Aura Energy said Tuesday its feasibility study of the Tiris Uranium project was expected to be completed by year end, with production estimated to get underway in 2020, as the company inches closer to producer status.

The Tiris feasibility study was progressing well with all major work targeted for completion by year end, the company said. The study was in full progress on a number of fronts, following a period of constrained activity due to previous weakness in the uranium price.

The Tiris uranium project, a near-term development project with production expected in 2020, had 17m pounds uranium oxide resource, had a $45m capital cost and $19.40 a pound operating cost, according to the 2014 Tiris Scoping Study. 'The progression of the Tiris Uranium Project DFS is pleasing, following an extended hiatus during the period of lower uranium prices. In the current environment of rising prices, the Tiris Project with its low capital and operating costs remains currently as one of the world's most compelling uranium development projects,' said Mr Peter Reeve, Aura's Executive Chairman.

'The current rise in the uranium price is encouraging and the Tiris Uranium Project is expected to be in production in 2020 (subject to financing and permitting) moving Aura to producer status.'

At 9:58am: (LON:AURA) Aura Energy Limited share price was 0p at 1.05p