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<br />Cotter Corporation <br />Mr. Bruce Humphries <br />October 27, 1994 <br />Page 5 <br />G <br />June - September. Determine requirements, construct maps, <br />and formulate Storm Water Management Plan, (5). <br />October. Final closure of underground fuel stora~le, (4). <br />November - December. Investigation of water ingr~:ss <br />through diamond drill holes, and the feasibility of hole closure <br />by grouting, (5). <br />1994 <br />January - April. Implementation of grouting proj~act from <br />1993 study, which reduced water flow 150-175 gpm, (5). <br />June - August. Feasibility study for placing the mine in <br />production in 1995, (5). <br />Mining Plan <br />The Schwartzwalder will be operated as an intermi+:tent <br />operation until such time as mine operations are terminai:ed. <br />Activities similar to those which have occurred since 1989 will <br />continue to take place until full production resumes. A:~ the <br />market for uranium dictates, the Schwartzwalder may oper~ite <br />continuously at full or partial capacity under the permitted <br />mining plan as proposed in this technical revision reque:at for <br />unknown lengths of time, or it may be maintained in a "rcaady" <br />state for periods in excess of 180 days. Likewise, the <br />Schwartzwalder may operate at some degree between these t:wo <br />extremes. As an active intermittent operation, the <br />Schwartzwalder and its facilities will be continuously managed in <br />preparation for mining. <br />Known ore reserves very from a low of 120,300 ton:, to <br />458,200 tons, depending on market conditions. Reserves sire <br />currently indicated to the 2100 level with the lowest operating <br />level being 1900. This seems to be characteristic of thca <br />Schwartzwalder, that is, reserve development is confined to 200 <br />feet below the lowest operating level, which makes the u:Ltimate <br />mine life difficult to predict. However, as a minimum, reserve<_ <br />should be developed to the lowest level that drilling ha:; <br />encountered mineralization, which is the 2500 level. Us:~ng <br />historical data at least, 217,000 tons will be added to c;urrent <br />reserves. Therefore, mine life, at a sustained production rate, <br />would range from five years to nine years, depending on market <br />conditions. Since intermittent operations are a distinct: <br />possibility the overall life would be extended by period:; of <br />nonproduction. <br />