(together "Red Cloud") to provide the Company with a range of capital markets advisory services. The Company also advises it has appointed Red Cloud Securities Inc. The Rosita Plant is designed to process uranium feed from multiple satellite operations, all located in the South Texas area and is 1 of 11 licensed uranium processing plants in the United States, 2 of which are owned by enCore Energy. With a completion deadline at the end of Q2/2022, the plant is on schedule and on budget to meet a 2023 production target. Rosita Central Uranium Processing Plant (Rosita Plant)ĮnCore's Rosita Plant, located approximately 60 miles from Corpus Christi, Texas, is a licensed, past-producing in-situ recovery (ISR) uranium plant currently under refurbishment. "Acquisition and archiving of historical exploration data has been an important part of our corporate strategy from the beginning and promises to save us millions of dollars in exploration expense as we go forward with our expansion plans," Sheriff noted. Previous ISR recovery in the Rosita Production Area was confined to the shallowest of these units, leaving the lower sandstone units essentially untested. All of these sands lie within 800 feet of surface beneath the project area.
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The evaluation of this newly-acquired data led to the 12 drill holes which intercepted highly anomalous down-hole gamma radiation indicative of uranium mineralization from 8 mineralized sands and an additional 4 potentially mineralized sands within the Goliad and Oakville formations. The success of this exploration program has been made possible through the recently acquired access to more than 1,500 drill logs and historical geological data from Mobil Energy Minerals Company, Moore Energy Corporation and URI, Inc. Twelve deeper exploration holes, totaling 7,380 feet, were designed to test for uranium bearing sands below the known shallow mineralized sands at Rosita South. The addition of more drill rigs will increase the pace and breadth of both our delineation of known mineralization and exploration of these deeper mineralized sands." "The potential of multiple stacked uranium mineralized units can be compared in concept to oil and gas where there are commonly multiple pay zones (oil and gas bearing units) in a producing well or in many gold systems where near surface gold deposits overlay one or more deeper-rooted structures or units with gold mineralization. The results indicate enhanced potential for further uranium mineralization not only from the previously known shallow deposits but more importantly the virtually untested numerous stacked mineralized sands underlying the licensed production area," said William M. "We are pleased with the initial results from the on-going drill programs which have been designed to expand known mineralization at Rosita South and explore for new deposits at depth. To view the project map and geologic section. Delineation drill results established an extension of mineralization in the Production Area which supports the start-up of the Rosita Plant expected next year.
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#Encore energy oil corporation ltd plus
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32 drill holes reported for a total of ~11,000 feet including 20 delineation drill holes and 12 exploration drill holes.(See: Denbury Resources to acquire Encore for $4.5 billion )Īfter the acquisition, Denbury sold in April 2010 certain oil assets of Encore Acquisition to Houston-based Quantum Resources Management LLC for $900 million, (See: Denbury strikes $900-million partial asset sale deal with Quantum Resources ) to pay down the company's $1.6 billion bank credit facility, which had $800 million outstanding as on 31 March 2010.ĭenbury, which currently has a long-term debt of around $2.8 billion, said it will use the net proceeds from the current sale of its stake in Encore Energy Partners to repay outstanding bank debt and to fund any shortfall between its anticipated cash flows from operations and planned capital expenditures during 2011.Highlights of the Rosita South uranium delineation and exploration drill programs include: Texas-based Denbury had acquired the 46-per cent stake worth $400 million in Encore Energy Partners as part of its $4.5 billion buyout of Encore Acquisition Company in November 2009. Vanguard to acquire Denbury's 46 -% Encore Energy stake for $380 mnĭenbury Resources Inc, an independent US oil and natural gas exploration company, today said that it will sell its 46 per cent stake in Encore Energy Partners to Vanguard Natural Resources, for $380 million in order to repay bank debt.