Sunday, November 28, 2010

Mervs Uranium Index Weekly Performance Monday Nov22 - Friday Nov26 2010

Published on Sunday November 28 2010
List Below consists 50 component stocks of 
Merv's Uranium Index 
As you can see it was an exceptionally Bullish week for North American Uranium Exploration/Mining Stocks, just hope that these gains from last week can build onto our ASX Uranium Stocks over the coming period.


Wednesday, November 24, 2010

Black Range Minerals Receives Green Light To Explore 30Million Lb Hansen Uranium Deposit

Published on Wednesday November 24 2010

Fremont County commissioners on Tuesday narrowly passed a resolution approving expanded uranium exploration in the Tallahassee Creek area, putting into place stringent guidelines aimed at protecting water.

The commission voted 2-1 to allow Australia-based Black Range Minerals' request to expand exploration on an additional 2,220 acres of property known as the Hansen Deposit, which is believed to be the largest uranium deposit in the district.

Black Range initially received permission from the Fremont County Commission in 2008 to explore for uranium in the Taylor Ranch area west of Canon City. The company is working to determine whether or not it would be economically viable to commercially mine for the ore both on the Taylor Ranch site and the Hansen Deposit to the south of it.

In passing the resolution, commissioners also put into place 34 conditions the company must abide by to continue exploration. Commissioner Mike Stiehl cast the one dissenting vote, saying the commission has, "Gone beyond the conditions crafted the first time around and I think done a better job of protecting our water."

Black Range Explorations Manager Ben Vallerine asked the commission to consider changing one of the conditions from twice-a-year water well monitoring to once a year.

"We would like some degree of flexibility in that," Vallerine said.

"We didn't agree with that and wanted twice-a-year monitoring because of the wet and dry times," Stiehl said.

Vallerine also requested the proposed water sampling take place twice a year on wells within a half-mile of exploration areas and only once a year for wells outside of the half-mile range. Again, the commission denied that request.

"The applicant continually is resistant to monitoring and I am not able to understand why they are resistant," Stiehl said.

"Our discussions centered around the water issues in general and we feel strongly about being protective of the water," Commissioner Larry Lasha said.

Commission Chairman Ed Norden said the stringent conditions may be unprecedented for prospecting and exploration.

"If something like this had been in place during the 1970s uranium exploration by Cypress, it would have served us well," Norden said.

The Company intends finalizing Definitive Agreements 
as soon as practicable.  Pre-feasibility studies into the development of the combined Taylor Ranch/Hansen Uranium Project will commence shortly thereafter.

Letter Of Intent

Key components of the Letter of Intent are:
Black Range has paid STB US$500,000 for the exclusive right to acquire an option over STB's mineral interest in the Hansen Uranium Deposit and immediate surrounds. STB and Black Range will work towards finalising and executing Definitive Agreements by August 2010.

On execution of Definitive Agreements Black Range shall pay STB US$1.0 million and issue STB US$2.5 million worth of shares in Black Range (based on Black Range's 5-day VWAP for the period immediately preceding the issue of these shares). 50% of the shares shall be escrowed for six months from the date of their issue.

On execution of Definitive Agreements, STB shall grant Black Range an option to acquire STB's mineral interest in the Hansen Uranium Deposit at any time until August 6, 2013 (the "Option Period").

During the Option Period Black Range shall undertake feasibility studies into the development of a commercial scale mining operation at the Taylor Ranch/Hansen Uranium Project, evaluating all potential mining methods.

In order to exercise its option to acquire STB's mineral interest, Black Range shall pay STB a further US$2.0 million and issue STB US$7.5 million worth of shares in Black Range (based on Black Range's 5-day VWAP for the period immediately preceding the issue of these shares) within the Option Period. 50% of the shares shall be escrowed for six months from the date of their issue.
Once  Black Range exercises its option to acquire STB's mineral interest, Black Range shall also concurrently purchase the surface rights covering certain parcels of land that will be directly affected by a mining operation, under terms and conditions already agreed between STB and the surface owners.

If, as a result of the current quiet title action initiated to resolve historic ownership of the Hansen Uranium Deposit, it is found that STB rather than NZ Minerals LLC ("NZ Minerals") holds the disputed 49% interest in the Hansen Deposit, Black Range shall pay additional consideration to STB that shall comprise (i) US$1.0 million together with US$1.0 million in shares on resolution of the quiet title action and (ii) US$2.0 million and US$2.0 million in shares on commencement of mining ­ the same consideration that Black Range has previously agreed to pay NZ Minerals for its mineral interest in the Hansen Deposit.

