Shares in Paladin Energy Limited
(ASX:PDN) have risen after releasing an updated mineral resource for the Michelin Uranium Deposit in Labrador, Canada.
The uranium producer reports the measured and indicated mineral resource have increased 25 per cent and the open pit portion measured and indicated grades have increased 36 per cent.
Managing Director and CEO John Borshoff says the updated mineral resource estimate has provided added confidence in the character of the mineralisation.
Paladin Energy will now concentrate future drilling on expanding the mineral resources at the Michelin Deposit and surrounding areas.
Paladin Energy reported a net loss of $338 million in the first half of the 2014 financial year.
