March 30, 2006 at 07:33 AM EST
Uranium worth A$15 Billion Stays in Ground Due to Mining Ban
The Western Australian Government's ban on uranium mining is preventing development of uranium valued at $15 billion, according to Nova Energy Chairman, Mr Tim Sugden.

Mr Sugden told the 2006 Uranium Conference that Nova's Wiluna uranium deposit in central WA would generate $1 billion in revenue at current uranium prices.

"We believe you could multiply that figure by 15 times if all the potential projects in Western Australia could be developed," Mr Sugden said.

While the current WA Government's policy leaves a valuable resource in the ground, Mr Sugden told delegates that he was confident growing political and public pressure could see the WA ban overturned within the next two years.

Nova's Lake Way and Centipede deposits contain an inferred 20 million pounds of yellowcake and, in being close to the surface and amenable to simple excavation and transport, could be quickly and economically developed.

Mr Sugden said the revenue generated by the development of Lake Way and Centipede would make a valuable contribution in employment, business opportunities, and health to a struggling regional community like Wiluna.

About NOVA ENERGY LIMITED:
Nova Energy Limited (NEL) is a uranium exploration company, with projects located in Western and South Australia. Company's current focus is on the delineating a JORC-compliant resource at its Wiluna assets, comprising Centipede and Lake Way projects, followed by conducting a feasibility study.

Contact:
 
Tim Sugden
Chairman, Nova Energy
Mob: 0407 085 032


Peter Gill
Senior Consultant
FIELD PUBLIC RELATIONS
 
231 South Road
MILE END  SA  5031
Tel:  08 8234 9555
Fax: 08 8234 9566
Mb:  0417  784 059
peter@fieldpr.com.au 


Source:
NOVA ENERGY LIMITED

Copyright © 2006 ACN Newswire. All rights reserved.
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