By executing the Letter of Intent, Black Range in no way disparages or takes a position regarding NZ Minerals' or STB's claim to the disputed 49% mineral interest. 

Once  Black Range exercises its option to acquire STB's mineral interest, STB will be entitled to a 1.5% royalty on production from the Hansen Uranium Deposit. The royalty may increase slightly in the event of certain provisions pertaining to possible dilution of Black Range's share capital during the Option Period. 

Looking forward to a very upbeat year ahead in 2011 

Click Image To Access Uranium Stocks Australia


Sunday, November 21, 2010

Black Range Minerals Hansen/Taylor Project 100% Aquisition Almost Complete

Published on Sunday November 21 2010

BLR 6 Month Chart

Black Range Minerals is currently in the process of amending its current conditional use permit to allow for expansion of mineral exploration into the adjoining Hansen Ore Body.

A CUP decision in BLR's favor next week (Tuesday Nov 23), will see the beginning a Major uptrend in share price. With a current Market Cap: of just $23,608,552 it values BLR's in-ground U3O8 resource at just 23cents P/Lb. inclusive to $5Million Cash reserves, so in reality 18cents P/Lb.  
*** NOTE Current UxC U3O8 Long Term Price US$62.00P/Lb.

It's entirely feasible that within, 18 months to 24 months from next week Black Range Minerals will have a mine underway, and as you probably already know most of the money (share price appreciation) is made on the run up to actual mining.

Here's a presentation Mike made at the Canary Events Uranium Conference back in July 2009. Pay special attention to the part about what will happen when they have all of Hansen.

Colorado U.S.A.

Mike Haynes,
Managing Director,
Black Range Minerals Limited

Here's an Interesting article regarding the soon to be 100% Black Range Minerals, owned Hansen Uranium Project, I managed to find this article some years ago.

Hansen Property - Location and Access

The Hansen Property is comprised of NZ Uranium LLC's 49% interest in 2,560 acres in four sections of land: Sections 21, 22, 27 and 28 of Township 17 S, Range 73
W, 6th P. Meridan, Fremont County, Colorado.

The Hansen Property is located approximately 70 miles southwest of Denver, Colorado as shown on the following map. Access on to the Property is by light duty roads connecting with State Highway 9 and U.S. Highway 50 about 30 miles to the southeast.

Hansen Property - Climate and Physiography

The Hansen Property is located at 8,250 feet elevation in the open, grassy mountain valley of Middle Tallahassee Creek. The southwestern two thirds of the Hansen Property lies primarily in a flat alluvial plain while the northeastern third lies on a small, flat plateau above the alluvial plain. A small portion of the Property also lies on the steep slope between these two physiographic features. The Ore body, is located at modest depth and in sediments saturated with water of such poor chemical quality as to be unsuitable for other uses.

Hansen Property – History

The Hansen Property has a long history under Cyprus Minerals, having been named after James Hansen, a former Sr. V.P. of Mineral Exploration. In 1978 Cyprus sold a 49% interest in the property to Wyoming Mineral Corp., a wholly owned subsidiary of Westinghouse Electric Corp. Both companies planned to bring the Property into production by 1983 but when uranium prices dropped in the early 1980's Cyrpus dropped the project but retained the land. In 1996 New Mexico and Arizona Land Company, the parent company of NZ Uranium LLC, bought Cyprus' interest in the Hansen Property and 49% interest in the mineral resource was sold to NZ Uranium LLC.

Hansen Property - Geology and Mineralization

Uranium mineralization at the Hansen Property is hosted by the Eocene age Echo Park Formation. In the vicinity of the Property, these rocks consist primarily of interbedded sandstone siltstone, claystone and conglomerate of fluvial origin. 

Thickness of the Echo Park Formation varies from 0 to more than 800 feet. Also present locally at the Hansen Property are all three members of the Tallahassee Creek conglomerate which can be seen deposited in scour channel within the Echo Park members.
Uranium mineralization occurs as stratiform lenses within clayey sandstones, sandy mudstones and pebble to boulder conglomerates belonging to the lower members of the Echo Park Formation. 

The Hansen Property is historically described as a roll front type uranium deposit but does not display the typical crescent shape of a reduction-oxidation (redox) boundary, and hence ore zone geometry, that is sometimes observed elsewhere in these deposits. In general the mineralization is reduced but is surrounded by oxidized sediments.

