Valence Industries Ltd. (ASX:VXL) announced the maiden JORC 2012 graphite ore reserve for its South Australia-based Uley graphite operations. It also released an initial life of mine estimate for Uley.

The company plans to put out a feasibility study later this month.

Christopher Darby, managing director and CEO of Valence, commented:

[T]his maiden graphite ore reserve is a significant milestone for Valence Industries. It underpins our plans for production and commercial sales of graphite. Valence Industries is unique in Australia, we have an Ore Reserve and a graphite plant in place with high grades of flake graphite to process. We forecast an initial life of mine of 6 years for Uley Pit 2, with the initial mine production plan processing over 2 Million tonnes of ore.

Click here to read the full Valence Industries Ltd. (ASX:VXL) press release.