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The spot uranium market was extremely active in August in spite of expectations for a “summer slowdown.” The highly anticipated results of the US Department of Energy (DOE) auction of 700 mtU as UF6 were released, indicating that the market remains hungry for supply. In addition, the auction of 100 thousand pounds U3O8 was met with aggressive competition from potential buyers. Sellers continue to seek market-related pricing terms for spot delivery. Buyers, in an effort to resist these market-related pricing terms, are accepting higher prices in order to obtain fixed pricing terms as evidenced by the results of this month’s two fixed-price auctions. The buyer mix remains diverse, with utilities, producers, and intermediaries seeking market purchases. Long-term uranium demand remains strong and continues to exert upward pressure on the spot uranium price. Historically, the spot uranium market becomes more active in September and TradeTech expects uranium prices to continue their upward climb through the month."
Uranium Price Surpasses $50
– Can the Market Sustain this Record Price? –
Denver, Colorado, August 31, 2006—The spot market price for uranium climbed to US$52 per pound uranium oxide (U3O8) today—marking a record level in the history of uranium price reporting, begun nearly 40 years ago by NUEXCO in 1968.
In the past six months, the uranium spot market has broken through two price barriers. In March 2006, the price for uranium rose above $40 per pound U3O8 for the first time since January 1980. The uranium price first reached $40 in April 1976 and remained in the $40 range until January 1980. However, the market in the late 1970s was considerably different than today’s uranium market, which begs the question: Is today’s record price level sustainable? “We think it is,” said Treva Klingbiel, president of TradeTech, LLC, a nuclear energy market consultant. “After years of industry consolidation and tight financial conditions, uranium exploration has suffered and there will be a time lag, perhaps as long as five to seven years, before the supply side can fully respond. Thus, secondary supplies (primarily uranium inventories) will need to continue filling the ‘supply gap.’ With little strategic stock to mitigate supply disruptions, prices can rise dramatically, and in fact, have done so,” Klingbiel advised.
The biggest difference in the uranium market today is that the supply/demand outlook is much clearer than it was a quarter century ago, based on more realistic contract terms and uranium requirements. “The challenge will be to bring more uranium production online to assure market balance,” Klingbiel added. Since 1990 uranium requirements have outstripped uranium production. World uranium requirements are expected to increase steadily throughout the next decade to a peak of over 200 million pounds U3O8, according to TradeTech. Uranium producers are gearing up for this added demand. A number of existing producers are planning for expansion, while new junior producers are preparing for uranium exploration and production.
http://www.uranium.info/
The spot uranium market was extremely active in August in spite of expectations for a “summer slowdown.” The highly anticipated results of the US Department of Energy (DOE) auction of 700 mtU as UF6 were released, indicating that the market remains hungry for supply. In addition, the auction of 100 thousand pounds U3O8 was met with aggressive competition from potential buyers. Sellers continue to seek market-related pricing terms for spot delivery. Buyers, in an effort to resist these market-related pricing terms, are accepting higher prices in order to obtain fixed pricing terms as evidenced by the results of this month’s two fixed-price auctions. The buyer mix remains diverse, with utilities, producers, and intermediaries seeking market purchases. Long-term uranium demand remains strong and continues to exert upward pressure on the spot uranium price. Historically, the spot uranium market becomes more active in September and TradeTech expects uranium prices to continue their upward climb through the month."
Uranium Price Surpasses $50
– Can the Market Sustain this Record Price? –
Denver, Colorado, August 31, 2006—The spot market price for uranium climbed to US$52 per pound uranium oxide (U3O8) today—marking a record level in the history of uranium price reporting, begun nearly 40 years ago by NUEXCO in 1968.
In the past six months, the uranium spot market has broken through two price barriers. In March 2006, the price for uranium rose above $40 per pound U3O8 for the first time since January 1980. The uranium price first reached $40 in April 1976 and remained in the $40 range until January 1980. However, the market in the late 1970s was considerably different than today’s uranium market, which begs the question: Is today’s record price level sustainable? “We think it is,” said Treva Klingbiel, president of TradeTech, LLC, a nuclear energy market consultant. “After years of industry consolidation and tight financial conditions, uranium exploration has suffered and there will be a time lag, perhaps as long as five to seven years, before the supply side can fully respond. Thus, secondary supplies (primarily uranium inventories) will need to continue filling the ‘supply gap.’ With little strategic stock to mitigate supply disruptions, prices can rise dramatically, and in fact, have done so,” Klingbiel advised.
The biggest difference in the uranium market today is that the supply/demand outlook is much clearer than it was a quarter century ago, based on more realistic contract terms and uranium requirements. “The challenge will be to bring more uranium production online to assure market balance,” Klingbiel added. Since 1990 uranium requirements have outstripped uranium production. World uranium requirements are expected to increase steadily throughout the next decade to a peak of over 200 million pounds U3O8, according to TradeTech. Uranium producers are gearing up for this added demand. A number of existing producers are planning for expansion, while new junior producers are preparing for uranium exploration and production.
~ from http://www.uranium.info/
Looks like we`er in a short term uptrend....
Bloomberg
2006-08-22 14:56 (New York)
By Christopher Donville and Kathleen Campion
Aug. 22 (Bloomberg) -- Cameco Corp. Chief Executive Officer
Jerry Grandey comments on supplies and prices of uranium, the
radioactive metal used for fuel in nuclear reactors.
Uranium has climbed 57 percent to $47.25 a pound in the past
year, spurred by demand from hedge funds and power companies,
according to assessments on Ux Consulting Co.'s Web site.
Cameco, based in Saskatoon, Saskatchewan, is the world's
largest supplier of uranium.
On supplies:
``We're still in a position currently where 180 million pounds
of uranium are being used globally every year, but the industry is
only mining about 110 million pounds.''
``The price was for two decades about $10 a pound, below most
producers' cost and there was a real lack of investment in
exploration and new mine development. That has changed, but it
takes time to discover deposits and bring them into production.''
In the long term, reserves are sufficient to supply the
world's nuclear-power plants, Grandey said.
On prices.
``There's still upward pressure on prices. We don't see any
new pockets of supply that are going to suddenly come into the
market. That pressure that has caused a steep increase in prices
over the past two to three years is continuing. Over time, there
will be more production.
``The nuclear industry is the most heavily regulated industry
in the world, and it just takes time to bring new discoveries on
stream.''
The Experts Agree: Oil Demand Will Skyrocket
2006-08-21
By Mike Schaefer
A few days ago the International Energy Agency (IEA) -- a Paris-based institute that acts as an energy policy advisor to 26 countries worldwide -- leveled out their outlook for global oil demand growth for this year.
The organization estimated that when everything is all said and done, global demand will have only averaged 84.78 million barrels a day (MMbbls/d) in 2006.
However, the group believes that global demand will continue to rise reaching 86.38 MMbbls/d in 2007. For energy bulls, this outlook is golden.
After that, the agency says global crude demand will rise by an average of 1.8 million MMbbls/d -- or about 2% per year -- to reach 93.7 MMbbls/d in 2011.
Now, we've heard comparable predictions before.
The Energy Information Administration (EIA) -- a similar organization to the IEA and one we've talked about in the past -- agrees.
This agency recently estimated that global oil demand will increase nearly 2% a year to 103 MMbbls/d by 2015 and then climb to 118 MMbbls/d by 2030!
Where Will America Go When The Sheiks Run Dry
Middle East oil fields are parched. Even the Giants such as Ghawar, Burgan and Safaniya-Khafji are requiring POST PEAK PRODUCTION METHODS to squeeze out every last drop.
And as the situation worsens, America is turning to some unexpected allies - safe from any terrorist threat or Oil Cartel. A few lucky investors who saw it coming a year ago are already sitting on more than 136%. But that's just a drop in the bucket when you see where it's headed.
Regardless of the slight differences put out by the two agencies, both outlooks suggest oil demand will accelerate in coming years despite surging crude prices, which is quickly approaching its all-time inflation-adjusted record.
And the scary part...
Many of the organizations like the IEA and EIA that keep track of the global oil supply/demand figures claim that demand has already outstripped supply several times in the past.
In fact, according to recent EIA calculations, global oil demand exceeded supplies in 2002 and 2003, during the first and fourth quarters of 2005, and during the first quarter of 2006. Take a look below:
Now, at times when demand has outstripped supplies, it has only been by a relatively small margin. But sooner than later, demand will severely outstrip supplies and will cause oil prices to balloon to unheard of proportions.
The already tense oil market has recently been confronted with a flurry of bad news that has taken oil off the market.
On top of the 400,000 barrel per day shutdown at BP's Prudhoe Bay field in Alaska, recurrent production problems in Nigeria, where the outages are estimated at 750,000 barrels per day, have only added fuel to the supply fire.
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The IEA said in its report that for now the world oil market can cope with current outages taking place worldwide. However, the agency said the security margin is extremely fragile.
"For the time being, the market can cope with current outages, but in the light of the many possible threats to output, including the current hurricane season, there is little doubt that the upstream spare capacity cushion remains thin"
- International Energy Agency
Currently, these outages are being compensated in part by increased production by OPEC. But as you and I both know, OPEC won't be able to continue increasing their production for much longer.
The IEA says that OPEC's sustainable capacity could rise to 36.3 MMbbls/d in 2011 from the current average of 33 MMbbls/d, led by Saudi Arabia, the world's top exporter.
The organization also claims that non-OPEC supply will increase by an average 1.1 MMbbls/d from current output to 56.7 million bpd by 2011, as new oil from regions such as the former Soviet Union offsets a decline in Europe.
But I think this is just wishful thinking.
"I do not think oil prices will come down significantly within the next two-three years"
- Fatih Birol, chief economist of the International Energy Agency
The IEA also said in its latest report that Chinese demand may grow faster than most analysts are expecting. The agency raised its forecast of oil demand from China this year to 7.1 MMbbls/d, an increase of 6.5% from the 2005 figure. The IEA also raised its estimate on Chinese crude demand for 2007 to 7.4 MMbbls/d.
China's net imports of crude oil have increased 17.6% year-on-year in the first half of 2006, due to the rapid economic growth and booming automobile purchases.
The Xinhua News Agency reported recently that net imports of crude oil rose to 70.33 million tons while that of refined oil products increased to 12.03 million tons in the first half.
It may sometimes sound like we're being alarmists and way too pessimistic. But the way I see it, there are no grounds optimism.
Oil prices ARE going to continue rising. And as investors we need to be there as they do.
http://www.energyandcapital.com/editorials.php?id=258
VANCOUVER, Aug. 24 /CNW/ - UEX Corporation ("UEX") announced today that a
$2.6 million (CDN) summer/fall diamond drilling program is underway at the
Riou Lake Uranium Project ("Riou Lake") and the Northern Athabasca Projects
(the "Northern Projects"). UEX's 100%-owned Riou Lake and Northern Projects
form a contiguous land position across the northern rim of the Athabasca Basin
totaling 117,041 hectares (289,091 acres) in size, and are located near the
town of Stony Rapids, Saskatchewan.
The 2006 drilling program, totaling approximately 10,000 metres and using
two helicopter-supported drill rigs, is designed to test high-priority targets
that are either not readily accessible by land or which must be drilled under
summer conditions. Drilling at Riou Lake, including the Radioactive Springs
area, is planned to follow-up encouraging results from previous drilling
programs. The Northern Projects targets chosen by UEX have seen little
historical drilling, and this helicopter-supported program is the first
drilling to be carried out in several of the project areas. The drilling
program is expected to continue into October 2006.
To view a map of Riou Lake and the Northern Projects, please access UEX's
website at www.uex-corporation.com under "Latest Updates".
2006 Winter Exploration Program Results
Riou Lake 2006 Winter Geophysical Surveys
A program of 46.4 kilometres of UTEM III moving loop electromagnetic
surveys was carried out to better define geophysical conductors outlined by
the 2005 MEGATEM(R) airborne electromagnetic survey and previous ground
electromagnetic surveys northeast of the Radioactive Springs area. The survey
further defined a strong basement conductor, the KC Conductor, which displays
a number of apparent fault offsets interpreted as high-priority drill targets.
A ground gravity survey totaling 83.3 kilometres was also carried out to
assist in ongoing interpretation of the 2005 FALCON airborne
gravity-gradiometer and radiometric survey.
Northern Projects 2006 Winter Geophysical Survey
A fixed-loop, time-domain electromagnetic ("TDEM") survey, totaling 40.8
kilometres, was carried out on UEX's Butler Lake Project ("Butler Lake"), one
of the five Northern Projects staked by UEX in late 2004. The Butler Lake
conductive trend, first identified by the 2005 MEGATEM(R) survey, was
successfully delineated by the 2006 ground TDEM survey and represents the
first "ground-truthing" of airborne anomalies within UEX's Northern Projects.
The Otherside River, Munroe Lakes, Fond du Lac and Jacques Point projects are
the other four projects making up UEX's Northern Projects.
2006 Summer/Fall Diamond Drilling Program
Riou Lake 2006 Drilling Program
The 2006 helicopter-supported, diamond drilling program at Riou Lake is
planned to consist of approximately 6,000 metres of diamond drilling in about
eight (8) holes. In addition to other geological targets, UEX plans to test
high-priority geophysical targets along the 10 kilometre strike length of the
KC Conductor, including follow-up drilling in the Radioactive Springs area at
the southwestern end of the KC Conductor, where uranium mineralization
encountered in 2005 hole RLG-D21-2 graded 0.44% U(3)O(8) over 0.10 metre, with
accompanying anomalous values of arsenic, nickel, cobalt, and copper.
