, broker or finder’s fee.

The Company intends to use the proceeds of the Offering to fund the 2016 $1,750,000 cash payment for the Christie Lake Option due to JCU (Canada) Exploration Company Limited (“JCU”) and to cover the $250,000 payment already made to JCU upon signing of the letter of intent (see UEX’s October 26, 2015 and January 19, 2016 press releases).

Board Chair Colin Macdonald further commented:

On balance, as we move forward into the next uranium cycle, we believe UEX shareholders will be best served by the Company having a share structure that continues to be widely held and in the absence of Cameco’s special shareholder rights. This will allow all shareholders the equal opportunity to benefit from UEX’s growth through the upcoming exploration activities planned for our newly optioned Christie Lake Project.

Click here to view the full press release. 

The post UEX Closes $2 Million Private Placement appeared first on Investing News Network.

Peninsula Energy (ASX:PEN) announced an update on operations at the Lance Projects in Wyoming, USA.

As quoted in the press release:

On December 2, 2015 in-situ recovery (ISR) operations began at the Ross Permit Area of the Lance Projects and the Company is very pleased with the ramp up performance to date.

Peninsula’s wholly owned subsidiary Strata Energy Inc. (Strata) commenced production operations with the injection of O2 and CO2 at the first header house on December 2. To date the production well flow-rates have been slightly above expectation, averaging in excess of 20 gallons per minute, the level used in production forecasting. These flow rates support the Company’s expectation with regard to the affirmative permeability of the ore body, a fundamental factor in any ISR operation.

Following the injection of CO2, bicarbonate in the well field has increased from 700mg/L to 1,300mg/L without the injection of additional bicarbonate – continuation of this trend will translate to a reduction in bicarbonate usage and cost over the Life of Mine (LOM).

Since the start of production uranium head grades are increasing daily in line with expectation and several production wells are already producing uranium concentrations in excess of the rates used in the life of mine (LOM) production forecasting. The Central Processing Plant and well field systems are all operating better than expected during early production ramp up. Sampling to date is showing the capture rate of uranium on resin in the ion exchange columns is also well in excess of expectation.

Prior to operational use of the Deep Disposal Well (DDW), 168,000 gallons of buffer solution was injected into the DDW. Flow rates during injection of the solution ranged between 80 and 120gpm – a phenomenal rate, much better than expected and significantly better than seen in other ISR DDWs in Wyoming. The performance of this DDW will enable the Company to defer the timing of additional DDW’s, potentially reduce the number of DDW’s required and lower the forecast LOM capital expenditure.

Peninsula Energy CEO, Ralph Knode, stated:

We are really pleased with the operational performance at Lance. Flow rates are very good; uranium recoveries are steadily increasing in line with expectation and the Central Processing Plant (CPP) and associated systems are running smoothly and to specification. Project performance to date goes a long way to removing the key risks associated with in-situ recovery projects and will reduce the project costs going forward.

Connect with Peninsula Energy (ASX:PEN) to receive an Investor Presentation.

The post Peninsula Energy Announce Lance Project Operational Update appeared first on Investing News Network.

Kivalliq Energy Corporation (TSXV:KIV) announced, the following management appointments effective January 31, 2016: Michelle Yeung Chief Financial Officer and Jeffrey Dare, Corporate Secretary.

As quoted in the press release:

Appointment of new officers:

Chief Financial Officer

Michelle Yeung is a chartered professional accountant with five years of financial reporting experience. She earned her designation articling with a Vancouver-based accounting firm, providing audit, assurance and accounting services. Her latest experience includes providing financial reporting services to both private and TSX Venture Exchange-listed resource exploration companies, including serving as the CFO of Bluestone Resources Inc. (TSX-V: BSR). She earned her bachelor of business administration degree with a concentration in accounting at Simon Fraser University.

Corporate Secretary

Jeffrey Dare has over 7 years of professional experience with respect to managing external reporting and corporate compliance for TSX Venture Exchange listed issuers. He currently serves as the Corporate Secretary for Riverside Resources Inc. (TSX-V: RRI), Northair Silver Corp. (TSX-V: INM), Bluestone Resources Inc. (TSX-V: BSR), and Corex Management Inc., a private administration company. Through Corex Management Inc. he also advises a number of private companies spanning different industries and jurisdictions. Mr. Dare works closely with external partners and service providers in the areas of legal, compliance, transfer agency, audit, banking and insurance. Mr. Dare earned a BA from Simon Fraser University and has completed the Canadian Securities Course. After University he started his financial career working at a major Canadian bank.

These appointments come with the departure of Jonathan Singh from the role of Kivalliq’s CFO and Corporate Secretary. Kivalliq’s board and management team is very grateful for Mr. Singh’s many years of dedication and hard work on Kivalliq’s behalf and wishes him great success in his future endeavours.

Connect with Kivalliq Energy Corporation (TSXV:KIV) to receive an Investor Presentation.

The post Kivalliq Appoints Yeung as CFO and Dare as Corporate Secretary appeared first on Investing News Network.

In the fast-growing world of digital connectedness, those in the financial, digital information and healthcare sectors know they need to protect against cyber attacks. But what about the nuclear industry? Is there a reason to ramp up cybersecurity around nuclear plants?

The short answer: yes.

Following a December cyber attack that caused a power outage in Ukraine, concerns have mounted regarding cybersecurity in the nuclear sector. In fact, The Washington Post recently reported that “the stakes are even higher in the nuclear space because of the potentially devastating results of a malfunction — or the possibility someone could create an opportunity to steal nuclear materials.”

