Uranium undergoes a Renaissance

http://www.adelaidenow.com.au/business/uranium-undergoes-a-renaissance/story-e6frede3-1225977233554 

• Cameron England
• From: The Advertiser
• December 28, 2010 5:00PM

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Renaissance Uranium Managing Director David Christensen. Picture: Michael Marschall Source: The Advertiser

THE state's uranium sector is starting to heat up again with recent listing Renaissance performing well.

The company, which counts a number of former Heathgate Resources senior management on its staff, has jumped from its listing price of 20c on December 15 to close at 34c on Christmas Eve.

The company has a suite of 23 tenements divided into eight projects, with six of those in South Australia.

The company's management includes managing director David Christensen, who previously managed Heathgate's Beverley uranium mine in the northern Flinders Ranges and the company's former exploration and development manager manager who was responsible for the discovery of the Four Mile uranium deposit near Beverley.

"The first place we're going to be active is a place we call the Pirie Basin project on the Eyre Peninsula,"

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"We're targeting similar sandstone-hosted, ISR (in-situ recovery)-amenable Beverley style deposits in the area."

"We're hoping to get drilling going in early 2011."

Mr Christensen said the company also had three projects in the Curnamona province which contains the Beverley deposit.

Geoscience Australia had done an aero-magnetic survey over that area, with the data likely to become available to Renaissance in March.

"What we'll be able to do is use that data, as well as what we already know about the area," Mr Christensen said.

The real strength of the company was its experience in finding and managing uranium projects, which was not widespread in Australia, he said.

"What we've done is we think we've brought over a large part of the brains of the operation," he said.

Mr Christensen said the process of putting the 14,600sq/km of tenements together took about two years.

Renaissance raised $8 million through its initial public offer which is enough to fund its exploration plans for about two years.