Northern Projects 2006 Drilling Program
UEX plans to drill approximately 4,000 metres in about ten (10) holes
using a helicopter-supported drill rig. Two holes are planned at the Butler
Lake Project to test the Butler Lake conductive trend recently defined by
ground and airborne geophysics in an area that has never been drill-tested.
The depth to the unconformity at Butler Lake is estimated to be between 200 to
300 metres in the vicinity of the planned drilling. The balance of the
Northern Projects drilling program will test other high-priority targets
selected by integration of airborne geophysics and historical geological data.
The technical information in this document has been reviewed by Sierd
Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.
True widths of mineralized intervals reported have not yet been determined.
About UEX
UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and Cameco Corporation. Cameco Corporation,
the world's largest supplier of uranium, is UEX's largest shareholder. UEX
began trading on the Toronto Stock Exchange in July 2002 and is actively
involved in the exploration and development of 19 uranium projects, including
seven that are 100% owned and operated by UEX, one joint venture with AREVA
that is operated by UEX, ten under option from AREVA and one under option from
Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19
projects, totaling 386,650 hectares (955,400 acres), are located in the
eastern, western and northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which accounts for approximately 30% of the global
primary uranium production. UEX's exploration budget for 2006 is $19.0 million
and the Company has a cash position of approximately $84.0 million.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen, President & C.E.O.
Forward looking statements: This news release contains certain
forward-looking statements. These forward-looking statements are subject to a
variety of risks and uncertainties beyond UEX's ability to control or predict,
which could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. Although UEX believes that the
assumptions inherent in the forward-looking statements are reasonable, undue
reliance should not be placed on these forward-looking statements.
%SEDAR: 00017609E
For further information: UEX Corporation, Suite 1007 - 808 Nelson Street,
Vancouver, B.C., Canada, V6Z 2H2, Ph: (604) 669-2349, Fax: (604) 669-1240,
Website: www.uex-corporation.com, email: uex@intergate.ca
UEX Begins 2006 Summer Drilling at Hidden Bay and Announces 2006 Winter Exploration Results
Trading Symbol: UEX-TSX
VANCOUVER, Aug. 22 /CNW/ - UEX Corporation ("UEX") is pleased to announce
the results of the 2006 winter drilling program and the commencement of a 2006
summer drilling program on its 100% owned Hidden Bay Uranium Project ("Hidden
Bay"). Hidden Bay is located in the eastern Athabasca Basin of northern
Saskatchewan and totals 57,721 hectares (142,571 acres) in size.
2006 Hidden Bay Winter Drilling Program Results
The Winter 2006 exploration program at Hidden Bay was carried out in two
areas:
- West Bear-Mitchell-Dwyer area, to reassess historical mineralization
at the Pebble Hill and North Shore Prospects, and near the West Bear
Deposit, currently the subject of a full feasibility study, to test
for extensions of mineralization there;
- Telephone Lake area, to further explore along strike of the Sue
deposits located to the north on the McClean Lake Mine property.
The $2.3 million (CDN) winter program comprised 11,582 meters of diamond
drilling in a total of 65 drill holes. Highlights include intersections of
0.20% U3O8 over 6.80 metres and 0.11% U3O8 over 6.50 metres within a 30 metre
mineralized intercept in hole SP-166, which tested a complex fault structure
on the Telephone Lake Trend. Grades from sub-intervals within these two
mineralized intervals in SP-166 ranged up to 0.66% U3O8 over 0.5 metres.
Significant intercepts with grades greater than 0.1% U3O8 are reported in
Table 1 below. True widths of mineralized intervals have not yet been
determined. All uranium analyses were performed at Saskatchewan Research
Council Geoanalytical Laboratories by fluorimetry and ICP.
Telephone Lake Trend 2006 Winter Drilling Program
The Telephone Lake fault system represents the southern continuation of a
network of faults and graphitic conductors that to the north host the
producing Sue uranium deposits at McClean Lake operated by AREVA Resources
Canada Inc ("AREVA"). The Telephone Lake Trend contains several areas of
anomalous mineralization and alteration within which several significant
intercepts have been obtained. For example, hole SP-156, drilled by UEX in
2005 and located at the north end of the Telephone Lake Trend only 2.1
kilometres southwest of the Sue E Deposit and 2.5 kilometres south of the
McClean Lake Deposits, encountered uranium mineralization at a depth of 189.8
metres in basement rocks approximately 6.2 metres below the unconformity. The
mineralized interval, from 189.8 to 190.3 metres, averaged 4.52% U3O8 over its
0.5 metres (see UEX News Release, July 26, 2005).
The objective of the 2006 winter drilling program was first to locate and
test the Telephone Lake fault structure within large gaps between historical
drill holes, and second, to follow-up known mineralized drill intercepts and
areas of alteration. A total of 7,624 meters were drilled in 29 holes, of
which 24 were completed, with 5 abandoned due to poor ground conditions.
Follow-up drilling of a number of key target areas was not possible due to
unusually mild winter weather and the resulting lack of freeze-up on many
waterways. For example, in-fill drilling of a prospective 4 kilometre-long gap
in historical drilling under Phantom Lake along the Telephone Lake Trend was
postponed as result of unsafe ice conditions on the lake. Testing of this and
other high-priority target areas is scheduled for the Winter 2007 drilling
program.
Most of the Winter 2006 drill holes successfully intersected the
Telephone Lake fault structure and confirmed a 50 to 80 metre vertical offset
on the high-angle reverse fault, which has locally created a prospective
"basement wedge", a geological feature often associated with major
unconformity uranium deposits. Holes SP-173 to SP-176 were follow-up holes to
2005 hole SP-156 and generally intersected narrow intervals of uranium
mineralization (see Table 1). Hole SP-176, located 300 metres northeast of
SP-156, represents the best of these mineralized intersections, grading 0.37%
U3O8 over 0.5 metres from 202.4 to 202.9 metres, continuing to demonstrate the
prospective nature of the Telephone Lake Trend in this area.
Drilling in the South Telephone area, 2.6 kilometres to the southwest of
SP-156 along the Telephone Lake Trend, was intended to test for extensions of
mineralization intersected by historical holes SP-32 (0.60% U3O8 over 0.9
metres) and SP-38 (0.62% U3O8 over 0.6 metres). Hole SP-166 intersected an
approximately 30 metre interval containing local disseminated and
veinlet-controlled pitchblende in faulted Athabasca sandstone adjacent to
faulted basement rocks within the Telephone Lake fault zone. Mineralization in
this zone was found in two mineralized intersections:
- 0.20% U3O8 over 6.80 metres from 129.7 to 136.5 metres, including
subintervals of 0.66% U3O8 over 0.5 metres, 0.64% U3O8 over
0.4 metres and 0.57% U3O8 over 0.5 metres;
- 0.11% U3O8 over 6.50 metres from 148.5 to 155.0 metres, including
0.64% U3O8 over 0.2 metres, 0.33% U3O8 over 0.2 metres and 0.32%
U3O8 over 0.4 metres.
Follow-up holes 25 metres east, west and south of hole SP-166 did not
locate additional significant mineralization. Follow-up drill testing to the
southwest of hole SP-38 was not possible due to unsafe ice conditions on the
lake. Testing of the SP-166 area and other prospective targets along the
southern end of the Telephone Lake Trend, where in 2004 anomalous
radioactivity and alteration were observed in the shallow basement
environment, is planned for the 2007 winter drilling program.
West Bear and Mitchell-Dwyer Trend Winter 2006 Drilling Program
Thirty-six reconnaissance diamond drill holes were drilled for a total of
3,958 metres in the West Bear Deposit ("West Bear") area and along the
adjacent Mitchell-Dwyer Trend.
Sixteen holes totaling 1,831 metres were drilled immediately south of
West Bear to test for deeper, down dip extensions of the deposit in basement
rocks. West Bear mineralization lies within Athabasca sandstone approximately
13 to 31 metres from surface over a strike length of approximately 300 metres
(see UEX News Release January 25, 2006). UEX's 2006 exploration drilling at
greater depths below the known outline of the deposit did not encounter
significant mineralization. However, potential may exist for additional
mineralization on the southeastern edge of the deposit where hole WBE-108
intersected 0.30 metres grading 0.33% U3O8 from 24.9 to 25.2 metres. UEX's
2002 hole WBE-19 intersected 1.5 metres grading 0.17% U3O8 from 43.5 to 45
metres in a highly altered fault zone at the contact between pegmatite and
graphitic pelitic gneiss, also in this area. Follow-up drilling is planned as
part of the upcoming 2007 winter program.
West Bear lies on an arcing conductive trend, which extends to the north
as a part of a conductive structure observed in the 2004 airborne
electromagnetic (VTEM) survey. The data suggests the presence of a dome-like
structure that has been termed the Dwyer Lake Dome. A series of previously
discovered prospects exist along the conductive trend on the western and
northern margin of this dome, including the Pebble Hill, North Shore and
Blanche Lake Prospects. These three prospects were tested by additional drill
holes, which followed-up on historical drilling.
Two holes (186 metres) were drilled at the Pebble Hill Prospect lying to
the west of West Bear to test for further mineralization to the east and north
of known mineralization. A third hole (120 metres) tested a prominent
conductive feature on the Mitchell-Dwyer Trend to the north. No significant
mineralization was intersected and no further work is planned in the Pebble
Hill area at this time.
Thirteen holes (1,287 metres) were drilled to relocate and evaluate the
North Shore Prospect on Mitchell Lake northwest of West Bear. UEX's drilling
successfully relocated the North Shore Prospect mineralization with four of
the holes encountering significant mineralization (see Table 1). For example,
hole WBE-117 intersected 0.2 metres grading 0.51% U3O8 between 43.6 and 43.8
metres depth immediately above the unconformity. Follow-up drilling in 2007 is
planned to target extensions to the mineralization to the south and east along
the Mitchell-Dwyer conductive trend on the northwestern margin of the Dwyer
Lake Dome.
Four holes (534 metres) were drilled at the Blanche Lake Prospect further
to the east. The 2006 winter drilling program was intended to relocate and
test for potential extensions of known mineralization. Historical drill hole
BC-08 graded 0.21% U3O8 over 0.4 metres. UEX's 2006 hole WBE-112 intersected
0.13 metres grading 0.10% U3O8 (see Table 1) and although anomalous
radioactivity was intersected along the same structure at depth, no other
significant mineralization was found. The Mitchell-Dwyer conductive trend to
the east remains highly prospective, particularly those sections associated
with an offset caused by the Ahenakew Fault, a "Tabbernor" fault, which is a
north-trending regional fault similar to the Dragon Lake Fault associated with
the Rabbit Lake Deposit.
2006 Hidden Bay Summer-Fall Drilling Program
A $3.0 million (CDN) diamond drilling program totaling approximately
18,000 metres is underway at Hidden Bay, which includes the second phase of a
previously-announced, two-phase drilling program initiated in July 2005 on the
Raven-Horseshoe Uranium Deposits ("Raven-Horseshoe"). The Phase Two drilling
program consists of approximately 12,000 metres of drilling and is designed to
delineate the extent of higher grade portions of the Horseshoe Zone at a cost
of $2.0 million (CDN). One drill rig is currently working on site and a second
rig is planned to be added during September 2006.
To view maps of Hidden Bay please access UEX's website at
www.uex-corporation.com under "Latest Updates".
The information in this document has been compiled and reviewed by David
Rhys, P. Geo., a qualified person as defined by National Instrument 43-101.
About the Raven-Horseshoe Deposits
Raven-Horseshoe hosts a total historical resource estimate of 6.7 million
tonnes at an average grade of 0.16% U3O8, representing approximately 23
million contained pounds of U3O8. (Note: this is a historical resource
estimate completed by Gulf Minerals ("Gulf") that was not estimated using
current Canadian Institute of Mining, Metallurgy and Petroleum categories, and
for which no current resource or reserve confidence categories were applied.)
The deposits are of the basement-hosted type and are located approximately 5
kilometres southeast of the edge of the Athabasca Group sandstones, which
normally cover uranium deposits in the Athabasca Basin. The deposits are also
located less than 5 kilometres south of Cameco Corporation's ("Cameco") Rabbit
Lake Mill. The deposits are comprised of two shallow plunging zones developed
over a 2.5 kilometre strike length, and at depths of 50 to 450 metres below
surface. Mineralization is hosted by zones of hematite alteration which fringe
the margins of a broad, south dipping, fault-controlled clay alteration zone,
in a geometry that is comparable to some roll-front style uranium deposits.
Unlike unconformity-type deposits such as McArthur River and Cigar Lake,
Raven-Horseshoe is within competent pre-Athabasca basement rocks with no
overlying sandstone that could allow underground ramp access and conventional
underground mining methods if an economic resource is defined. Cameco's
producing Eagle Point Mine, located 17 kilometres to the northeast, is also in
basement rocks and is mined by such methods.
About UEX
UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and Cameco. Cameco, the world's largest
supplier of uranium, is UEX's largest shareholder. UEX began trading on the
Toronto Stock Exchange in July 2002 and is actively involved in the
exploration and development of 19 uranium projects, including seven that are
100% owned and operated by UEX, one joint venture with AREVA that is operated
by UEX, ten under option from AREVA and one under option from Japan-Canada
Uranium Company, Limited, which are operated by AREVA. The 19 projects,
totaling 386,650 hectares (955,400 acres), are located in the eastern, western
and northern perimeters of the Athabasca Basin, the world's richest uranium
belt, which accounts for approximately 30% of the global primary uranium
production. UEX's exploration budget for 2006 is $19.0 million and the Company
has a cash position of approximately $84.0 million.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen, President & C.E.O.
