Uranium study boosts Energy Metals

An updated scoping study into West Perth-based Energy Metals Ltd's Bigrlyi uranium and vanadium project in the Northern Territory has boosted the mine's life from eight years to 12 years.

The study, based on a resource of 23.4 million pounds of uranium oxide and 43.7Mlbs of vanadium, has boosted projected uranium project from 8.4Mlbs to 16.2Mlbs.

Vanadium production has increased from 7Mlbs to 14.5Mlbs.

Parameters of the study was a uranium price of $US75 per pound, a vanadium price of $US4/lb and an Australian dollar rate of US75 cents.

The mining plan involves six open pits at three deposits.

Energy Metals said there is potential to delineate additional resources with mineralisation remaining open. Further drilling at the project will start next month.

Shares in Energy Metals rose 15 per cent to a high of $1.10 before settling at $1.05 at 12:52AEST.