Four Mile Uranium Project Sets to Start

Alliance Resources (AGS) have settled its long-running litigation with joint venture partner US Group Healthgate but kept the details of the settlement in confidential. Finally, the Four Mile Project for a uranium mine will be starting to develop after its delay.

Four Mile was scheduled to start last April after winning a clearance from former Environment Minister Peter Garrett in July 2010. Named after the distance from Heathgate's Beverley uranium mine, Four Mile is expected to become the 10th biggest uranium mine in the world, producing 1400 tonnes per year. The project has the potential to be the most profitable mines in Australia and the the largest producing, with the highest grade In-Situ-Recovery (ISR) mines in the world.

The settlement and future gains from the project have increased Alliance Resources' share price by 10.5 cents or 77 per cent to 24 cents.