Forward looking statements: This news release contains certain
forward-looking statements. These forward-looking statements are subject to a
variety of risks and uncertainties beyond UEX's ability to control or predict,
which could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. Although UEX believes that the
assumptions inherent in the forward-looking statements are reasonable, undue
reliance should not be placed on these forward-looking statements.
TABLE 1.
Winter 2006 Hidden Bay Reconnaissance Drilling Results
Significant Intersections over 0.1% U3O8
-------------------------------------------------------------------------
Hole Area Total Depth to From To Length Comp-
Depth Uncon- (metres) (metres) (metres) osite
of Hole formity Grade
(metres) (metres) (% U3O8)
-------------------------------------------------------------------------
SP-165 Telephone 288.4 101.3 267.00 268.00 1.00 0.14
-------------------------------------------------------------------------
179.2,
184.1,
SP-166 Telephone 295.0 & 186.5(*) 129.70 136.50 6.80 0.20
including 129.70 130.20 0.50 0.57
and 133.15 133.55 0.40 0.64
and 135.50 136.00 0.50 0.66
148.50 155.00 6.50 0.11
including 149.05 149.25 0.20 0.64
and 151.10 151.30 0.20 0.11
and 154.60 155.00 0.40 0.32
-------------------------------------------------------------------------
SP-173 Telephone 301.1 126.0 125.95 126.00 0.05 0.17
-------------------------------------------------------------------------
SP-174 Telephone 302.7 118.3 188.00 188.03 0.03 0.34
205.20 205.30 0.10 0.26
-------------------------------------------------------------------------
SP-176 Telephone 285.5 124.0 202.35 202.85 0.50 0.37
-------------------------------------------------------------------------
WBE-108 West Bear 60.0 20.9 24.90 25.20 0.30 0.33
-------------------------------------------------------------------------
WBE-112 Blanche L. 114.0 30.1 68.36 68.49 0.13 0.10
-------------------------------------------------------------------------
WBE-117 N. Shore 72.0 44.7 35.68 36.00 0.32 0.12
43.57 43.77 0.20 0.51
-------------------------------------------------------------------------
WBE-118 N. Shore 84.0 44.3 45.00 45.52 0.52 0.25
-------------------------------------------------------------------------
WBE-122 N. Shore 84.0 44.5 44.47 44.63 0.16 0.38
-------------------------------------------------------------------------
WBE-123 N. Shore 84.0 45.1 46.18 46.51 0.33 0.12
-------------------------------------------------------------------------
(*) multiple unconformities intersected due to fault repetition
-------------------------------------------------------------------------
%SEDAR: 00017609E
For further information: UEX Corporation, Suite 1007 - 808 Nelson Street,
Vancouver, B.C., Canada, V6Z 2H2, Ph: (604) 669-2349, Fax: (604) 669-1240,
Website: www.uex-corporation.com, email: uex@intergate.ca
Magnum Uranium Acquires Historic Uranium Resource in New Mexico
VANCOUVER, BRITISH COLUMBIA, Aug 17, 2006 (CCNMatthews via COMTEX News Network) --
Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that it has recently secured, by claim staking, the Yeso Uranium Property (the "Yeso Property") located in Rio Arriba County, New Mexico. The property comprises 50 claims covering approximately 1,000 acres. Based on references to several United Nuclear internal reports, and historic drilling information, the Yeso Property contains a historic potential resource of approximately 2.18 million pounds of uranium as described in a United Nuclear report of 1972. The reader is cautioned that Magnum is not treating the historic estimate as a current mineral resource as it has not been verified and therefore should not be relied upon.
In the late 1960's and early 1970's, several predecessors, including United Nuclear and Anaconda Mining, staked large tracts of land along the south flank of the Chama Basin and jointly drilled approximately 900 holes in the region between 1968 and 1980. United Nuclear drilled over 100 holes along a three-mile-long mineralized trend contained within the Yeso Property.
The target horizon is the Jackpile and Brushy Basin members of the Jurassic Morrison Formation which crop out along the southern end of the Chama Basin and has been intermittently prospected for uranium since 1950. United Nuclear conducted a wide-spaced drilling program in the late 1960's and early 1970's and determined what they interpreted to be a paleo-channel approximately 3 miles long. The uranium deposit occurs in four pods in long, sinuous rolls or solution fronts within the channel. The pods are relatively near surface, and depending on the depth of the water table, may be amenable to ISL recovery techniques. Magnum considers the Yeso Property to be a high quality uranium target that warrants additional drilling to confirm the historically reported resource and fill in the area between the pods to increase the potential resource.
Dr. John Carden, Ph.D., P.Geo., a Director and Consulting Geologist for Magnum Uranium Corp., and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
SOURCE: Magnum Uranium Corp.
Magnum Uranium Corp. Craig T. Lindsay President & CEO (604) 683-2507 (604) 683-2506 (FAX) info@magnumuranium.com www.magnumuranium.com
UEX Begins 2006 Summer Exploration at Black Lake Uranium Project and Announces 2006 Black Lake Winter Exploration Results
Monday August 14, 6:24 pm ET
Trading Symbol: UEX-TSX
VANCOUVER, Aug. 14 /CNW/ - UEX Corporation ("UEX") is pleased to announce that a $1.3 million (CDN) 2006 summer/fall exploration program of diamond drilling and geophysics has commenced at the Black Lake Uranium Project ("Black Lake", the "Project" or the "Property"). The Project is located in the northeastern part of the Athabasca Basin in Saskatchewan, Canada, and covers 30,381 hectares (75,041 acres). Black Lake is a joint venture between UEX and AREVA Canada Resources Inc. ("AREVA", formerly COGEMA Resources Inc.), with UEX holding a 76.43% interest and AREVA holding a 23.57% interest as of December 31, 2005. AREVA elected not to participate in the 2006 winter program at Black Lake, and as a result, their interest will be subject to dilution.
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Winter 2006 Exploration Program Results
Diamond Drilling Program
UEX's $3.3 million (CDN) 2006 winter exploration program, consisting of ground geophysical surveying and diamond drilling using two diamond drill rigs, was intended to continue reconnaissance exploration of the main fault associated with the Black Lake conductive trend. This trend hosts UEX's 2004 discovery hole BL-18 which encountered unconformity-type uranium mineralization in the sandstone, immediately above the Athabasca unconformity. The intercept averaged 0.694 % U3O8 over 4.4 metres between 310.5 and 314.9 metres depth, including 1.96% U3O8 over 0.5 metres (see UEX News Release, October 12, 2004).
A total of 16,651 metres in thirty-nine (39) diamond drill holes were drilled during the 2006 winter program. Five drill holes were abandoned due to poor ground conditions. The thirty-four completed drill holes tested the Eastern Fault Zone and other prospective parts of the Property. The Property hosts a system of graphitic conductors that extends along strike for at least 20 kilometres and is coincident with a significant fault, the Platt Creek Fault. The main strand of the fault, termed the Eastern Fault Zone, is spatially associated with the uranium intercepts obtained to date.
The majority of the holes drilled along the Eastern Fault Zone demonstrated sandstone structure and alteration indicative of a prospective setting for uranium deposition, along with graphitic basement rocks, but did not encounter significant uranium mineralization. However, a previously-unknown mineralized reverse fault, or basement "wedge" was intersected in hole BL-82. In the Athabasca Basin, the presence of a mineralized basement "wedge" is considered to be an important geological feature for potential uranium deposition (see UEX website at www.uex-corporation.com for illustration of mineralized "wedge") having formed a structural trap for mineralizing hydrothermal fluids.
Hole BL-82: 0.50% U3O8 over 3.3 metres, including 1.6% U3O8 over 0.7 metres, was drilled to follow-up a zone of anomalous radioactivity encountered in the basement in hole BL-80. The sandstone units of hole BL-82 showed promising bleaching, fracturing, and dravite and pyrite alteration.
Two unconformities were encountered in hole BL-82, the first at 267.4 metres. Uranium mineralization was intersected within a brecciated zone 6.05 metres below the first unconformity in the lower half of the basement "wedge", grading 0.50% U3O8 over 3.3 metres from 273.45 to 276.75 metres, including 1.6% U3O8 over 0.7 metres from 274.45 to 275.15 metres. Below the second unconformity, at 300.84 metres, to the end of the hole at 423.06 metres no significant mineralization was encountered.
UEX is encouraged by the presence of the mineralized "wedge" in hole BL-82, which further confirms a prospective geological setting for uranium mineralization in that area of the Property. Due to poor ground conditions as a result of unusually warm winter weather, mineralization in hole BL-82 could not be followed-up within 200 metres along strike to the northeast. Further follow-up drilling of this target is planned for winter 2007.
All samples were analyzed at Saskatchewan Research Council Geoanalytical Laboratories by ICP, with additional uranium analyses by fluorimetry. The technical information in this document has been compiled and reviewed by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.
Ground Geophysics
Moving loop electromagnetic ("EM") surveys were carried out to provide in-fill to previous EM surveys. The Winter 2006 survey detected at least one discrete conductor on most of the lines surveyed confirming the conductive trends previously defined by surveys. These and previous EM survey results will assist in the selection of future drilling targets along the Black Lake conductive trend.
Summer/Fall 2006 Exploration Program
A summer/fall exploration 2006 program of diamond drilling and geophysical surveying has commenced at Black Lake. The program is scheduled to continue into September 2006, as weather conditions permit.
Ground Geophysical Surveys
A DC-resistivity survey is planned primarily to assist in the mapping of alteration zones in the sandstone near discovery hole BL-18 and other prospective areas of the Property.
Diamond Drilling
A total of 6,000 metres of diamond drilling is planned for the Summer/Fall program. The area available for drilling will be limited by the amount of access under summer conditions. Follow-up drilling on an expanded BL-18 step-out grid is planned. Additional drilling to test the full width of the Black Lake conductive package north and south of BL-18 is also planned.
To view maps of Black Lake please access UEX's website at www.uex-corporation.com under "Latest Updates".
About AREVA Resources Canada Inc.
AREVA, a uranium exploration and mining company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with a strong industrial presence in over 40 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit operated by Cameco Corporation, and the Cigar Lake Deposit, which is scheduled for production in 2007.
About UEX
UEX is a Canadian uranium exploration company formed under an agreement between Pioneer Metals Corporation and Cameco. Cameco, the world's largest supplier of uranium, is UEX's largest shareholder. UEX began trading on the Toronto Stock Exchange in July 2002 and is actively involved in the exploration and development of 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten under option from AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 386,650 hectares (955,400 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 30% of the global primary uranium production. UEX's exploration budget for 2006 is $19.0 million and the Company has a cash position of approximately $85.0 million.
VANCOUVER, Aug. 14, 2006 (Canada NewsWire via COMTEX News Network) --
Trading Symbol: UEX-TSX
UEX Corporation ("UEX") announced today that AREVA Group subsidiary AREVA Resources Canada Inc. ("AREVA", formerly COGEMA Resources Inc.) has reported to UEX results from the last two holes of the Winter/Spring 2006 drilling program at the Shea Creek Uranium Project (Kianna, Anne, and Colette Deposits), which is located in the Western Athabasca Basin in northern Saskatchewan, Canada. The Shea Creek Uranium Project ("Shea Creek") is one of the ten Western Athabasca Projects currently under option from AREVA, the operator. UEX has earned a 24.5% interest in the ten projects (see UEX News Release, August 8, 2006) and has an option to earn an additional 24.5% interest, up to a maximum of 49%.
The 2006 Winter/Spring drilling program at the Kianna Deposit operated from January to June 2006. Drilling is planned to resume in September using two diamond drills set up at pilot holes SHE-115 and SHE-118. Seven directional cuts have been made from pilot hole SHE-115, with several more cuts planned. Pilot hole SHE-118, which impacted the unconformity 80 metres east of SHE-115 and 120 metres southeast of SHE-114, will be used for a new series of directional cuts intended to test for extensions of the known uranium mineralization. Multiple directional cuts, or "step-outs", can be made from one pilot hole, which reduces costs while improving targeting precision when drilling deep targets. For example, since 2005, 17 directional cuts were completed from pilot hole SHE-114 (see UEX website at www.uex-corporation.com/s/Home.asp)
At the Kianna Deposit, high-grade uranium mineralization has been intersected in multiple zones at depths from 665 metres to 917 metres, a vertical distance of approximately 250 metres - located in sandstone high above the unconformity, at the unconformity, and below the unconformity in basement rocks, with unconformity depths ranging from approximately 710 to 760 metres. To date, the mineralization at the Kianna Deposit has been traced over a strike length of 200 metres and a width of 100 metres, and remains open in all directions. The AREVA-UEX drilling programs of 2004, 2005 and 2006 have outlined three distinct styles of high-grade uranium mineralization:
<<
- Perched ("P"), sandstone-hosted mineralization found in discrete
zones tens of metres above the unconformity (previously announced
2005 hole SHE-114-5, 27.4% U(3)O(8) over 8.8 metres, including 58.3%
U(3)O(8) over 3.5 metres);
- Unconformity-type mineralization ("UC"), in close proximity to the
unconformity (previously announced 2006 hole SHE-115-3, grading
12.57% U(3)O(8) over 11.9 metres, including 27.35% U(3)O(8) over
4.2 metres);
- Basement-hosted mineralization ("B"), found in zones up to 200 metres
below the unconformity (previously announced 2005 hole SHE-114-11,
grading 5.4% U(3)O(8) over 37.7 metres, including 25.46% U(3)O(8)
over 4.0 metres).
>>
Latest Results from 2006 Shea Creek Drilling Program at the Kianna
Deposit
SHE-118: (UC) 5.62% U(3)O(8) over 8.6 metres, including 11.50% U(3)O(8) over 1.2 metres and 15.07% U(3)O(8) over 1.0 metre, was a vertical hole which will act as a pilot hole for directional drilling to test for extensions of known uranium mineralization. The unconformity was intersected at 711.4 metres.
