Jackson targets hot uranium projects in Argentina

Australian-based exploration company Jackson Minerals is well placed to capitalise on....

Australian-based exploration company Jackson Minerals is well placed to capitalise on Argentina's plans to almost double its nuclear power consumption by 2015.Addressing a major uranium conference in Fremantle, Western Australia, Jackson Minerals Managing Director Brett Smith said Argentina had the potential to be one of the world's top 10 uranium producers and Jackson Minerals' Rio Colorado project has the capacity to be one of the country's biggest sources of uranium."Currently, Argentina's two nuclear power stations - Atucha 1 and Embalse - produce 8.6% of the country's power consumption," Mr Smith said."By 2015, the country's nuclear agency - Comision Nacional de Energia - plans to lift Argentina's nuclear power capacity to 16%, with construction of a second reactor at Atucha already underway and scoping studies being completed for a fourth reactor."The Argentinean government has favourable and responsible legislation for uranium exploration, mining and processing and maintains a right to purchase uranium from local mines at international market prices," he said.Mr Smith said Jackson is excited because both its Rio Colorado project in Catamarca and Las Marias project in San Juan are both located in close proximity to Argentina's two nuclear power reactors."This factor significantly reduces the cost of transporting the uranium to its point of use," Mr Smith said. The Rio Colorado project, located about 1,000km northwest of the Argentinean capital Buenos Aires, has a strike length of 16km and is considered a high-grade uranium-copper-silver target.Mr Smith said Jackson Minerals plans to conduct a multi-million dollar exploration program, including drilling of at least 2,000m on the Rio Colorado project by the end of 2008; however the company would require additional funding to support this activity.To date, the company has been addressing some important local community and government issues before starting its inaugural drilling program.