These concerns have come amid the lifting of sanctions on Iran — that’s noteworthy because the sanctions were put in place largely due to the country’s stance on nuclear power. As The Economist explains, “preventing a country’s production of nuclear materials that can be used in weapons is just one counter-proliferation measure. Another is to protect against current stockpiles falling into the wrong hands, or better yet, to ensure countries have nothing to steal by eliminating their stocks altogether.”

How can nuclear facilities safeguard against cyber threats?

The US Nuclear Regulatory Commission (NRC) explains that much of the day-to-day monitoring and operating of nuclear power plants is done either digitally or on analog. Critical digital assets are interconnected with plant safety, security and emergency preparedness functions, which are isolated from the internet, providing a certain degree of protection from cyber attacks.

Still, that doesn’t mean these facilities are entirely safe from cyber attacks. And unfortunately, a recent study by the Nuclear Threat Institute (NTI) shows that nuclear facilities across 20 nations are sorely lacking the “basic requirements to protect nuclear facilities from cyber attacks.”

Ahead of the final Nuclear Security Summit (scheduled for March 31 to April 1), the NTI’s Nuclear Security Index is showing that progress in reducing the “threat of catastrophic nuclear terrorism” has slowed, leaving major gaps in the global nuclear security system. The aim of the index is to assess how well countries are protecting their nuclear facilities against sabotage, as well as cyber attacks.

“The current global nuclear security system has dangerous gaps that prevent it from being truly comprehensive and effective,” Nuclear Threat Initiative President Joan Rohlfing commented recently, adding that “[u]ntil those gaps are closed, terrorists will seek to exploit them.”

The NTI states that while some countries have been taking steps to mitigate the potential for cyber attacks on their nuclear facilities, many still lack the laws and regulations required to provide effective cybersecurity.

To determine how countries rank in terms of overall nuclear security conditions, the NTI looked at national-level policies, actions and other factors that impact the country. To gauge a country’s risk for either theft or sabotage, NTI looked at five categories: quantities and sites; security and control measures; global norms; domestic commitments and capacity; and finally risk environment.

The organization notes that of the 24 countries with weapons-usable nuclear materials, only nine of them were awarded a maximum score for the cybersecurity indicator, and seven received a score of zero. On the other hand, of the 23 companies surveyed with nuclear facilities and no weapons-usable materials, four were granted a maximum score whereas 13 scored zero. These figures indicate that nuclear facilities are, for the most part, unprepared for the growing threat of cyber attacks.

The upshot

The Economist highlights that though progress is being made at improving nuclear safety, there is still a ways to go. In the meantime, there is “a growing risk of sabotage by a number of methods which includes cyber attacks.” Notably, some 45 countries overall have some form of nuclear facility that “would be vulnerable to a radiological leak on the same scale as the Fukushima disaster.”

The most “at risk” countries are Iran and North Korea; however, developing countries with nuclear programs, such as Egypt and Algeria, are also less secure.

Securities Disclosure: I, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.

The post Nuclear Power Plants Could Benefit from Better Cybersecurity appeared first on Investing News Network.

ALX Uranium Corp. (TSXV:AL, FWB:6LLN, OTCQX: ALXEF) announced the approval of programs and budgets for surface exploration in the winter and summer of 2016 at five projects within the Athabasca Basin in northern Saskatchewan.

According to the company’s press release:

The Company continues to evaluate three high priority targets for follow-up diamond drilling this winter. In the meantime, management will execute plans for the approved surface exploration programs, including:

• Hook-Carter Property: A ground Moving Loop Time Domain Electromagnetic (MLTDEM) survey to define deep conductors in the Patterson Lake and Carter Lake Corridors. The planned work is along strike of Fission Uranium Corp.’s Triple R uranium deposit, NexGen Energy Ltd.’s Arrow Zone and the Spitfire Discovery of Purepoint/Cameco/AREVA. The Patterson Lake conductive corridor has demonstrated the potential for world class discoveries within 10 km to the southwest. For a view of the Hook-Carter property map click: http://www.alxuranium.com/assets/docs/home/HookCarter-Project.pdf
• Gorilla Lake Property: A ground gravity survey to cover two targets: the untested northeast and southwest strike extensions of the main northeast-striking conductive trend at Gorilla Lake, where the Company intersected basement-hosted uranium in 2008, and a coincident airborne electromagnetic Ad Tau and magnetic “button” anomaly approximately 1500 metres south of Gorilla Lake. The Gorilla Lake Property is located within the Carswell Impact Structure, and is approximately 10 km north of the pastproducing Cluff Lake uranium mine which operated from 1980 to 2002.
• Lazy Edward Bay Property: A radon-in-lake survey to extend to the northeast a previous survey carried out in 2014. The Lazy Edward Bay Property is located in the southeastern Athabasca Basin, close to the regional Cable Bay shear zone, and approximately 60 km east of Cameco and JCU’s Millennium uranium deposit.
•  Perch Property: A ground gravity survey to cover a 4 km long conductor and coincident magnetic low. The Perch Property is located along the northeastern margin of the Athabasca Basin; uranium targets are at shallow depth, and there is easy access from the nearby community of Stony Rapids.
• Newnham Lake Property: A ground Moving Loop Time Domain Electromagnetic (MLTDEM) survey to define conductive targets in the southwestern portion of the property. The Newnham Lake Property is located along the northeastern margin of the Athabasca Basin; a 25 km-long conductive corridor of shallow uranium targets in the northeastern portion of the property was explored extensively in the 1970s, prior to the development of current basement-hosted, structurally controlled uranium deposits in the Athabasca Basin.

Click here to view the full press release.

The post ALX Uranium Announces 2016 Exploration Plans appeared first on Investing News Network.