The Oobagooma uranium deposit is 75 kms north east of Derby in the west Kimberleys, on a military training site − Yampi. Paladin has signed a memorandum of understanding with the WA and federal governments to explore for uranium at the Yampi Sound Training Area. It is unclear from the MOU whether the project will undergo normal state and federal assessment processes.

The Oobagooma deposit contains an estimated 9,000 tonnes of U308. The deposit was held owned by Afmeco Mining and Exploration (AFMEX), a subsidiary of Cogema Australia, but was sold to a wholly-owned subsidiary of Paladin Resources in 1998 for A$0.9 million plus 1% royalty. The inferred resource calculated by AFMEX is 9950 tonnes of uranium oxide at 0.12% U3O8, with cut off of 0.03%, though this does not conform to JORC criteria. In situ leaching appears to be the most likely method of extraction and some pump test work has been done.

Update:

Paladin looks to save $US60m

Nick Sas, The West Australian, 8 November 2012

http://au.news.yahoo.com/thewest/business/a/-/wa/15327757/paladin-looks-to-save-us60m/

As shares in Perth-based Paladin Energy hit seven-year lows yesterday, managing director John Borshoff hit the brakes on its expansion strategy, saying the miner’s current uranium sale price would have to almost double before new developments could come online. … Paladin has two early-stage projects in WA – the Manyingee project, 85km east of Onslow and the Oobagooma project 75km north-east of Derby, and Mr Borshoff flagged a slowing in its exploration programs. He said that the company had enough cash to meet spending requirements on its Valhalla deposit in Queensland, following the Newman Government’s decision to lift its uranium mining ban last month, which opened the door for its early-stage Mt Isa project.

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