Although primarily positioned as a pilot hole, SHE-118 nevertheless intersected high-grade unconformity mineralization at and just above the unconformity from 703.5 to 712.1 metres, grading 5.62% U(3)O(8) over 8.6 metres, including 11.50% U(3)O(8) over 1.2 metres and 15.07% U(3)O(8) over 1.0 metre. This intersection extends the strike length of the high-grade unconformity mineralization intersected in SHE-115-3 and SHE-115-5 by 30 metres in a southeast direction.
SHE-115-7: (UC) 0.94% U(3)Of(8) over 4.1 metres, (B) 1.03% U(3)O(8) over 6.5 metres and (B) 1.46% U(3)O(8) over 3.1 metres, targeted the continuity of high-grade unconformity mineralization 20 metres west-southwest of the SHE-115-6 unconformity impact, the possibility of perched mineralization observed in the SHE-114 series of drill holes, and deep, basement-hosted mineralization. The unconformity was intersected at 723.3 metres.
SHE-115-7 intersected unconformity-type uranium mineralization from 720.3 to 724.4 metres, grading 0.94% U(3)O(8) over 4.1 metres. A high-grade, mineralized basement interval located 94 metres below the unconformity from 817.3 to 823.8 metres graded 1.03% U(3)O(8) over 6.5 metres. A second high-grade mineralized basement interval, located 109 metres below the unconformity from 832.4 to 835.5 metres, graded 1.46% U(3)O(8) over 3.1 metres.
See Table 1 below for a list of significant mineralized intersections reported from the Kianna Deposit in 2006, and for comparative purposes, the 2004-2005 Kianna Deposit drilling results. Uranium grades are calculated from gamma probe logging. True widths of mineralized intervals have not yet been determined. The technical information in this news release has been compiled and reviewed by Erwin Koning, P. Geo., AREVA's District Geologist, West Athabasca Region, a qualified person as defined by National Instrument 43-101.
About AREVA Resources Canada Inc.
AREVA, a uranium exploration and mining company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with a strong industrial presence in over 40 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit operated by Cameco Corporation ("Cameco"), and the Cigar Lake Deposit, which is scheduled for production in 2007.
About UEX
UEX is a Canadian uranium exploration company formed under an agreement between Pioneer Metals Corporation and Cameco. Cameco, the world's largest supplier of uranium, is UEX's largest shareholder. UEX began trading on the Toronto Stock Exchange in July 2002 and is actively involved in the exploration and development of 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten under option from AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 386,650 hectares (955,400 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 30% of the global primary uranium production. UEX's exploration budget for 2006 is $19.0 million and the Company has a cash position of approximately $85.0 million.
<< ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION Stephen H. Sorensen, President & C.E.O. >>
Forward looking statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond UEX's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although UEX believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
<<
TABLE 1.
Summary of 2005-2006 Kianna Deposit Drill Results
All Uranium Intersections Calculated from Gamma Probe Logging
-------------------------------------------------------------------------
Avg.
Grade
Within
Hole Area Total Depth to the
Depth Uncon- Inter-
of Hole formity From To Length section
(metres) (metres) (metres) (metres) (metres)(% U3O8)
-------------------------------------------------------------------------
SHE-118 Kianna 880.0 711.4 703.5 712.1 8.6 5.62
including 706.9 708.1 1.2 11.50
including 709.6 710.6 1.0 15.07
737.5 739.4 1.9 0.71
762.9 765.4 2.5 0.56
766.5 771.3 4.8 0.50
-------------------------------------------------------------------------
SHE-115-7 Kianna 943.0 723.3 720.3 724.4 4.1 0.94
814.2 816.6 2.4 0.63
817.3 823.8 6.5 1.03
832.4 835.5 3.1 1.46
-------------------------------------------------------------------------
SHE-115-6* Kianna 974.0 745.6 702.7 710.9 8.2 2.25
730.2 741.3 11.1 2.96
including 738.3 741.3 3.0 6.03
773.4 774.5 1.1 2.48
793.9 795.2 1.3 2.93
820.2 828.9 8.7 2.42
870.3 875.5 5.2 0.72
-------------------------------------------------------------------------
SHE-115-5* Kianna 959.5 735.2 731.5 736.4 4.9 12.74
including 732.4 734.8 2.4 23.55
791.9 796.3 4.4 3.77
including 794.4 794.9 0.5 9.21
-------------------------------------------------------------------------
SHE-115-4* Kianna 935.0 758.5 745.8 765.6 19.8 3.56
including 745.8 757.1 11.3 5.89
including 751.0 751.8 0.8 14.34
including 754.7 755.4 0.7 12.80
including 760.6 765.6 5.0 0.71
-------------------------------------------------------------------------
SHE-115-3* Kianna 1015.0 743.5 735.0 746.9 11.9 12.57
including 738.6 739.6 1.0 19.89
including 741.4 745.6 4.2 27.35
847.5 852.3 4.8 0.53
892.2 897.1 4.9 1.04
-------------------------------------------------------------------------
SHE-115-2* Kianna 980.0 737.5 730.7 742.8 12.1 1.20
769.9 772.3 2.4 1.70
847.1 852.0 4.9 2.84
including 849.0 849.6 0.6 12.23
-------------------------------------------------------------------------
SHE-115-1* Kianna 956.0 734.8 659.9 666.4 6.5 0.42
728.25 737.75 9.5 0.50
781.35 782.35 1.0 2.52
911.0 916.7 5.7 3.63
including 911.6 912.4 0.8 20.66
-------------------------------------------------------------------------
SHE-115* Kianna 845.0 718.0 716.1 720.0 3.9 0.48
-------------------------------------------------------------------------
SHE-114-17* Kianna 989.0 729.3 718.8 721.3 2.5 0.98
724.5 727.0 2.5 1.06
881.8 890.2 8.4 3.20
including 882.5 883.6 1.1 16.62
-------------------------------------------------------------------------
SHE-114-16* Kianna 914.0 716.3 Weakly mineralized
-------------------------------------------------------------------------
SHE-114-15* Kianna 989.0 714.4 895.1 919.0 23.9 0.29
-------------------------------------------------------------------------
SHE-114-14* Kianna 1016.0 718.3 712.7 717.5 4.8 0.45
-------------------------------------------------------------------------
925.9 933.7 7.8 0.57
-------------------------------------------------------------------------
SHE-114-13* Kianna 936.0 715.9 810.0 817.0 Massive
pitchblende veins
in the basement.
Hole lost
- not probed
-------------------------------------------------------------------------
SHE-114-12* Kianna 926.5 713.8 682.8 688.4 5.6 1.81
713.1 716.8 3.7 2.08
834.4 841.2 6.8 1.37
-------------------------------------------------------------------------
SHE-114-11* Kianna 934.0 714.2 678.5 692.2 13.7 5.83
710.3 713.7 3.4 1.43
789.9 791.3 1.4 2.04
800.0 802.4 2.4 1.05
816.1 853.8 37.7 5.40
-------------------------------------------------------------------------
SHE-114-
10A* Kianna 804.0 728.4 726.4 732.5 6.1 1.15
-------------------------------------------------------------------------
SHE-114-10* Kianna Hole lost - not probed
-------------------------------------------------------------------------
SHE-114-9* Kianna 890.0 720.1 677.0 697.0 20.0 5.88
709.2 719.2 10.0 1.48
803.9 805.4 1.5 1.71
808.5 812.9 4.4 1.02
825.7 827.5 1.8 1.09
829.9 832.5 2.6 1.64
840.7 841.9 1.2 1.38
-------------------------------------------------------------------------
SHE-114-8* Kianna 889.5 715.8 835.7 843.6 7.9 5.81
853.4 861.8 8.4 4.38
-------------------------------------------------------------------------
SHE-114-7* Kianna 800.0 722.5 665.6 679.7 14.1 7.73
-------------------------------------------------------------------------
SHE-114-6* Kianna 747.0 715.3 Mineralized - hole lost
- not probed
-------------------------------------------------------------------------
SHE-114-5* Kianna 866.0 714.2 677.8 686.6 8.8 27.40
814.4 816.6 2.2 1.08
821.2 823.0 1.8 5.49
-------------------------------------------------------------------------
SHE-114-4* Kianna 884.0 732.5 723.6 729.7 6.10 1.10
794.8 796.0 1.2 1.26
796.8 801.2 4.4 1.27
-------------------------------------------------------------------------
SHE-114-3* Kianna 835.0 752.7 748.9 752.9 4.0 1.06
-------------------------------------------------------------------------
SHE-114-2* Kianna 863.0 735.7 731.2 735.8 4.6 1.71
-------------------------------------------------------------------------
SHE-114-1* Kianna 850.0 720.8 680.4 687.9 7.5 1.36
806.9 807.6 0.7 1.71
809.3 810.4 1.1 2.60
-------------------------------------------------------------------------
SHE-114* Kianna 795.0 713.9 684.0 686.0 2.0 3.26
(Fall 2004) 713.2 715.2 2.0 0.69
-------------------------------------------------------------------------
* Results previously announced - see UEX News Releases:,
February 10, July 13, September 14 and October 11, 2005, and
June 6, 2006.
>>
%SEDAR: 00017609E
SOURCE: UEX Corporation
UEX Corporation, Suite 1007 - 808 Nelson Street, Vancouver, B.C., Canada, V6Z 2H2, Ph: (604) 669-2349, Fax: (604) 669-1240, Website: www.uex-corporation.com, email: uex@intergate.ca
Copyright (C) 2006 CNW Group. All rights reserved.
Need to find a better U stock...This one is definitely not in play yet...
Frustrating the stock continues towards its 52 week low, but i`m still accumulating as I feel comfortable with the prospects growing forward. I usually accumulate the pennies and trade the majors in a sector. CCO may be ripe for a flip soon but the flooding problem at Cigar Lake may weight heavy yet.
Mineral of controversy rockets into the future
By Cosima Marriner
20/07/2006)
Spurned for the past two decades, uranium is now selling at record highs as it suddenly finds itself back in favour with governments around the world, which are embracing nuclear power as a key source of future energy.
Uranium demand is escalating
Languishing around $7 per lb at the start of this century, the spot price for uranium has risen more than sixfold to hit a record $45.50 per lb this week. A classic supply-demand imbalance has driven up the price: supplies are rapidly dwindling just as demand for the mineral that fuels nuclear power has returned.
Uranium has been out of favour for most of the 20 years since the Chernobyl disaster in 1986. But its fall from grace actually began in 1979 with the meltdown at Three Mile Island in Pennsylvania. Until then, miners had been ramping up uranium production in anticipation that nuclear power would increasingly become a source of energy.
But after Three Mile Island, many power companies cancelled their orders for nuclear reactors. Rather than pay the penalties for reneging on uranium purchase contracts, the companies calculated it was cheaper to continue buying the mineral and stockpiling it.
Uranium exploration ground to a halt after Chernobyl, and by the mid-Nineties the low spot price saw production at existing mines drop to 50pc below demand. Power companies relied on their stockpiles to make up most of the shortfall, while the decommissioning of Russian nuclear warheads provided 10pc of the uranium needed.
But secondary supplies are now running out just as demand is escalating, and Russian government officials have indicated they will not continue converting their warheads into uranium suitable for US reactors when their non-proliferation agreement expires in 2013.
Meanwhile, the number of nuclear reactors is likely to increase, as countries such as Britain give the green light to nuclear as an alternative source of energy. The proportion of the world's electricity generated by nuclear power is expected to grow from 16pc to 20pc. In addition to the 441 reactors currently operating, 27 are being built and a further 38 are planned globally. Most of the reactors on order will be in Asia.
Within five years there will only be enough secondary supplies to meet a quarter of the expected demand for uranium. The World Nuclear Association forecasts demand will grow from 170m lbs this year to 186m lbs by 2010. But Merrill Lynch believes supply will lag behind demand until at least 2015.
Charles Scorer, the head of Nufcor Uranium, a new uranium trading exchange, said: "Because of the lack of exploration and falling inventory, there is expected to be a tightness in the market for the next 10 years." This has underpinned a surge in the spot price, which in turn has prompted miners to increase production and has kickstarted exploration around the world.
Australia and Canada dominate the uranium market, accounting for 52pc of production in 2005. Australia boasts the world's largest resource, with 40pc of known reserves, but Canada is the largest producer, producing 28pc of the world's uranium each year. The biggest uranium company is Canada's Cameco, closely followed by Rio Tinto (which has interests in uranium mines in Australia and Namibia). Uranium is also found in Kazakhstan, eastern Europe and African countries such as Zambia and South Africa.
The world's biggest miner, BHP Billiton, last year took control of the world's largest known uranium deposit, Olympic Dam in South Australia, when it bought WMC Resources for $7bn (£3.8bn). It now plans to double production at the mine.
There has also been a sudden increase in budding uranium explorers. The number of Australian and Canadian uranium companies has more than trebled in the past year from 40 to 150. In the UK, uranium explorers Brinkley Mining and UraMin recently listed on Aim, only to watch their share prices sink. "There are a flood of new players out in the field staking new ground everywhere," Rio Tinto's chief executive of energy, Preston Chiaro, said.
From tomorrow, investors will be able to gain exposure to the rising uranium price when Nufcor Uranium floats on Aim. A spin-off from the South African First Rand/Anglo Gold joint venture Nufcor International, Nufcor Uranium has used $92m of the $120m proceeds from its initial public offering to buy 2m lbs of uranium.
