Overview
Cue owns a 100% interest in the Yuty Uranium Project in the Republic of Paraguay. The Paraguayan Government has issued Cue (through its wholly-owned subsidiary Transandes Paraguay, S.A.) a mining concession, giving Cue full mining rights for an initial 20-year period.
What We Like about Cue Resources!
- 8.3m Indicated and 1.2m Inferred – Pounds eU3O8
- Significant Exploration Upside Potential
- 20 Year Mining Rights Already Granted
- Successful In-Situ Recovery (ISR) Tests Show Potential for Low Cost Production
Property Summary – Yuty Project, Paraguay
Historical drilling was done by Anschutz Corporation in partnership with Korea Electric Power and Taiwan Power. Over $30 million was spent drilling 266 holes over a large area deterining the geology and setting. Starting in 2007, Cue Resources spent $11.7 million futher deliniating the resource, drilling 218 holes and producing the NI 43-101 compliant resource. The Yuty uranium project includes the San Antonio deposit with a mineral resource of:
- Indicated Resource 9.0M tonnes @ 0.042% eU3O8 containing 8.3Mlbs eU3O8
- Inferred Resource 1.1M tonnes @ 0.050% eU3O8 containing 1.2Mlbs eU3O8
 The Paraná Basin covers large portions of southern Brazil, eastern Paraguay and northern Uruguay. The host formation is sands of the San Miguel formation of upper Permo-carboniferous age. The same formation is host to the Figueira deposit in Brazil which is reported to have produced in the order of 15-20 million lbs U3O8. Early in the drilling program, uranium mineralization was encountered, with the typical appearance of a roll front system. Systematic drilling on wide-spaced drill fences outlined many target areas, with several strongly mineralized intercepts being encountered. Given the wide spacing (usually in excess of 1 km between holes) these results were rightly considered to be highly encouraging. Drilling on the Yuty project in the early 1980’s had outlined a well-mineralized zone (the San Antonio zone) extending over 7 kilometers of strike length. Early in 1982 the operator estimated a resource of 5M lbs. By the end of the 1982 drill program, this had been extended to a resource of about 14,000,000 lbs U3O8. Preliminary mining studies were planned for 1983. However with the collapse of the uranium market in the early 1980’s all work was ended on the property after the completion of the 1982 program, an all-too-common story in the uranium business.  In 2008 a column leach test returned 86% recovery with sulphuric acid, reinforcing previously performed lab testing which had resulted in 86-97% recoveries. Initial permeability/porosity evaluation returned values within the range of other commercial ISR operations. Only a small area of the 231,000 hectare Yuty exploration permit has been properly explored, with 450 drill holes completed on the property since 1976 and many high-potential targets remaining to be tested across the property.
Management
- John Icke, Executive Chairman and Interim Chief Executive Officer. John Icke is a senior executive with more than 25 years global management experience, 14 in the role of President, General Manager or Chief Executive Officer, in both the private and public sector. He was previously the president of Accenture Business Services for Utilities, the largest business process outsourcing practice of its kind worldwide. Most recently, he had been a principal of JRI Strategy Consultants Inc., a business consultancy which provides strategic counseling and leadership to senior executives of retailers, technology and consumer goods manufacturing businesses. His previous positions include: president and CEO of Lily Cups Inc; founding director and chairman of Canadian Polystyrene Recycling Association (C.P.R.A.); corporate vice president and general manager of Indigo N.V.’s worldwide packaging business; and chief operating officer and executive vice president of Sweetheart Cup, a subsidiary of Fort Howard. Importantly, Mr. Icke has significant experience with private equity in addition to debt and public equity financings.
- Chris Healey, P.Geo, Chief Operating Officer and Director. Mr Healey is a licensed professional geologist in Wyoming with over 38 years experience in the natural resources industry, specializing in uranium exploration and extraction. He has held senior positions with Cameco Corporation, the world’s largest uranium producer, where he recently managed its US operations and was responsible for the acquisition of several major uranium properties that hosted in excess of 50 million pounds of resources. He was involved in the discovery of the world’s two largest high grade deposits: Cigar Lake and McArthur River. Chris has broad and deep experience in all aspects of resource mining, especially in the uranium sector. He has also worked on uranium projects around the world, including Canada, the United States, Paraguay, Kazakhstan, Mongolia, Australia and Malawi.
- Jon Lever, Chief Financial Officer. Mr. Lever is a Certified Management Accountant and has extensive experience with venture-stage private and public companies in the energy and natural resource industries. He began his career with Touche Ross & Co (now part of Deloitte) in 1985. In recent years, Mr. Lever served as Chief Financial Officer for Wealth Minerals Ltd and Tournigan Gold Incorporated. He currently serves as CFO for junior exploration companies Salmon River Resources Ltd and Cascade Resources Ltd. He also acts as CFO for clean energy developer Finavera Renewables Inc.
- Rahoul Sharan, C.A., Director. Mr Sharan brings over 18 years of finance and accounting experience to Cue Resources Ltd. He is responsible for managing all of Cue’s accounting and financial matters. Prior to joining Cue, Rahoul was a partner of the S&P Group, which specializes in investment financing for venture capital projects, real estate development and construction. At S&P Group, Rahoul led the successful financing efforts for over 15 companies in several industries. He serves on the Boards of numerous public companies.
- Robert S. Tyson, Director. Mr. Tyson is a corporate development specialist with 17 years experience in financing and managing public companies. Currently, he is President and CEO of Source Exploration Corp., a private exploration company focused on the development of it’s San Acacio Silver Project in Mexico. Previously, he has held the positions of Vice President, Corporate Development at Solex Resources Corp., Minco Gold Corporation and Minco Silver Corporation. He has also held several senior management positions and directorships with Canadian and U.S. based publicly trading companies with his primary responsibility being corporate compliance, finance and investor relations.
- Gregory L Adams, Senior Consultant. Greg is a highly experienced uranium geologist with over thirty-five years of professional and technical experience managing exploration and development functions. During his long and successful career in uranium exploration, development and production he has worked for Exxon Minerals Co. U.S.A., Everest Minerals Corp., Nuclear Electric of Great Britain, and Power Resources Inc. (a Cameco subsidiary) and Uranium Power Corp., as a Senior Geologist and Exploration Manager. Greg has an extensive background in both conventional and ISL uranium mining operations.
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Share Information
Share Structure
| Shares Outstanding: |
48,993,138 |
| Options: |
2,500,000 |
| Warrants: |
10,257,540 |
| Fully Diluted: |
61,750,678 |
| Stock Exchange: |
TSX-V: CUE |
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Fri, May 8, 2009
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