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Article: New Mexico and Arizona Land Co. announces work to begin on Hosta Butte uranium mine.
- Article from:
- Business Wire
- Article date:
- February 20, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ALBUQUERQUE--(BUSINESS WIRE)--Feb. 20, 1996--NZU Inc., a wholly owned subsidiary of New Mexico and Arizona Land Co. (AMEX:NZ), Tuesday announced that it will move forward to design and permit the company's Hosta Butte uranium deposit for in-situ leach (ISL) mining.
The deposit is located in northwest New Mexico a few miles from the community of Crownpoint. Independent consulting studies have indicated that uranium resources on NZU's fee mineral rights are on the order of 13 million-14 million pounds of uranium oxide equivalent. Spot prices for such commercial uranium recently hit $14 per pound according to privately published market sources.
The company ...