Merrill Lynch expects the average spot price of uranium to hit $43 per lb this year, 54pc higher than the $28 average of 2005. "We see no short-term trigger which would reverse this bull trend," analyst Vicky Binns said.
Sentiment towards uranium only began to turn two years ago, as environmentalists became more amenable to nuclear power as an alternative to fossil fuels. One tonne of uranium generates the same amount of energy as 116,000 tonnes of coal, and nuclear power does not generate direct greenhouse gas emissions. Uranium is also far cheaper - it accounts for just 5pc of the cost of operating a reactor, compared with gas which accounts for 75pc of plant operating costs.
"A few years ago you couldn't even talk about the possibility of extending the lives of existing [nuclear] plants, let alone building new ones," said Mr Chiaro. "People are now listening more carefully and recognising nuclear power has its benefits. From a climate change point of view, people understand that there are trade-offs that have to be made. "
Of course, there remains the problem of storing radioactive waste. But supporters of uranium, like Mr Scorer, argue that this environmental hazard is far easier to contain than "the rather random dispersal of CO2 into the atmosphere". In the current climate of terrorism, security of nuclear power plants remains the biggest concern.
Like all minerals, uranium is a finite resource, but market participants argue that a lack of exploration, coupled with improvements in mining and power-generation technology, mean there is plenty left.
As recently as 2004, demand for uranium was still stagnating, if not falling. But the resurgence of nuclear power is now expected to fuel a 2pc annual growth in demand. Until supply catches up, the price is expected to climb. "It's just mushroomed. You seldom find a commodity that has had no exploration for 20 years," said Mr Scorer. "Uranium is only now entering the proper commercial stage for the first time."
Mineral of controversy rockets into the future
By Cosima Marriner 20/07/2006)
Spurned for the past two decades, uranium is now selling at record highs as it suddenly finds itself back in favour with governments around the world, which are embracing nuclear power as a key source of future energy.
Uranium demand is escalating
Languishing around $7 per lb at the start of this century, the spot price for uranium has risen more than sixfold to hit a record $45.50 per lb this week. A classic supply-demand imbalance has driven up the price: supplies are rapidly dwindling just as demand for the mineral that fuels nuclear power has returned.
Uranium has been out of favour for most of the 20 years since the Chernobyl disaster in 1986. But its fall from grace actually began in 1979 with the meltdown at Three Mile Island in Pennsylvania. Until then, miners had been ramping up uranium production in anticipation that nuclear power would increasingly become a source of energy.
But after Three Mile Island, many power companies cancelled their orders for nuclear reactors. Rather than pay the penalties for reneging on uranium purchase contracts, the companies calculated it was cheaper to continue buying the mineral and stockpiling it.
Uranium exploration ground to a halt after Chernobyl, and by the mid-Nineties the low spot price saw production at existing mines drop to 50pc below demand. Power companies relied on their stockpiles to make up most of the shortfall, while the decommissioning of Russian nuclear warheads provided 10pc of the uranium needed.
But secondary supplies are now running out just as demand is escalating, and Russian government officials have indicated they will not continue converting their warheads into uranium suitable for US reactors when their non-proliferation agreement expires in 2013.
Meanwhile, the number of nuclear reactors is likely to increase, as countries such as Britain give the green light to nuclear as an alternative source of energy. The proportion of the world's electricity generated by nuclear power is expected to grow from 16pc to 20pc. In addition to the 441 reactors currently operating, 27 are being built and a further 38 are planned globally. Most of the reactors on order will be in Asia.
Within five years there will only be enough secondary supplies to meet a quarter of the expected demand for uranium. The World Nuclear Association forecasts demand will grow from 170m lbs this year to 186m lbs by 2010. But Merrill Lynch believes supply will lag behind demand until at least 2015.
Charles Scorer, the head of Nufcor Uranium, a new uranium trading exchange, said: "Because of the lack of exploration and falling inventory, there is expected to be a tightness in the market for the next 10 years." This has underpinned a surge in the spot price, which in turn has prompted miners to increase production and has kickstarted exploration around the world.
Australia and Canada dominate the uranium market, accounting for 52pc of production in 2005. Australia boasts the world's largest resource, with 40pc of known reserves, but Canada is the largest producer, producing 28pc of the world's uranium each year. The biggest uranium company is Canada's Cameco, closely followed by Rio Tinto (which has interests in uranium mines in Australia and Namibia). Uranium is also found in Kazakhstan, eastern Europe and African countries such as Zambia and South Africa.
The world's biggest miner, BHP Billiton, last year took control of the world's largest known uranium deposit, Olympic Dam in South Australia, when it bought WMC Resources for $7bn (£3.8bn). It now plans to double production at the mine.
There has also been a sudden increase in budding uranium explorers. The number of Australian and Canadian uranium companies has more than trebled in the past year from 40 to 150. In the UK, uranium explorers Brinkley Mining and UraMin recently listed on Aim, only to watch their share prices sink. "There are a flood of new players out in the field staking new ground everywhere," Rio Tinto's chief executive of energy, Preston Chiaro, said.
From tomorrow, investors will be able to gain exposure to the rising uranium price when Nufcor Uranium floats on Aim. A spin-off from the South African First Rand/Anglo Gold joint venture Nufcor International, Nufcor Uranium has used $92m of the $120m proceeds from its initial public offering to buy 2m lbs of uranium.
Merrill Lynch expects the average spot price of uranium to hit $43 per lb this year, 54pc higher than the $28 average of 2005. "We see no short-term trigger which would reverse this bull trend," analyst Vicky Binns said.
Sentiment towards uranium only began to turn two years ago, as environmentalists became more amenable to nuclear power as an alternative to fossil fuels. One tonne of uranium generates the same amount of energy as 116,000 tonnes of coal, and nuclear power does not generate direct greenhouse gas emissions. Uranium is also far cheaper - it accounts for just 5pc of the cost of operating a reactor, compared with gas which accounts for 75pc of plant operating costs.
"A few years ago you couldn't even talk about the possibility of extending the lives of existing [nuclear] plants, let alone building new ones," said Mr Chiaro. "People are now listening more carefully and recognising nuclear power has its benefits. From a climate change point of view, people understand that there are trade-offs that have to be made. "
Of course, there remains the problem of storing radioactive waste. But supporters of uranium, like Mr Scorer, argue that this environmental hazard is far easier to contain than "the rather random dispersal of CO2 into the atmosphere". In the current climate of terrorism, security of nuclear power plants remains the biggest concern.
Like all minerals, uranium is a finite resource, but market participants argue that a lack of exploration, coupled with improvements in mining and power-generation technology, mean there is plenty left.
As recently as 2004, demand for uranium was still stagnating, if not falling. But the resurgence of nuclear power is now expected to fuel a 2pc annual growth in demand. Until supply catches up, the price is expected to climb. "It's just mushroomed. You seldom find a commodity that has had no exploration for 20 years," said Mr Scorer. "Uranium is only now entering the proper commercial stage for the first time."
Jim Dines audio interview about Uranium and Gold:
Discussion yesterday on uranium, on precious metals, and on America's march towards fascism.: Interview with Mr. Jim Dines, Editor/The Dines Letter.
Scroll down an click listen:
http://www.streetiq.com/dir/MVTVBOB.shtml#
Jim Dines audio interview about Uranium and Gold:
Discussion on uranium, on precious metals, and on America's march towards fascism.: Interview with Mr. Jim Dines, Editor/The Dines Letter.
Scroll down an click listen:
http://www.streetiq.com/dir/MVTVBOB.shtml#
Recommend all download this book, free..... enjoy...
Regards, Stockguard
http://www.stockinterview.com/investor_guides.html
The_Free_Nebula
Also recommend you and others download this book, free..... enjoy...
http://www.stockinterview.com/investor_guides.html
Jim Rogers Calls for Higher Uranium Prices also an excellent U site for research.....
http://www.stockinterview.com/rogers.html
Pure Energy: Uranium's Explosive Profits
Thursday, July 13, 2006
By Michael Schaefer
Russians could send 'yellow cake' prices soaring
Believe it or not -- tomorrow, July 14th, Russian President Vladimir Putin is going to drop a hellacious bomb on the uranium market. And the damage the Russians are about to do could be far worse than anything the Iranians or North Koreans could slap together.
http://www.stockhouse.ca/shfn/editorial.asp?edtID=18475
NYMEX oil ends at record atop $76 on Mideast conflict
(Updates with settlement prices)
NEW YORK, July 13 (Reuters) - U.S. crude oil futures ended
at a record above $76 on Thursday as violence between Israel and
Lebanon escalated in the Middle East and geopolitical tensions
boiled elsewhere, raising fears of supply disruptions.
Israel blockaded Lebanese ports and struck three airports,
escalating its reprisals for Hizbollah's capture of two Israeli
soldiers and killing of several others in a raid the day
before.
Suspected pipeline explosions in OPEC member Nigeria also
stoked supply worries, while Iran's nuclear dispute with the
West appeared headed to the U.N. Security Council, raising the
possibility of sanctions against Tehran which could lead to a
disruption in Iranian oil exports.
Tension over North Korea continued as Japan pushed for a
vote this week on its resolution in the council imposing
weapons-related sanctions on Pyongyang, despite China's threat
to veto the draft, following North Korea's missile tests.
Crude for August delivery <CLQ6> settled up $1.75, or 2.3
percent, at $76.70 per barrel, a record, after rising to $76.85
which marked the highest for a front-month contract since the
New York Mercantile Exchange started trading oil futures in
March 1983. Prices rose for the third day in a row.
And crude for April delivery hit $80 a barrel, the highest
ever for any monthly contract traded on the NYMEX.
In London, August Brent crude <LCOQ6> soared $2.30, or 3.1
percent, to $76.69, after setting a record at $76.95.
"A veritable Chinese menu of global tensions and
conflagrations has pushed crude oil prices to record highs" and
beyond, said Addison Armstrong, manager of exchange-traded
markets at TFS Energy in Stamford, Connecticut.
"With trouble and violence seemingly breaking out all over
the place, the futures bulls can no longer restrain themselves
-- and there are fewer bears to stand firm," said an analyst in
Houston.
NYMEX August gasoline <HUQ6> settled up 4.54 cents, or 2
percent, at $2.3013 a gallon, after rising to $2.315 to mark the
priciest in more than nine months. August RBOB <RBQ6> gained
1.81 cents, or 0.8 percent, at $2.3856.
August heating oil <HOQ6> settled 6.15 cents higher, or 3
percent, at $2.0799 a gallon on fund buying after hitting a
two-month high of $2.1050.
"Heating oil is the only contract that hasn't broken out of
the range recently, looking cheap compared to the rest of the
complex," said a U.S. trader to explain the rash of heating oil
buying.
Aiding the contract's surge was news that the high price of
heating oil in Europe was attracting shipments of the product
from the U.S. [nL13857464]
Israel blockaded Lebanese ports and struck three airports as
it intensified reprisals after Lebanese Hizbollah fighters
captured two Israeli soldiers and killed eight others a day
earlier.
Hizbollah rained rockets on northern Israel. One rocket hit
Haifa, Israel's third-largest city, the Israeli Army said.
However, Hizbollah said it did not fire a rocket at that city.
Meanwhile, Iranian President Mahmoud Ahmadinejad said
Thursday the world's fourth-largest oil exporter would not
abandon its right to nuclear technology after Tehran's case was
referred back to the U.N. Security Council.
North Korea blamed the South for the collapse of their first
high-level talks since Pyongyang's missile tests sparked a
regional crisis, saying Seoul would "pay a price" for the
failure.
Japan, meanwhile, pushed for a vote this week on its
resolution in the council imposing weapons-related sanctions on
Pyongyang, despite China's threat to veto the draft.
In Nigeria, two suspected explosions at a crude pipeline
operated by Agip caused oil spills, Nigerian officials said. The
company denied reports of sabotage and extensive oil spills and
said damage would be repaired soon.
Qatari Oil Minister Abdullah al-Attiyah blamed geopolitical
tensions for the surge to record highs.
"The main thing is that we see that there is no shortage in
the market at all," he told reporters. "Speculators are using
the geopolitical situation to their benefit and we are seeing
how the oil prices are reacting."
The record oil price came after Wednesday's U.S. government
report showed domestic crude stocks fell by an unexpected 6
million barrels to 335.3 million barrels last week as imports
dropped by 920,000 barrels per day.
Gasoline inventories dipped 400,000 barrels to 212.7 million
barrels as demand stayed strong at 9.62 million bpd.
Distillate supplies rose 2.6 million barrels to 129.9
million barrels, amid higher production and imports.
TECHNICALS
NYMEX crude's resistance was put at $77 with support at
$74.
Gasoline resistance yielded at $2.30, with the next target
at $2.37, the Sept. 29, 2005, high. Support lies at $2.20.
Heating oil resistance crumbled at $2.05, with the next goal
at $2.108, the May 11, high. Support is at $2.
The gasoline crack spread <CL-HU1=R> ended at $19.95.
The NYMEX crude oil forward curve remained in contango, with
the January contract <CLF7> ending at $79.84.
((Reporting by Gene Ramos; editing by Matthew Lewis
With little spare capacity and strong demand, markets are more vulnerable than ever.
By Steve Hargreaves, CNNMoney.com staff writer
July 11 2006: 4:35 PM EDT
NEW YORK (CNNMoney.com) -- Oil prices may fall if progress is made in talks with Iran over its nuclear program, but things like surging auto sales in China and record gasoline demand in the United States mean that oil prices near record highs are probably here to stay.
Oil hit a fresh trading high of $75.78 Friday, pushed up by strong U.S. demand over the holiday weekend and ongoing tensions with Iran.