Numerous historic resource estimates exist for the Hansen Property which range from a minimum of 18 million pounds to a maximum of 33 million pounds. This wide variation results from a variety of methods used to calculate the resource and differences in cutoff grades and thicknesses of mineralization. 

In 1978, Guenter Moldzio, as a consultant to Cyprus Exploration Company calculated an average resource of 24.5 million pounds of in-place uranium. These resource estimates are considered to be reliable and relevant but are based on prior data and reports obtained and prepared by previous operators, none of which have been independently confirmed by us. Accordingly, the historical estimates should not be relied upon. 

The Hansen Property will require considerable further evaluation which our management and consultants intend to carry out in due course.

Hansen Property - Proposed Work Program and Budget

We have not performed any work to date on the Hansen Property. Our current plans for the Property are limited to compilation of historical work as there are over 140 reports written about the Hansen Property. We expect that this compilation work will be performed coincidently with our compilation work for the Hosta Butte and McKinley Properties, with an estimated budget of $50,000.

Have just recently Added
(Further History of the Hansen Uranium Project)

Cyprus, Westinghouse planned mine

The Hansen property has a long history with Cyprus Mines Corp, where it was known as Cyprus Hansen.
In 1978, Cyprus sold a 49 percent interest in the property to Wyoming Mineral Corp., a wholly owned subsidiary of Westinghouse Electric Corp.
Westinghouse, which at the time was a major supplier of nuclear reactors, was hungry for uranium. Westinghouse was then faced with 14 lawsuits filed by 20 utilities after it cancelled uranium fuel supply contracts in September 1975.
The suits sought delivery of 69 million to 85 million pounds of uranium at contract prices over the following two decades.
Westinghouse was suing, too. It had antitrust suits going against 29 foreign and domestic uranium producers and their agents, alleging price fixing and allocation of uranium markets.
Back in 1978, Cyprus estimated reserves at the site were about 30 million pounds.
Hansen was named for James G. Hansen, Cyprus' former senior vice president for mineral exploration.


Open-pit mine planned

Cyprus was to be operator for all exploration, development and production at Hansen. Funding for licensing, development and construction of the open-pit mine and 3,000 tpd mill was to be provided by the two firms on a pro rata basis.
When Westinghouse bought in in 1978, the firms were looking at production by 1983.
But by 1980, the price of uranium had began to flag. In the early '70s, uranium sold for around $6 per pound, a price that rose as high as $43 by mid-1979. A year later, however, it had dropped to $30, a five-year low, on its way down.
The reason was oversupply. In 1979, producers turned out 37 million pounds of uranium oxide, while utilities consumed only24.8 million pounds.

Rich Canadian competition

At the same time, rich new deposits were being discovered in Canada and Australia with up to 30 times the grade as domestic ore, which averaged only 2.2 pounds per ton in 1979, down from 4.2 pounds in 1969.
By that time, Amoco (Standard Oil Co. of Indiana) had acquired Cyprus and the new company soon decided to abandon the Hansen project, which had a price tag of $225 million.
The decision also came soon after the Three Mile Island reactor incident, which further eroded uranium's image and demand.
Amoco and Westinghouse planned to wait until the market for uranium became more stable -- a situation that wasn't to occur.
This isn't the only uranium action in the Canon City area. Earlier this year, Cotter Corp. said it was reopening its uranium mill there, which closed in 1987.
The company will be spending about $1.5 million to refurbish the operation, taking advantage of a price that has risen to $16 per pound.
The Cotter mill could be on line by late 1997 or early 1998, producing 1.5 million to 1.7 million Lbs over three or four years.

Click Image To Access Uranium Stocks Australia


Wednesday, November 17, 2010

Deep Yellow Intercepts High-Grade 1,064ppm Initial Drill Result At Inca-South

Published on Wednesday Nov 17 2010

Perth, Nov 17, 2010 (ABN Newswire) - Deep Yellow Limited (ASX:DYL) is pleased to announce early success from reconnaissance drilling on new INCA-Type uranium mineralisation targets within the Omahola Project area in Namibia, held and operated by DYL's wholly-owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN).

