Adelaide, Mar 31, 2006 AEST (ABN Newswire) - PepinNini Minerals Limited (ASX: PNN) could be the first new uranium mine development after a change in Labor Party policy, Managing Director, Mr Norman Kennedy said today.
Speaking after addressing the 2006 Uranium Conference in Adelaide, Mr Kennedy said the Company's objective was to be in position to move quickly if the ALP adopted a more flexible policy at its next national conference in April 2007.
"I believe the Labor Party policy will change next year to allow additional mines and we want to be in a position at Crockers Well and Mt Victoria to open a mine and produce uranium," Mr Kennedy said.
"The Crocker Well-Mt Victoria project will not be a huge exercise but it certainly will be a profitable exercise and a worthwhile development for South Australia. We also have a lot of potential for expansion after the Company has a core project underway.
"As long as the PepinNini has finished a bankable feasibility study, our scoping indicated that it would take 15 months to complete all the required permitting and statutory requirements to start production.
"Between now and the next ALP national conference we want to complete a bankable feasibility study so that we know what the economics are and that the project is ready to go.
"In that light, we are very encouraged by the support for a change in ALP policy by Federal Shadow Resources Minister, Martin Ferguson, at the conference today," he said.
PepinNini's Crocker Well-Mt Victoria project is located in the Curnamona Province in SA's north-east.
About Power Minerals Limited
Power Minerals Limited (ASX:PNN) is a diversified ASX-listed mineral resources exploration company with a portfolio of projects in key demand driven commodities, in high-quality mineral belts in Argentina and South Australia.
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