Prices could fall later this week as talks, which many expect to be constructive, continue with Iran over it's disputed nuclear program. But few think they'll fall too far.
"If there's a breakthrough, we could head back to around $70," said Nauman Barakat, an energy trader at the investment bank Macquarie. "But fundamentally, it's difficult to make a bearish case."
That's because Barakat keeps getting information like this: Despite national average gas prices of nearly $3 a gallon, near the inflation-adjusted high of $3.18 a gallon from the early 1980s, Americans used more gas in June than in any other month, according to preliminary data from the Energy Information Administration, the statistical arm of the Energy Department.
It is true that high prices are eating into demand growth for gasoline, with the latest EIA numbers showing the growth rate slowing to 0.5 to 1 percent per year from 1.5 to 2 percent a year. But the fact remains that demand is not dropping.
"Price is causing some substitutions, but in my opinion it's not enough, " said Peter Tertzakian, chief energy economist for ARC Financial and author of the book "A Thousand Barrels a Second."
Enough, that is, to significantly bring down prices, although those high prices have so far shown little ability to cut into economic growth as the economy is more efficient than it used to be.
And it's not just the United States that's eating up world supply.
Although the country uses about 20 million barrels of oil a day, more than three times the 6 million barrels used in China, the No. 2 consumer, demand is growing much more quickly in China.
Chinese consumption is growing at about 500,000 barrels a day each year versus growth of about 200,000 in the United States, according to Tertzakian.
By 2030, EIA estimates China will use 15 million barrels a day.
That's no doubt helped by China's new-found love for the automobile. Just Monday a news report said car sales in the country surged nearly 50 percent in the first half of 2006.
But there's more. Growing demand in other developing countries, notably India, the lack of big new oilfield discoveries, and the soaring cost of getting oil out of the ground are a recipe for sustained high prices.
Tertzakian said most people just won't make the necessary sacrifices to significantly cut energy use. For any meaningful conservation to take place he said prices would have to rise to somewhere around $130 a barrel, although an economic slowdown would probably happen before prices reached that high, which would itself reduce demand.
Instead, he said, barring a drop in prices from a recession, people will simply deal with paying more, hobbling along until a new energy source or sources begin to replace oil, a transition process that he said was just starting and could last for decades.
In the meantime, any hint of political instability or supply disruption will move oil prices in a market hypersensitive to any piece of news.
Why are markets so sensitive? The world's easy to get light crude oil has been mostly gotten, so big oil-producing nations can't easily boost production when local supplies are disrupted.
Worldwide spare production capacity dropped from 5.5 million barrels a day just a few years ago to around 1 million in 2006, said Doug MacIntyre, a senior oil market analyst with EIA.
"That's not enough to cover a full disruption from Iran or Nigeria or Iraq or even the hurricanes," said MacIntyre. "So the market is going to become a lot more volatile on a day-to-day basis."
Oil destined for $100, expert says
Bull market for commodities has another 15 years, with bird flu only hope of break.
July 6 2006: 9:46 AM EDT
LONDON (Reuters) -- Oil prices will soar to well over $100 a barrel and stay high as part of a sustained commodities bull run that has another 15 years of life, billionaire U.S. investor Jim Rogers told Reuters in an interview.
One factor that could bring down the price would be a bird flu epidemic, which would send all asset classes plummeting, he said, although oil would probably fall less than other markets.
oil_climbing_prices2.03.gif
"We're going to have high oil prices for a very long time. The surprise is going to be how high it goes," Rogers said.
Reiterating earlier comments that oil prices would hit at least $100 a barrel, he said: "It will be much more than $100 before the bull market is over."
U.S. light sweet crude hit a new record of $75.40 a barrel Wednesday and was trading at close to $75 Thursday.
Rogers, a former investment partner of billionaire fund manager George Soros, has predicted the commodities bull run has at least 15 years to run.
"It's a major long-term bull market as far as I'm concerned," he said.
Aside from the bullish impact of tensions, described by Rogers as temporary, over Iran's nuclear ambitions and North Korea's missile tests, he said oil was drawing long-term support from the lack of large-scale finds.
He did not know whether the Peak Oil theory that oil supplies are either at or very near their peak was correct.
But said: "If there is oil out there, you had better find it soon."
Bird flu would lower prices
Apart from new supplies, a factor that could lower prices would be a widespread epidemic of bird flu spread between humans.
"If bird flu should break out, everything will go down and oil would go down to $40, but I would still urge people to buy oil. It would go down less than other things and it would be the first to go back up," said Rogers.
Rogers has set up the Rogers International Commodity Index (RICI) for gaining access to the commodity markets.
In the first half of this year it outperformed its much bigger rivals the Goldman Sachs Commodity Index (GSCI) and the Dow Jones-AIG Commodity Index (DJ-AIGCI).
While the RICI gained 9.7 percent in the first six months of this year, according to Reuters data, the GSCI rose 5.3 percent and the DJ-AIG gained 3.6 percent.
Rogers said he could not say exactly how much money was in the RICI, but it was at least $4 billion.
The commodity indexes, which analysts have estimated bring together a total of well over $80 billion, each comprise different combinations of commodities.
The GSCI and DJ-AIGIC adjust the weightings of various components depending on market performance, while the Rogers index maintains steady weightings, Rogers said.
"You need the same weightings every month," he argued.
Among those using the indexes are the mutual funds, which invest in groups of assets on behalf of individuals and institutions.
As an indication of how much room the commodities market, long regarded as a very risky, alternative investment, has to grow, Rogers said there were around 70,000 mutual funds for investing in stocks and bonds and less than 10 to invest in commodities.
"People have started to invest in commodities. It's a bull market and bull markets pick people up as they go higher and higher," he said.
Myra Saefong's Commodities Corner
Farewell to $60 oil, brace yourself for $80
By Myra P. Saefong, MarketWatch
Last Update: 12:01 PM ET Jul 7, 2006
SAN FRANCISCO (MarketWatch) -- Crude's back at record levels, with the $60-per-barrel price we saw just last year out of the picture for now, maybe even forever, and $80 oil a real possibility by the end of the summer.
"Producers and consumers alike should get used to the fact that oil prices will likely never fall below $60 a barrel again," said Emanuel Balarie, a senior market strategist at Wisdom Financial.
The front-month contract for crude futures closed at $75.19 a barrel Wednesday in New York -- the highest closing price ever -- and the price rally has not stopped there as a world of political turmoil, direct threats to production and supplies and a strong global appetite for oil come together to rattle investors' nerves.
'Producers and consumers alike should get used to the fact that oil prices will likely never fall below $60 a barrel again.'
— Emanuel Balarie, Wisdom Financial
"Whether it be tension with Iran and North Korea, war in Iraq, summer gasoline demand, [or] refinery outages, prices are going to be very sensitive to supply disruptions and/or perceived potential disruptions," said Thomas Hartmann, an analyst at Altavest Worldwide Trading.
The oil market has been factoring in daily news related to the nuclear standoffs between Western nations and Iran and North Korea. See Futures Movers.
At the same time, the market is routinely bombarded by strong demand figures for oil from countries around the world, especially China. Refinery outages, the recent closure and reopening of a key waterway in Louisiana and storms in the Atlantic also serve as reminders of oil's fragile supply system.
Ravenous appetite
It's a fragile system indeed, with a fragile supply-and-demand balance to boot.
World-oil supplies averaged 84.34 million barrels per day in 2005, according to the U.S. Energy Department. Daily global oil demand averaged 83.97 million that year, with demand of 20.66 million from the United States and 6.9 million from China included in the figure.
World tensions are a key factor for oil's climb, but the biggest is "demand, demand and more demand," said John Person, president of National Futures Advisory Service.
Even with gasoline prices nearing $3 a gallon, there's been no sign of easing demand.
Gasoline demand over the last four weeks, essentially the month of June, averaged 9.5 million barrels per day, up 1.4% from a year ago, according to a weekly report released by the Energy Department Thursday.
"With refining capacity at a loggerhead with demand, gasoline and crude prices remain well bid in the futures market," said Hartmann. U.S. refinery utilization stood at 93.1% of capacity as of the week ended June 30, according to a government report. The five-year average is around 95%.
"Until gasoline demand materially slows or the perceived threat of a crude-oil supply disruption is alleviated, we won't see $60 oil in the near future," said Hartmann.
Far from a historic peak
There's a slim chance -- if any -- that oil prices will revert to the $60 level, most analysts said. Crude futures closed out last year at just over $61 a barrel.
Scenarios that would prompt a decline in prices include a slowdown in U.S. growth and easing tension in regard to Iran, according to Jason Schenker, an economist at Wachovia Corp., who considers the threat of oil disruption from Iran the "biggest upside risk to oil prices."
Other possible reasons for a fall back to $60 for oil: a demand decline or an alternative fuel source, according to Person.
But right now, hybrid cars are not selling fast enough to replace the high gas-consuming SUVs and pick-up trucks on the road, he said, pointing out that car sales are so slow that manufacturers and dealers are offering 0% financing.
"Gasoline over $3 in most U.S. cities is being felt by consumers, but not enough to incite rationing," he said.
Given that, Person sees "no place but for prices to climb higher ... before we see a decline and relief at the pumps."
Will need to keep an eye on this matter as it may be positive or negative for Northwestern depending on the written law:
REUTERS New law to give Niger stakes in mining,oil firms
NAIMEY, July 1 (Reuters) - Niger has adopted new mining and
oil exploration laws that will give the government a stake in
companies operating in the uranium-rich country and scrap tax
breaks aimed at attracting investors.
The drought-prone former French colony adopted laws late on
Friday aimed at maximising government profits from its mines and
potential oil reserves amid rising demand for uranium and
soaring crude prices.
Niger is one of the world's top uranium producers and has
proven oil reserves of 300 million barrels but it has not found
a commercially viable way of getting the crude to the Gulf of
Guinea or the Mediterranean for export.
Under the new laws, the government will take a stake in
mining and oil exploration companies operating in semi-desert
Niger, although it did not specify how large the stake would be.
Mining rights will also be reduced to 10 years from 20 years
and exploration rights cut to 20 years from 30 years on a
reduced geographical area. Extra tax will be levied and in
certain cases, tax breaks initially aimed at attracting
investors will be cut or scrapped.
Uranium production in landlocked Niger peaked at 4,366
tonnes in 1981 but has since fallen as world market prices
slumped and now stands at around 3,000 tonnes a year.
Of that 2,000 tonnes is produced by the Compagnie Miniere
d'Akouta (COMINAK), owned by the government with French,
Japanese and Spanish interests, and the remainder by the
French-controlled Societe des Mines et de l'Air (SOMAIR), which
has announced plans to open a second mining operations.
Niger also awarded two uranium prospecting concessions to
Toronto-based Northwestern Mineral Ventures Inc <NWT.V> and one
to North Atlantic Resources <NAC.TO> earlier this year.
The government also introduced new laws that will give it a
stake in oil exploration firms. Under the new laws, permits
covering research and exploration and the transport of oil by
pipeline would be limited and taxes raised.
Wedged between oil producers Algeria and Nigeria,
impoverished Niger wants to find more oil to make export
commercially viable.
Algeria's state energy company Sonatrach signed a deal last
year with Niger to search for oil. Malaysia's Petronas has also
been exploring a concession near the border with Chad as part of
a joint venture with U.S. industry giant Exxon Mobil Corp
<XOM.N>.
State giant China National Petroleum Corp has two vast
concessions and Nigeria and Algeria are looking to build a gas
pipeline joining their countries and passing through Niger.
Reporting by Abdoulaye Massalaki; Dakar newsroom +221 864
5076; editing by David Christian-Edwards))
Keywords: MINERALS NIGER
NORTHWESTERN MINERAL VENTURES INC. ("NWT")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: June 30, 2006
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation
pertaining to a Letter of Intent dated June 9, 2006 between
Northwestern Mineral Ventures Inc. (the "Company") and Edward
Bawolak pursuant to which the Company has the right to earn a
100% interest in the Sequaney uranium property, which is
comprised of approximately 4,000 acres located in south-
central Quebec. In order to earn the interest, the Company
must pay an aggregate of $545,000 cash and issue 2,000,000
common shares over a three-year period. In addition, the
Company must make an additional cash payment of $500,000 if
an economically viable bankable feasibility study is
completed. For further details, please refer to the Company's
news release dated June 21, 2006.
http://eservices.ccnnewswire.com/news/releases/show.jsp?action=showRelease&searchText=false&...
Jun 30 - US$46.00 Uranium Spot Price*
http://www.uranium.info/
Uranium prices continue to climb
Murray Lyons, The StarPhoenix
Published: Wednesday, June 28, 2006
Prices for uranium in the spot market continue to rise rapidly on concerns that western nations have become overly reliant on recycled Russian atomic weapons to fuel power reactors.
According to this week's Scotiabank Commodity Price report for May, the price of uranium climbed to $43 US per pound in late May from $41.50 US in April.
The price moved up again in June, reaching $45 US this month, says the report. That means the previous spot market peak price of $43.40 US reached in 1978 has been surpassed. In real constant dollar terms, however, uranium prices are nowhere near the previous high.
What is more important to the nuclear industry than the spot market is the long-term market, which prices uranium at $46.50 US, according to reports of sales to utilities.
Scotiabank economist Patricia Mohr reports the market expects uranium prices to "almost certainly" reach $50 US by year's end.
According to the analysis, prices are being pushed up by comments out of Russia in which the Rosatom agency says Russia will not renew the HEU (highly enriched uranium) agreement. The agreement puts material from former nuclear weapons, blended into "low enriched uranium," into American power reactors. Experts estimate half of the supply at American reactors has come from the former Russian weapon stockpile.
