Positive Outcome of in Situ Recovery (ISR) Analysis for Likuyu North Deposit

Gladiator Resources Ltd (ASX: GLA) (Gladiator or the Company) is pleased to provide an update on an assessment of the mining by In Situ Recovery (ISR) for the Likuyu North Deposit at its Mkuju Uranium Project, located in southern Tanzania.

• ISR is the preferred method for mining uranium deposits and accounts for over half of global uranium production¹
  
• Lower capital, lower operating costs and less environmental impact are some of the typical advantages of ISR, versus conventional mining methods.
• ERM Australia Consultants Pty Ltd (ERM) have completed an assessment of Likuyu North and conclude that the deposit is favorable for ISR.
• Likuyu North can benefit from the development of Uranium One’s Nyota deposit which is less than 30 km to the north.
• Further discoveries on the Project would further benefit the expected financial strength of an ISR operation.

Commenting on the drill results, Gladiator’s Chairman Greg Johnson said:

“The ISR assessment by ERM highlights the opportunity to develop Likuyu North. The geological and hydrogeological characteristics of the deposit appear to be ideally suited to ISR which can support significantly stronger project economics than is possible with conventional mining methods. That the deposit is close to the advanced stage Mkuju River Project operated by Uranium One provides optionality. We are optimistic that Likuyu North can deliver robust economics in today’s uranium market which is expected to strengthen further. We look forward to planning the next stage of work”.

The In Situ Recovery (ISR) Mining method

ISR (also known as ISL) accounts for over 50% of the world’s uranium production¹, all from sandstone hosted deposits such as Likuyu North. It involves the drilling of injection wells and production wells (or recovery wells) within the uranium deposit. The leaching solution (or lixiviant) is injected to react with the ore, dissolving the uranium. The uranium-bearing solution, known as the pregnant solution, is then brought to the surface for treatment and recovery of uranium.

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