Both Union hill and black reef, are their start up mines. Alliance Resources spent 18 million plus developing the decline to the alliance south shoot before closing it in 2008 to preserve funds for their uranium mine. If the permit had come through for black reef before they could get union hill running, they probably would of started it first although it probably makes sense to start up union hill first as its already been mined before with everything been maintained since it shut down. They say black reef is their most advanced exploration target at wehla so im gathering the open pit is completely new hence getting all the associated permits in place will take abit more time. Either way, Anthony suggested the other day that they're only weeks away from start up at union hill. When you look at what they have atm, 6 mill cash, a processing plant, a underground mine that had 18 million spent on it and only 100 million shares on issue, things could look bright if they come up with the goods once mining starts.
ORS Price at posting:
14.7¢ Sentiment: LT Buy Disclosure: Held