Saskatoon-based Cameco Corp. and French state-owned Areva Group have been part of the western consortium that has helped deliver that material to the market in an orderly fashion. So far, the equivalent of 10,000 warheads have been converted to peaceful purposes.
The Russians say they will need that HEU material for their own domestic nuclear power generation and to supply fuel for nuclear reactors they plan to sell to other countries, such as China.
One emerging concern is the United States Enrichment Corp. does not have enough capacity to enrich new primary supply at its plant in Kentucky. Enrichment is the second stage of the process of upgrading uranium yellowcake (U3O8) from mines to fissionable fuel.
The first stage is called conversion and is a chemical refining process.
Premier Lorne Calvert will hold a telephone news conference from Paris today to report on talks the provincial government has held this week with the head of the giant Areva nuclear consortium to encourage the French company to build a uranium conversion facility in Saskatchewan.
© The StarPhoenix (Saskatoon) 2006
Online Source:
http://www.canada.com/saskatoonstarphoenix/news/business/story.html?id=74834092-fb8a-4e4a-871a-86a94....
Uranium Boom Just Getting Started
ROB-TV
Wednesday June 28th 2006
3:15 PM ET
The Trading Desk with Pat Bolland
D.R. Barton, editor, EarlyWarning Stock Predictor
Duration: 6 m 33 s
http://www.robtv.com/shows/past_archive.tv?day=wed
Northwestern signs letter of intent for second uranium project in Quebec, Canada
June 21, 2006 09:02:26 (ET)
TORONTO, June 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- Northwestern Mineral Ventures Inc. (NWTMF, Trade) has signed a Letter of Intent to acquire 100% interest in a highly prospective uranium property in south-central Quebec from a private owner. The acquisition area is known as the Saguenay Uranium Property and represents more than 100 claims with a land area of approximately 4,000 acres (1,600 hectares).
"Northwestern is solidifying its position in one of the world's most mining-friendly jurisdictions by expanding our uranium holdings in Quebec. Quebec is well known for its rich mineral resources and for the government's commitment to assist in the development of those resources," said Marek Kreczmer, President and CEO of Northwestern. "A report based on work conducted on the property in the late 1960s by a number of companies, including Opemisca Explorers Limited, indicated the potential for a large tonnage, open-pit uranium operation."
The western Grenville region, which includes the Saguenay area where the property is located, was the focus of uranium mineral exploration and metallogenic studies between 1955 and 1980. Uranium mineralization in the area consists of uraniferous minerals disseminated in the pegmatite and locally in surrounding country rocks. Grades can reach as high as several thousand parts per million U3O8 (uranium oxide).
The Saguenay Uranium Property is located near the mouth of the Saguenay River close to the north shore of the St. Lawrence River, approximately 120 miles (190 kilometers) east of Quebec City. Access to the property is by regional roads, which connect to major provincial highways.
Under the terms of the Letter of Intent, Northwestern will pay C$545,000 in cash installments, including C$45,000 in the due diligence period, and will issue 2,000,000 shares over a three-year period to earn 100% ownership of the project. Shares will be subject to all required regulatory hold periods. In addition, should a bankable feasibility study be completed on the property, Northwestern has agreed to pay an additional C$500,000. The private owner will retain a 2% net smelter royalty (NSR) on the property. Northwestern has the right to purchase one-half of the NSR for C$1,000,000 following the completion of a bankable feasibility study.
The Letter of Intent is subject to regulatory approval, due diligence and environmental assessment. Other terms of the agreement were not released.
ABOUT NORTHWESTERN:
Northwestern Mineral Ventures (www.northwestmineral.com) is an international natural resource exploration company with an experienced management team. The company is focused on properties in Niger and Canada with potential uranium targets. Northwestern also has a precious and base metal property in Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and the TSX Venture Exchange under the symbol "NWT."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
SOURCE Northwestern Mineral Ventures Inc.
Marek Kreczmer, President and CEO, (866) 437-9551, info@northwestmineral.com
http://www.prnewswire.com
Copyright (C) 2006 PR Newswire.
Wi`ll see shortly of what initial results provide indications of strong uranium alteration. Stock may be stagnet until porved up. 50% chancge either way and the stocks trading at a low.....................
Northwestern Mineral drills some holes at Waterbury
2006-06-05 17:19 ET - News Release
Mr. Marek Kreczmer reports
NORTHWESTERN PROVIDES UPDATE ON WATERBURY URANIUM PROJECT IN ATHABASCA BASIN, SASKATCHEWAN
Northwestern Mineral Ventures Inc. has updated its shareholders on recent activities at its Waterbury uranium project, located in Saskatchewan's prolific Athabasca basin. A series of drill holes have been completed on the property and initial results provide indications of strong uranium alteration.
"Management is pleased with the early findings at Waterbury as they justify our confidence in the property's potential to host significant uranium mineralization," said Marek Kreczmer, president and chief executive officer of Northwestern. "We are currently in the process of conducting geochemical surveys on the core samples that were obtained during drilling. Following the receipt and analysis of the final results, we will be in a position to determine second phase drill targets, which could help us to further delineate potentially significant areas of uranium alteration."
As reported in Stockwatch on March 31, 2006, the drill program was designed to evaluate unconformity-related uranium targets at depths of less than 820 feet (250 metres). Final drill results are pending and will be disclosed upon receipt and compilation.
Northwestern signed a formal option agreement with CanAlaska Ventures Inc. to acquire up to 75-per-cent interest in the Waterbury project on Nov. 15, 2005. The nine non-contiguous claims total 30,683 acres (12,417 hectares) and are favourably located in close proximity to several of the world's largest uranium mines.
Firefly update
The Utah Bureau of Land Management has yet to provide Northwestern with a copy of its previously announced environmental study of the La Sal Creek area. Given the significant and positive progress that Northwestern is experiencing at Waterbury and at its other uranium properties in Niger and Quebec, the company's management team has elected not to proceed with the Firefly project in Utah. As an optionholder in the property, Northwestern will not incur any financial penalties in association with this cancellation.
We seek Safe Harbor.
TORONTO, May 31, 2006 (Canada NewsWire via COMTEX News Network)
Northwestern Mineral Ventures Inc. (TSX-V: NWT; OTCBB: NWTMF) today announced that Marek Kreczmer, M.Sc. (Geo), P.Eng., has assumed the role of Chief Executive Officer of the company, subject to TSX Venture Exchange approval. Mr. Kreczmer, who was named President of Northwestern in October 2005, is an accomplished mining professional with extensive experience in uranium exploration and development. He succeeds founding CEO Kabir Ahmed, who remains with the company in an executive capacity as Chairman of the Board of Directors. Northwestern has also restructured its Board with the addition of three respected geologists to reflect the company's focus on strengthening its position as an active uranium explorer.
"As Northwestern concentrates on the development of our highly prospective uranium portfolio, we will benefit from Mr. Kreczmer's direction and technical expertise, as well as the depth of knowledge that the new directors will bring," said Kabir Ahmed, Chairman of Northwestern. "Our team's considerable African mining and development experience and extensive network of regional mining contacts will assist Northwestern increase its independence from other uranium exploration firms operating in the Republic of Niger."
Mr. Kreczmer is a 30-year veteran of the mining industry and has worked for major and emerging companies focused on uranium, base and precious metals, including uranium producer Cameco Corp. He also has extensive experience in corporate governance and administration through his work as a current and former director of several publicly listed mining companies.
Founding CEO Kabir Ahmed will continue as an active and valued member of Northwestern's executive management team as Chairman of the Board and will provide the company with legal, regulatory and corporate guidance. Mr. Ahmed served as CEO of Northwestern from its incorporation in September 2003, and under his leadership, Northwestern successfully secured its current property portfolio and recently completed a financing of approximately C$18 million.
"We would like to thank Mr. Ahmed for his tireless efforts in helping to build a strong, well-financed publicly traded company," said Mr. Kreczmer. "We look forward to his continuing contributions as we advance Northwestern to its next phase of growth."
BOARD RESTRUCTURING
Concurrent with the appointment of Marek Kreczmer as CEO, and subject to regulatory approval, Northwestern has appointed three respected geologists to its Board of Directors:
- Anton Esterhuizen, M.Sc., B.Sc. (Hons), is an experienced geologist
renowned for his extensive experience in Africa. Among his career
highlights, he is credited with the discovery and evaluation of the
Xstrata Group's world-class, high-grade Rhovan vanadium deposit in
South Africa, the re-evaluation of the sizeable Burnstone gold
deposit, also in South Africa, and a number of Tanzanian gold
deposits, which attracted major mining companies to that country.
- Simon Lawrence, MBA, B.Eng. (Hons), is an industry veteran whose
background includes work with numerous publicly listed exploration
companies across Africa and Europe, including Anglo American
Corporation, South Africa (NASDAQ: AAUK), and most recently as Vice
President of Corporate Development for Gabriel Resources Ltd.
(TSX: GBU), for which he raised a total of C$200 million over five
years. Mr. Lawrence also worked as a mining analyst for HSBC James
Capel (now HSBC Securities) from 1995 to 1997.
- Currently the President of Vault Minerals Inc., Joseph D. Horne has
worked in the mining industry for more than 20 years, spanning
exploration and project development in both underground and open-pit
production environments.
Northwestern would like to thank Wayne Beach, Jon North and J. Scott Waldie for their significant contributions to the growth and development of the company and for their dedicated service as they retire from the Northwestern Board of Directors.
ABOUT NORTHWESTERN:
Northwestern Mineral Ventures (www.northwestmineral.com) is an international natural resource exploration company with an experienced management team. The company is focused on properties in Niger, the United States and Canada with potential uranium targets. Northwestern also has a precious and base metal property in Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and the TSX Venture Exchange under the symbol "NWT."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
SOURCE: Northwestern Mineral Ventures Inc.
Kabir Ahmed, Chairman, (866) 437-9551, info@northwestmineral.com
Copyright (C) 2006 CNW Group. All rights reserved.
Oil and Gas International
http://www.oilandgasinternational.com/directories/exploration_discoveries.aspx
Chevron reveals Nigeria-Sao Tome JDZ discovery
(5/29/2006 - OGI: San Diego) Chevron Nigeria today reported it has achieved a significant discovery in the Nigeria-Sao Tome & Principe Joint Development Zone, Block 1.
Chevron said it, the Joint Development Authority, and its co-venturers Esso Exploration and Production Nigeria-Sao Tome (One) Limited, and Dangote Energy Equity Resources, encountered hydrocarbons in the Obo-1 exploration well. Drilled by the Transocean drillship Deepwater Discovery, the Obo-1 well logged a cumulative total of at least 150 ft (45 meters) of net hydrocarbon pay in multiple reservoirs and provided important reservoir rock and liquid samples, which need to be evaluated and integrated into the interpretation of the Obo Area to determine the next step of the appraisal process. The company said that, at this stage, it is premature to determine whether or not Chevron and its co-venturers have made a commercial discovery.
In April, however, sources at the Chevron Nigeria said Obo-1 could be the largest discovery made so far this year, that it could contain a billion bbl of oil or more.
A company official said evaluation of drilling results showed, "It is an encouraging result - everyone is pleased." He indicated that the discovery could hold even more oil and gas reserves than the Akpo Field in Nigerian waters to the north of the discovery site, which is estimated to have recoverable hydrocarbon reserves of more than a billion bbl. Geological studies of Block 1 have also shown it could be about the same.
The Deepwater Discovery.
The Obo-1 well is located in 1,720 meters of water (5, 640 ft). Drilling was completed in 63 days on 15 March 2006.
Chevron JDZ Limited is the operator of the Joint Development Zone Block 1 with 51% interest, with Esso holding 40% and Dangote 9% interest.
Regards, Stockguard
InvestmentU.com: While the World Worries About Oil, Uranium Prices Hit Record High
Monday May 29, 6:13 am ET
BALTIMORE, May 29 /PRNewswire/ -- It's not receiving as much publicity as oil, gold, silver or copper (all of which have recently set multi-year price highs), but uranium may well be the commodity of the decade.
Uranium prices just set a new record high of $43 per pound, capping a remarkable 437% rise since 2000 when it cost just $8. In 2005 alone, uranium demand outstripped supply by around 100 million pounds.
With an increasingly urgent need for America to reduce its "addiction" to Middle East oil, Dr. Mark Skousen, chairman of respected financial e-letter Investment U (http://www.investmentu.com), says, "The trend is still upward for uranium." Governments and corporations are already spending billions searching for viable alternative energy sources. And while solar power and ethanol fuel have seen advances, neither will meet current global energy demand.
But Dr. Skousen says nuclear power is the one resource available to meet growing electricity demand throughout the world and could become the world's preferred fuel.
According to the Nuclear Energy Institute, nuclear power already supplies 19.9% of electricity used in America and 17% across the world. With the federal government working to build new plants across the nation, that could easily double as a percentage of total electricity supply over the next few years.
Russia has also unveiled plans to build 24 additional nuclear reactors, and China has scheduled building over 30 reactors (two 1000-megawatt plants every year for the next 20 years). Worldwide, there are 160 power plants proposed or currently under construction.
Further upside could come from British Prime Minister Tony Blair, who recently endorsed new funding and expansion for the UK nuclear industry.
In a speech to the Confederation of British Industry, Blair stated that replacement of Britain's nuclear power stations is "back on the agenda with a vengeance." He claimed it would be "a dereliction of my duty" if he neglected the issue, citing global warming, energy security and the high cost and unreliability of wind and solar power as key factors.
The developments mean uranium's record high could merely be the beginning - especially considering that uranium sold for an inflation-adjusted high of $98 per pound in the early 1980s, far below current record highs around $43.