Drillhole INCR388 is a 60 degree angle reverse circulation (RC) drillhole on a line of reconnaissance drilling across magnetic target IT-3, which is the first of 10 such targets recently interpreted within RUN's EPL 3496 to be drill tested. INCR388 returned a gamma log intercept of 11 metres at 1,064 ppm eU3O8 from 84 metres

Target Generation

DYL/RUN embarked on an iterative process of reviewing and interpreting RUN's extensive airborne geophysical data to determine if a 'fingerprint' of the INCA deposit could be identified in the complex magnetic structure at INCA. The goal was to use that fingerprint to identify other magnetic anomalies for targeted reconnaissance drilling. This work has led to DYL's geophysical consultants Resource Potentials (Perth) identifying ten priority INCA-Type (IT) targets (IT-1 to IT-10) based on the geophysical signature ('fingerprint') of INCA.

Target IT-3, located 3 kilometres southwest of INCA was selected as the first drill target as it was on a continuation of the INCA 'magnetic unit' along a magnetic feature through the previously drilled INCA South Prospect located 1 km southwest of INCA. INCA South was drilled as a reconnaissance target in 2008 as an initial test of the extension of uranium mineralisation based on magnetics, and, as previously reported, vertical diamond drillhole INCD15 intersected 27 metres at 1,471 ppm cU3O8 from 39 metres depth. INCA South has yet to be drilled out in detail.

Based on the early success at IT-3 and prior success at INCA South, one RC rig has been dedicated to systematically test the nine other IT targets with reconnaissance lines to determine the potential extent of INCA-Type uranium mineralisation within EPL 3496.


Tuesday, November 16, 2010

Uranium Spot Price Surges To US$59.25 P/Lb.

Published on Tuesday Nov 16 2010
The spot uranium price continued its climb upward for the second consecutive week, but failed to break through 
the US$60.00P/Lb. price barrier.


 Additionally, the pace slowed with TradeTech’s Uranium Spot Price Indicator moving higher by $1.75 to $59.25 per pound U3O8, as compared to the $5.50 and $4.00 per pound increases posted in recent weeks. 

A total of six transactions were concluded this week, with traders and financial entities purchasing the bulk of the material sold. 

China and its appetite for uranium supply continues to attract attention from market participants and the investment community, with the announcement today that China Guangdong Nuclear Power Group signed a contract with Kazakhstan’s Kazatomprom. 

Delivery timing continues to be a significant factor in the spot market. Near-term uranium supplies for delivery by year-end are extremely thin, and the emergence of significant mid- and long-term demand, combined with buyers competing to purchase material, continues to exert upward pressure on prices.


Sunday, November 14, 2010

Paladin Energy To Commission Langer Heinrich Expansion Early 2011

Published on Sunday Nov 14 2010

Uranium miner Paladin Energy expects a project to expand capacity at the Langer Heinrich mine in Namibia to 5,2-million pounds a year will reach mechanical completion and be ready for commissioning early next year, the firm said on Friday.

The project represents the third stage of production growth at Langer Heinrich, which produced 900 000 lb in the September quarter, an increase of 38% compared with the same period of 2009, but lower than in the June quarter this year.

The budget for the stage-three project is still within 10% of expectations, and the project is about 70% complete, Paladin said.

Paladin is already studying a stage-four expansion to some 10-million pounds a year, and reported last month it had doubled the resource at Langer Heinrich to 134,1-million pounds.

The average cost of sales for the mine in the September quarter was flat at $26/lb, despite a 7% appreciation of the rand in the quarter.

The company also owns the Kayelekera mine in Malawi, which has ramped up to nameplate capacity a few months later than originally expected, but is now showing significant improvement, the firm reported.

The company started the completion test required by lenders to the project on November 1, and the process will continue for three months.

Paladin expects to report a reserve upgrade for Kayelekera before the end of the year.

Altogether, the company produced 1,36-million pounds of uranium in the September quarter, up 83% compared with the same period a year earlier.

Sales rose 48%, to 1,04-million pounds, and the firm realised an average sales price of $46,44/lb, compared with $54,48/lb a year earlier. The price was lower because it sold more material on the spot market, Paladin indicated.

Quarterly revenue from uranium sales rose 26%, to $48,4-million, and the firm narrowed its net loss to $8,2-million, from $19,4-million in the year-ago period.

Paladin is in the process of buying up the last shares it does not already own of NGM Resources, after 90% of the company was acquired in an off-market takeover offer.


Thursday, November 11, 2010

Black Range Minerals Seeks To Expand Uranium Exploration Of Taylor Ranch

Fremont County Commissioners decided at Tuesday’s meeting to table a request for approval of a conditional use permit for Taylor Ranch Exploration/Black Range Minerals Colorado LLC, to allow expansion of the mineral exploration area.

