URANIUM IN QUEENSLAND

Press, Volume XCVIII, Issue 28895, 15 May 1959, Page 16

URANIUM IN QUEENSLAND

Factors’ Interest In Exploitation (N.Z. Press Association—Copyright) MELBOURNE, May 14. A company known as Queensland Mines. Ltd., has been formed for the purpose of putting into production uranium deposits near Mount Isa. Queensland, estimated to contain at least £l6m gross worth of uranium. Factors, Ltd., the Melbourne Finance and Investment Company holds 51 per cent, of the shares and Australian Oil Exporation, Ltd., a subsidiary of Mary Kathleen Investments. Ltd., has the balance. The project depends on obtaining a satisfactory contract for sale of uranium oxide. In this event. Factors, Ltd., will finance the treatment plant, the company reported today. The Bureau of Mineral Resources has been called in by Queensland Mines and representatives are now at Anderson’s Lode, checking the calculations and finding. The most important deposit held by the new company is Anderson’s Lode. 11 miles east from Mount Isa. The Australasian Oil Exploration Company, acquired Anderson’s Lode in 1954, but until recently the deposit has posed treatment difficulties. Recently, development work has accelerated. Three diamond drills have been operated continuously since December. 1958, and estimated ore reserves have been increased to 800,000 tons.