Lifespan Acquires Uranium-Vanadium Mine in Utah Monday March 19, 9:00 am ET
LAS VEGAS--(BUSINESS WIRE)--Lifespan, Inc. (OTCBB:LSPN - News) has acquired 100% ownership of the La Sal West uranium-vanadium mine in the prolific La Sal uranium district in southeastern Utah. The La Sal West Mine is a past producer that ceased operations in the late 1970's owing to the decline in world uranium prices from $35/lb to $7/lb. ADVERTISEMENT
The current global interest in nuclear power and the environment has resulted in an unprecedented increase in the price of uranium to the current price of over $90/lb.
"La Sal West is an extremely significant property that will form the cornerstone of our portfolio of quality uranium prospects," said Stuart Brame, CEO and Chairman of Lifespan. "We expect our acquisition of the La Sal West Project will enable Lifespan to begin capitalizing on commodity prices that are currently at historic highs."
Today, uranium is selling at an all time high, according to the World Nuclear Association, given a renewed worldwide interest in nuclear power as a clean energy source and dwindling supplies of the in-demand commodity."
The La Sal prospect contains 111 mineral claims covering 2200 acres, including the La Sal West Mine as well as additional areas designated by the US Geological Survey as "favorable" for uranium mineralization. Located approximately 220 miles east of Las Vegas, the claims have a similar stratigraphy to Colorado Plateau type deposits, one of the principal sources of uranium in the United States. There is also a uranium-vanadium processing plant approximately 100 miles south of the property.
Mining began at La Sal West in the 50's and continued through to the late 1970s. The ore produced at the La Sal West Mine contained up to 0.35% U3O8 (Uranium) and 1.5% V2O5 (Vanadium) resulting in the production of in excess of one million tons of ore. The current world average ore grade for uranium is currently only 0.15%.
Vanadium is a rare, soft and ductile element found combined in about 65 different minerals and used mainly to produce certain alloys selling for approximately $15 lb. It also has several energy related applications.
Under the terms of the Acquisition Agreement, Lifespan made an initial payment of US$100,000 to acquire the property. Lifespan will make additional payments of cash and shares and perform certain exploration expenditures pursuant to the acquisition agreement.
Contact: Lifespan, Inc. Stuart Brame, 213-841-0094 (Corporate Communications) stuartbrame*yahoo.com
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