The issue was moved over to the Nov. 23 meeting. The proposed CUP amendment was tabled from the Sept. 28 board of commissioners meeting when the public hearing was closed.

“The board of commissioners has spent a number of hours throughout late October and the last few days trying to determine the exact direction on this application,” Commissioner Ed Norden said. “And much of that time has been spent as Bruce Smith, our water consultant with Western Water & Land, reviewed some of the information that he presented at the public hearing on Sept. 28.”

The board sought specific guidance from Western Water & Land, Norden said, and it took some time for Smith to generate particulars to possible proposed conditions for further exploration.

After a couple of conference calls with staff and Smith, coupled with several staff meetings, Commissioner Mike Stiehl said the commissioners would like to proceed differently. Instead of taking action before drafting conditions on the CUP, the commissioners first would like to set conditions.

“In this case, since our conditions are particularly complex, I think it’s important that we have a good understanding of what the conditions might be,” Stiehl said.

Smith sent a seven-page report with four pages of attachments to the board, regarding water monitoring during the exploration process. Norden said he did not feel the board has had adequate time to weigh all of the conditions to render a decision at Tuesday’s meeting.

Black Range Minerals Exploration Manager Ben Vallerine asked the commissioners to be able to weigh in on proposed conditions.

“I think it is our intent to get Black Range to react to the conditions, as well,” said Norden, “because of any logistics and consider that, and then probably get Bruce Smith’s reaction one more time.”

“I’m happy with that as a general decision of the board,” Vallerine said. “But, what I wanted to make sure was that I’d like to see these conditions in a draft stage and then have the opportunity to call in and negotiate.”

The conditions offer a great amount of detail from a language standpoint, Norden said.


Hansen Uranium Project

Immediately south of, and adjacent to the Taylor Ranch Uranium Project is the Hansen Uranium Project, which the Company recently secured exclusive rights to acquire a 100% interest in.

The Hansen Project hosts a series of uranium deposits within the same mineralized trend that hosts the deposits within the Taylor Ranch Project, and includes the North Hansen, Hansen and Picnic Tree uranium deposits. The Hansen Uranium Deposit is the largest of all of the uranium deposits within the mineralized trend (including those in the Taylor Ranch Project).

The Hansen Uranium Deposit was discovered in 1977. It immediately became the focus of a concerted exploration programme by previous owners that led to the definition of approximately 30 million pounds of mineable U3O8 at a grade of ~0.08% U3O8. A previous owner completed a positive bankable feasibility study on the Hansen deposit in the early 1980s and all permits were in place to commence open cut and underground mining and to construct an on-site processing facility. However the global uranium price collapsed prior to commencement of construction and until recently no further work was undertaken.

Colorado U.S.A.

Mike Haynes,
Managing Director,
Black Range Minerals Limited

Click Image To Access Uranium Stocks Australia



Monday, November 8, 2010

Global X Uranium ETF Fund Holdings Overview


New York-based ETF provider, Global X Funds, has added Uranium ETF to its cleantech fund range. The Global X Uranium ETF tracks the performance of the Solactive Global Uranium Index.

The index tracks the performance of the largest and most liquid listed companies globally in the Uranium Mining Industry. Its three largest components are Cameco, Paladin Energy and 
Uranium One, as of Nov. 1, 2010. 

Global X Uranium ETF (URA) began trading November 5, 2010 as the first ETF to track companies involved in uranium mining. Listed below are the 23 listed Uranium plays that make up this newly listed Uranium ETF.
(Complete list of 23 holdings).

% of Net                        Company  Name
























Sunday, November 7, 2010

Berkeley Resources Climbs on Severstal Approach to Buy Uranium Explorer

Severstal, the largest steelmaker in Russia, has made a bid approach for its first uranium asset in Spain, seeking to diversify its mining business and benefit from an expected rise in European demand for nuclear power, Berkeley Resources said Friday.

Severstal has approached Berkeley about a possible takeover of the uranium exploration company worth about 304 million Australian dollars ($295 million), sending Berkeley shares sharply higher in London.

Severstal is considering a cash bid for Berkeley, also listed in Sydney, at 2 Australian dollars (122 pence) per share, Berkeley said in a statement.

The chart of daily prices over 6 months for security BKY

Berkeley shares in London jumped as much as 15.2 percent to a record, and ended up 8.4 percent. Severstal was little changed at the close of Moscow trading.

