Energy Resources of Australia has announced it will invest $120 million to further explore its Ranger mine site.

 

ERA will invest a total of $120 million in the Ranger 3 Deeps Exploration Decline Project to conduct close spaced underground exploration drilling and to explore areas adjacent to the Ranger 3 Deeps resource.   Work on the construction of the box cut and exploration decline is scheduled to commence in May 2012.

 

ERA's Chief Executive Rob Atkinson said the Ranger 3 Deeps exploration decline project formed a very important component of the business' future plans.

 

"This is a significant step in the process of determining the viability of an underground mine on the Ranger Project Area," Mr Atkinson said.

 

"With mining operations in Pit 3 nearing completion, we have increased our focus on potential exploration opportunities on the Ranger Project Area.

 

"In addition to investing in the Ranger 3 Deeps Exploration Decline Project, we have also invested in a three year drilling programme at a cost of $40 million to define and determine other resources at Ranger.

 

EPA announced it will award the contract to Macmahon holdings.