May 2, 2012 - By Mead Gruver, The Associated PressCHEYENNE -- A company is proposing what would be the first in-situ uranium mine in southern Wyoming, a roughly 150-acre site where hundreds of wells would pump uranium solution from the ground in a remote corner of the Red Desert.
In-situ mining involves dissolving uranium out of sandstone deposits and pumping the uranium solution to the surface. The solution then is processed into yellowcake.
Lost Creek, LLC, ISR, a subsidiary of Littleton, Colo.-based Ur-Energy, is proposing the uranium operation about 15 miles southwest of Bairoil in northeastern Sweetwater County.
The project has several required permits from the U.S. Nuclear Regulatory Commission, Wyoming Department of Environmental Quality and others. About all that's left is U.S. Bureau of Land Management approval, said John Cash, Lost Creek's vice president of regulatory affairs.
Long-term uranium prices are down from around $100 five years ago to about $60 per pound.
"Which is sufficient for us," Cash said Tuesday. "We're in great shape at those prices."
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