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Uranium
Industry

Glossary of Terms

Note: The terms related to mineral resources and reserves, preliminary feasibility studies, exploration information and qualified persons are as defined in "CIM DEFINITION STANDARDS on Mineral Resources and Mineral Reserves" prepared by the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Standing Committee on Reserve Definitions, adapted by CIM Council, December 11, 2005.


 Concentrate
 The product resulting from the milling of uranium ore, typically containing 80 -- 90% U3O8, which is also referred to as "yellowcake". It is usually easured in terms of pounds of contained U3O8 or kilograms of contained U.
 
 Converter
 The operator of a facility licensed to receive, store and transform U3O8 into another chemical form suitable for subsequent processing.
 
 Depleted Uranium Tails
 Uranium where the U-235 content is below the naturally occurring 0.71% as the result of the enrichment process.
 
 Exploration Information:
 Exploration information means geological, geophysical, geochemical, sampling, drilling, trenching, analytical testing, assaying, mineralogical, metallurgical and other similar information concerning a particular property that is derived from activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit.
 
 Highly Enriched Uranium (HEU):
 Any form of uranium with a U-235 concentration of 20% or higher.
 
 Indicated Mineral Resource:
 An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.
 
 Inferred Mineral Resource:
 An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
 
 Long-term Price:
 The price for product sold or purchased under contract for multiple deliveries beginning after one year.
 
 Measured Mineral Resource:
 A 'Measured Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.
 
 Mineral Reserve:
 A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.
 
 Mineral Resource:
 A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.
 
 National Instrument 43-101 (NI 43-101):
 NI 43-101 is a Canadian classification scheme used for the public disclosure of information relating to mineral resources. The NI guideline is applicable to the technical disclosure about mineral properties of all public companies trading on stock exchanges which operate under the supervision of the Canadian Securities Administrators.
 
 Preliminary Feasibility Study:
 A Preliminary Feasibility Study is a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve.
 
 Probable Mineral Reserve:
 A 'Probable Mineral Reserve' is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
 
 Proven Mineral Reserve:
 A 'Proven Mineral Reserve' is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.
 
 Spot market:
 The buying and selling of uranium products for delivery within one year.
 
 Spot market price:
 Price for product sold or purchased in the spot market rather than under long-term contract.
 
 U-235:
 The only naturally occurring isotope of uranium which is capable of fission and is present in approximately 0.71% by weight in natural uranium.
 
 U3O8:
 Triuranium octoxide. It is in the form of concentrate, often called yellowcake. 1 lb. U in U3O8 = 1.17924 lbs. U<sub>3</sub>O<sub>8</sub>.
 
 UF6:
 Uranium hexafloride, a compound of uranium produced during the conversion process, which is a gas above 56 degrees Celsius and thus suitable for use in the enrichment process of U3O8 into fuel for nuclear reactors.
 
 Uranium (U):
 The heaviest naturally occurring element. It is metallic and slightly radioactive.
 
 
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