“Severstal has significant experience in mining and can consider various projects in this field,” Sergei Loktionov, a spokesman for Severstal Resources, said by telephone. “We are only looking at this asset. It’s premature to say whether we’ll buy it.”

Severstal will decide whether to invest in Berkeley, whose main asset is the Salamanca uranium project in Spain, only after due diligence.

That offer price would represent a premium of about 40 percent to the volume-weighted average price of Berkeley shares in the three months to Oct. 28, the company said Friday in a statement. “Berkeley’s directors would unanimously recommend that shareholders accept that offer, in the absence of a superior competing proposal,” the company said.

The big due diligence question will concern the startup of a uranium concentrate line that is part of the Salamanca project, Renaissance Capital analyst Boris Krasnozhenov said.

The line operated for 16 years before closing in 2000 because of low uranium prices.

"Some people believe that nuclear generation is the future for Europe because regulation measures linked to coal generation emissions will increase," Krasnozhenov said. "If this plant starts to work [again], the acquisition will look rather cheap at about six to seven times EV/EBITDA, but the main question is how quickly the startup can be done."

Berkeley has also granted Severstal an option that expires Dec. 10 to subscribe to 16.3 million new shares in Berkeley at 1.70 Australian dollars each, if it says it intends to bid for the whole company.

"We are confident that we can recommence mining operations at one of the leading undeveloped uranium deposits in the world, and plan to enter into production towards the end of 2012," Berkeley managing director Ian Stalker said.

Berkeley, being advised by BMO Capital Markets, added that if Severstal decides not to bid, it will continue discussions over financing alternatives with third parties, which may include Korean Electric Power Corporation.

Uranium Spot Price News Update November 07-2010

Published on Sunday November 07 2010

 November Spot Hits US$56.00P/Lb.

Indicative Weekly Spot Ux U3O8 Price as of Sunday November 07, 2010

Trade Date: 05/11/2010
U3O8 Price (lb) US$56.00 [  
+US$2.00  ]


Friday, November 5, 2010

Extract Resources Says Japans Trading House Itochu ‘Interested’ in Husab Uranium

Extract Resources Ltd., the uranium explorer partly owned by Rio Tinto Group, said Japanese trading house Itochu Corp. wants to purchase production from its Husab mine in Namibia.

“Itochu is very interested in taking offtake,” Chief Executive Officer Jonathan Leslie said in an interview in Perth today.

Extract, about 15 percent owned by Rio Tinto, aims to develop the world’s second-biggest uranium venture after Cameco Corp.’s McArthur River mine in Canada. The company intends to gain from a nuclear-power revival as countries turn to the technology to meet energy demand and cut emissions.

Itochu agreed in July to buy a 10.3 percent stake in London-based Extract to benefit from global growth in demand for the fuel. It now holds 13 percent, according to data compiled by Bloomberg. The stake purchase “doesn’t restrict us in any way, it just gives us more options,” Leslie said.

The two companies are in talks about Itochu helping to develop the Namibian project’s desalination plant, Leslie said.

The chart of daily prices over 6 months for security EXT

Extract gained 3.2 percent to A$8.15 at the close in Sydney trading, while the benchmark S&P/ASX 200 Index rose 0.5 percent.

Feasibility Study Delay

The company said in June it aims to begin production in 2014. In an announcement earlier today, Extract said it was delaying the publishing of Husab’s definitive feasibility study to 2011’s first quarter from the final quarter of this year.

“It’s been a very aggressive timetable,” Leslie said. “We’ve made some rapid progress. We’ve got to make sure we deliver the project fully optimized. We need the time to make sure we get the result. Our shareholders would understand the importance of getting it right.”

Uranium rose $1.50 to $53.50 a pound in the week through Nov. 1, Roswell, Georgia-based UxC Consulting Co. said in a report.

Uranium prices look “very strong” in the medium term, with recent gains on the spot market driven by producers failing to meet production targets, he said.

“We can see a gap opening up in the market in two to three years,” Leslie said. “The belief is Kazakhstan is getting toward the end of the period where they’ve got the easy stuff, the low-hanging fruit, so their costs are going up.”


Wednesday, November 3, 2010

Uranium Spot Price News Update November 03-2010

Published on Wednesday November 03 2010

 November Spot Hits US$54.00P/Lb. 
US$2.00 increase overnight.

Indicative Weekly Spot Ux U3O8 Price as of November 03, 2010

Trade Date: 03/11/2010
U3O8 Price (lb) US$54.00 [