SEVEN million pounds of uranium, in the last three years, have been found in Guyana, and the exploration company Prometheus Resources (Guyana) Incorporated is estimating a 50 million find within the next three years. In an interview with the Vice President, Investor Relations, Ms. Nancy Chan-Palmateer, from the parent company,The Uranium Discovery Company U308 Corp, she said, “The investment is worth it because seven million pounds is the tip of the iceberg…we are at the beginning of a potential 50 million find.”
The uranium has been found in Kurupung, Region One (Barima / Waini), and according to the Vice President, drilling for the first targets has commenced in the Roraima Basin, Region Seven (Cuyuni/ Mazaruni).
“Apart from the 50 million pounds that we are expecting from Kurupung, the Roraima Basin has the potential to be a home run,” she opined.
Chan-Palmateer noted that U308 Corp, listed on the Canadian Stock Exchange, had been able to raise CDN$30M at the start of its operations and since then has invested an additional CDN$20M.
However, before making the investment, the Vice President said major checkmarks that needed to be considered included government’s position on mining and the jurisdiction stipulations.
“We have confirmed the seven million pound deposit and have identified six other structures, but we have not drilled sufficiently enough. It would take us another two to three years to reach the 50 million pound target,” she said.
After that, she pointed out, an independent estimator will come in to verify the work done by Prometheus Resources.
Chan-Palmateer highlighted that Prime Minister Samuel Hinds, with responsibility for mining in Guyana, visited the operation in Kurupung, and this is an indication of the potential of Prometheus Resources’ work.
Responsibilities
The Vice President made it clear that in conducting uranium exploration, responsible operations is factored in with the aim being sustainable development.
She explained that relative to employees, a safe and healthy working environment is of utmost importance.
Among the protective measures, she pointed, out are successful malaria control, worker radiation monitoring devices, protective gear and contamination controls and monitoring.
Chan-Palmateer added that the creation of tangible, long-term benefits is another area of focus that will benefit the local communities in areas of exploration.
She said 80 per cent of employees are from Guyana, 65 per cent of whom are Amerindians.
Contributions to the community, according to her, include school supplies, tools, generators, solar panels, mechanical assistance and computer training.
“A big way of giving back is the scholarship programme we sponsor to the University of Guyana for the Geology Degree Programme…This is their third year now, so we have about nine persons at the University,” she said.
In her view, establishing early communication and relationships with the local communities in the exploration areas is important.
Chan-Palmateer noted too that her company is committed to environmentally responsible exploration and is aiming to minimize their carbon footprint by using and improving on exploration roads and limiting disturbance around new drill pads.
“We even have our own vegetable farm at the camp. The extra we have goes to the local community,” she said.
The rewards of the exploration activity, she said, are twofold: the locals benefit from enhanced opportunities, and the company benefits from its efforts.
“At the end of the day, our investors, our shareholders, want to see value in the investment that they have made. They want to see appreciation in the share prices…If we are able to make an investment that is economic, it would be the first uranium discovery in Guyana, a potential source of revenue for the state…There are good benefits,” she said.
However, the Vice President acknowledged that it has not been a completely smooth road. Rather there have been “hiccups” involving the Ministry of Home Affairs.
Chan-Palmateer termed these “operational” difficulties.
Regardless she said, “We are on to something potentially significant and are at a stage where we are making progress.”
The Vice President posited that her organisation is committed to exploration for uranium for the long run.
U308 Corporation is described on its website as a Canadian junior mineral exploration company based in Toronto, Canada.
The company is currently focused on uranium exploration in Guyana, with its primary business objective being to acquire and explore, with the intent of developing, mineral resource properties.
To date, its subsidiary, Prometheus Resources (Guyana) Inc, has been granted two Reconnaissance Permits, the CM Permit (Permit A) and the PMCR Permit (Permit B), by the Guyana Geological and Mines Commission (GGMC), to conduct geological and geophysical surveys on adjacent lands covering an area of approximately 1.33 million hectares in western Guyana.