The Canyon Mine is a fully-permitted uranium mine located in northern Arizona approximately 6 miles southeast of Tusayan, Arizona. The mine site for this high-grade “breccia pipe” deposit has less than 20 acres of total surface disturbance and is situated on land managed by the U.S. Forest Service. The mine was approved by the Forest Service and partially developed in the late 1980’s. There is significant existing infrastructure at the site, including a head-frame, hoist and a partially sunk shaft. There are approximately 1,629,000 lbs. of U3O8 at Canyon, contained in 82,800 tons of inferred resource at an average grade of 0.98% U3O8.
Refurbishment of surface facilities development has begun at the Canyon Mine, and the Company expects to sink the remainder of the shaft and complete all surface and underground facilities by 2014. Shaft sinking is currently underway. Production is expected in 2015.