For investors, it also means uranium could hold considerable profit potential, given that it's cheaper and more efficient than coal and natural gas.
For more information on uranium bull market and the opportunities within it, please visit this link:
http://www.investmentu.com/uranium.html
Investment U - an educational investment e-letter - brings dynamic market information to more than 300,000 subscribers each day. http://www.investmentu.com
For more information about our editors, or to set up an interview, please contact Juan Munoz at 410.223.2693 or jmunoz@investmentu.com, or visit: http://www.investmentu.com.
InvestmentU.com: While the World Worries About Oil, Uranium Prices Hit Record High
Monday May 29, 6:13 am ET
BALTIMORE, May 29 /PRNewswire/ -- It's not receiving as much publicity as oil, gold, silver or copper (all of which have recently set multi-year price highs), but uranium may well be the commodity of the decade.
Uranium prices just set a new record high of $43 per pound, capping a remarkable 437% rise since 2000 when it cost just $8. In 2005 alone, uranium demand outstripped supply by around 100 million pounds.
With an increasingly urgent need for America to reduce its "addiction" to Middle East oil, Dr. Mark Skousen, chairman of respected financial e-letter Investment U (http://www.investmentu.com), says, "The trend is still upward for uranium." Governments and corporations are already spending billions searching for viable alternative energy sources. And while solar power and ethanol fuel have seen advances, neither will meet current global energy demand.
But Dr. Skousen says nuclear power is the one resource available to meet growing electricity demand throughout the world and could become the world's preferred fuel.
According to the Nuclear Energy Institute, nuclear power already supplies 19.9% of electricity used in America and 17% across the world. With the federal government working to build new plants across the nation, that could easily double as a percentage of total electricity supply over the next few years.
Russia has also unveiled plans to build 24 additional nuclear reactors, and China has scheduled building over 30 reactors (two 1000-megawatt plants every year for the next 20 years). Worldwide, there are 160 power plants proposed or currently under construction.
Further upside could come from British Prime Minister Tony Blair, who recently endorsed new funding and expansion for the UK nuclear industry.
In a speech to the Confederation of British Industry, Blair stated that replacement of Britain's nuclear power stations is "back on the agenda with a vengeance." He claimed it would be "a dereliction of my duty" if he neglected the issue, citing global warming, energy security and the high cost and unreliability of wind and solar power as key factors.
The developments mean uranium's record high could merely be the beginning - especially considering that uranium sold for an inflation-adjusted high of $98 per pound in the early 1980s, far below current record highs around $43.
For investors, it also means uranium could hold considerable profit potential, given that it's cheaper and more efficient than coal and natural gas.
For more information on uranium bull market and the opportunities within it, please visit this link:
http://www.investmentu.com/uranium.html
Investment U - an educational investment e-letter - brings dynamic market information to more than 300,000 subscribers each day. http://www.investmentu.com
For more information about our editors, or to set up an interview, please contact Juan Munoz at 410.223.2693 or jmunoz@investmentu.com, or visit: http://www.investmentu.com.
Canadian Uranium Stocks List
http://www.latesturanium.com/
All U stock will continue to rise in this Bull market. The below list may be of interest......
Canadian Uranium Stocks List
http://www.latesturanium.com/
James Dines Showcases Top Uranium Picks
By Jon A. Nones
17 May 2006 at 05:49 PM EDT
NEW YORK (ResourceInvestor.com) -- James Dines, Editor of “The Dines Letter,” and the self-proclaimed “original uranium bug,” returned to front stage at the New York Hard Assets Investment Conference yesterday to conduct yet another class on uranium and “make you rich.”
When Dines was “screaming uranium” last year at the Gold & Precious Metals Investment Conference in San Francisco, the spot uranium price was in the mid $30s. Yesterday in New York, Dines picked up where he left off with the weekly spot price now at $43/lb.
Yellowcake prices were $7.10/lb in December 2000 and have more than tripled since 2003.
“A currency crisis is coming, the dollar is dipping,” he said. “But I foresee higher uranium prices regardless of whether the currency goes down.”
Stephen Leeb, Editor of the “Complete Investor,” and outspoken doomsday forecaster, presented earlier in the day, telling the audience to beware of an approaching energy crisis.
“I think the situation today is about as critical as it can be…and we’re doing nothing to solve the energy problem,” said Leeb.
According to Leeb, every Wall Street firm out there is forecasting oil to go down. Wall Street doesn’t get it; the government doesn’t get it, he said.
“Civilizations collapse when they don’t have enough resources,” he said. “This is economic; it’s not a political crisis.”
Leeb said we’re going to have to look at uranium as an alternative in the not-too-distant future, recommending investors take a look at nuclear utilities firm Exelon Corp. [NYSE:EXC].
In a presentation entitled “Dines Letter’s Top Uranium Picks,” Dines invited four companies at the conference to the panel: Pinetree Capital Ltd. [TSX:PNP], Laramide Resources [TSXv:LAM], Alberta Star Development Corp. [TSXv:ASX; OTCBB:ASXSF] and Continental Precious Minerals [TSXv:CZQ].
Pinetree Capital
Sheldon Inwentash, Chairman and CEO of Pinetree Capital, a financial advisory and merchant banking firm, simply said uranium is the logical alternative solution to carbon-based fuels.
The world currently obtains 16% of its energy through nuclear power and this could to easily increase to 60%, he said.
According to Inwentash, Russia has indicated that it would like to divert as much as 23%-25% of its energy to nuclear power. This is saying something, given the vast amounts of oil and gas supplies in the country, said Inwentash.
Pinetree largely focuses on uranium miners in Australia, since the country has 30% of the world’s known reserves, he said. So one stock Pinetree recommends is Mega Uranium [TSXv:MGA], which has properties in Argentina, Mongolia and, of course, Australia. He estimated Mega Uranium to have a total resource of over 25 million pounds U3O8.
Pinetree’s portfolio contains about 50 small-cap companies, many in the uranium sector, but also in oil & gas and oil sands.
“We are very much in the whole energy complex,” said Inwentash.
Inwentash concluded by saying there has been no significant price correction in uranium for the past five years. Although the price fell back slightly last week, Inwentash said “buying pull-backs has always been a good policy.”
Laramide
Marc Henderson, President and CEO of Laramide Resources, immediately noted the tightness in the market, saying a lack of new deposits and all the red tape is creating a shortage.
Currently, the gap between uranium production and estimated reactor requirements is more than 70 million pounds U308, the largest in history and will lead to rapid depletion of overhanging inventories for future reactor use.
In 2004, the world produced about 100 million pounds of U308. Of that, the U.S. only produced 2.4 million pounds in 2004, increasing to just 2.7 million pounds in 2005, according to the Energy Information Administration.
“I believe there will be a resurgence of American production capacity,” said Henderson, but it is unlikely it will offset rising demand.
Laramide’s principal asset is the Westmoreland deposit located in Queensland, Australia. Rio Tinto [NYSE:RTP], who held the property from 1990-1998, calculated an inferred resource of 17.4 million tonnes at 1.2 kg/t U308 - approximately a $1.5 billion in-ground value, according to the company.
But according to Henderson, the project has an estimated 50 million pounds of uranium with “huge expansion potential.”
“We’re very, very bullish on moving that 50 million-pound deposit higher,” he said, adding that doubling that was not out of the question.
In addition to Westmoreland, Laramide has two joint ventures with Arafura Resources [ASX:ARU] and Hartz Range Mines for uranium exploration at Laggon Creek and Debbill Debbill Creek in Australia.
In November of 2005, the company bought Homestake’s uranium portfolio in the western United States. The La Jara Mesa property in New Mexico is the most significant property with a resource of 1.15 million tonnes at approximately 0.3% U3O8 for 7 million pounds of uranium.
The last uranium deposit to note is the La Sal project, located within The White Mesa district in Utah, one of only four permitted mills within the U.S. La Sal contains a resource of 440,000 tonnes at 0.312 % U3O8 for 2.7 million pounds of uranium.
Alberta Star Development
Alberta Star owns 100% of the Contact Lake uranium, silver, iron oxide, copper, gold, cobalt, and REE project located in Canada's Northwest Territories.
The Contact Lake Mine is a former past producer of 625,000 ounces of high grade silver and 6,933 pounds of uranium, according to the company.
Alberta Star is fully permitted for drilling in the Sahtu Dene Land Settlement Area at Contact Lake and has been granted a five-year Sahtu Land & Water Board Class "A" Land Use Permit.
President and CEO Tim Coupland said Alberta Star is the only metals company permitted for drilling in the area.
Alberta Star has intersected high grade uranium mineralization in both of its recent drill programs at Longtom Lake in 2003 and 2004, also located in the Northwest Territories. Drilling intersected:
1.68% U3O8 over 1 metre at a down hole depth of 80 metres.
0.16% U3O8 over 1 metre was intersected at a depth of 51 metres in the same hole.
The company is also further exploring the MacInnis Lake uranium claim block located in the Nonacho Basin. MacInnis Lake is known to have widespread surface uranium mineralization, and contains 28 known high grade uranium showings that were discovered between 1954 and 1988.
Coupland said the company has a $27 million budget and plans to “go out and start drilling.”
“We’re quite confident we’ll be able to deliver a number of base metals and especially uranium,” he said.
Continental Precious Minerals
According to CEO and President Ed Godin, Continental has a number of mineral licenses in Sweden, and in 2005, completed a 43-101 filing on eight of these deposits. The deposits contain 13 million pounds of indicated U308 resource and 7.2 million pounds of inferred U308 resource, according to the company’s website.
Continental also holds 18 additional exploration licenses, covering an area of approximately 97.54 square kilometres in northern Sweden, which contain black shale-hosted metalliferous deposits and semi-anthracitic laminae.
In the 1970s to the early 1980s, the Swedish Geological Survey (SGU) drilled 28 holes in an area and analysed the alum shale cores for molybdenum, vanadium, uranium and organic carbon. Godin said the SGU determined that the metals could indeed be separated.
Godin said these deposits could contain as much as 2 billion pounds of low grade uranium, amounting to roughly $40 per tonne. However, he added that the company has yet to complete calculations of resources.
Conclusion
According to Dines, quoted in “The Dines Letter,” uranium is worth a look: “It’s a raging bull that’s only just begun its stampede!”
Pinetree closed today at C$16.19, up 60% from beginning the year at C$6.50. The stock is up almost 90% since this time last year.
Laramide is trading at C$5.74 down from its recent 52-week high of C$8.50 hit on April 18. However, the company is still up 78% from its 52-week low of C$1.28.
Continental closed the day at C$3.55, up an impressive 72% from the start of April! The stock is up 93% from its 52-week low of 0.25 cents.
Albert Star is trading down a bit from its 52-week high of C$2.85, also hit on April 18, currently at C$1.95. But shares are up 0.64 cents or 67% from the start of the year.
“Uranium-mining stocks are just beginning to rise. It’s still early, before they reach historic highs,” wrote Dines.
James Dines Showcases Top Uranium Picks
By Jon A. Nones
17 May 2006 at 05:49 PM EDT
NEW YORK (ResourceInvestor.com) -- James Dines, Editor of “The Dines Letter,” and the self-proclaimed “original uranium bug,” returned to front stage at the New York Hard Assets Investment Conference yesterday to conduct yet another class on uranium and “make you rich.”
When Dines was “screaming uranium” last year at the Gold & Precious Metals Investment Conference in San Francisco, the spot uranium price was in the mid $30s. Yesterday in New York, Dines picked up where he left off with the weekly spot price now at $43/lb.
Yellowcake prices were $7.10/lb in December 2000 and have more than tripled since 2003.
“A currency crisis is coming, the dollar is dipping,” he said. “But I foresee higher uranium prices regardless of whether the currency goes down.”
Stephen Leeb, Editor of the “Complete Investor,” and outspoken doomsday forecaster, presented earlier in the day, telling the audience to beware of an approaching energy crisis.
“I think the situation today is about as critical as it can be…and we’re doing nothing to solve the energy problem,” said Leeb.
According to Leeb, every Wall Street firm out there is forecasting oil to go down. Wall Street doesn’t get it; the government doesn’t get it, he said.
“Civilizations collapse when they don’t have enough resources,” he said. “This is economic; it’s not a political crisis.”
Leeb said we’re going to have to look at uranium as an alternative in the not-too-distant future, recommending investors take a look at nuclear utilities firm Exelon Corp. [NYSE:EXC].
In a presentation entitled “Dines Letter’s Top Uranium Picks,” Dines invited four companies at the conference to the panel: Pinetree Capital Ltd. [TSX:PNP], Laramide Resources [TSXv:LAM], Alberta Star Development Corp. [TSXv:ASX; OTCBB:ASXSF] and Continental Precious Minerals [TSXv:CZQ].
Pinetree Capital
Sheldon Inwentash, Chairman and CEO of Pinetree Capital, a financial advisory and merchant banking firm, simply said uranium is the logical alternative solution to carbon-based fuels.
The world currently obtains 16% of its energy through nuclear power and this could to easily increase to 60%, he said.
According to Inwentash, Russia has indicated that it would like to divert as much as 23%-25% of its energy to nuclear power. This is saying something, given the vast amounts of oil and gas supplies in the country, said Inwentash.
Pinetree largely focuses on uranium miners in Australia, since the country has 30% of the world’s known reserves, he said. So one stock Pinetree recommends is Mega Uranium [TSXv:MGA], which has properties in Argentina, Mongolia and, of course, Australia. He estimated Mega Uranium to have a total resource of over 25 million pounds U3O8.
Pinetree’s portfolio contains about 50 small-cap companies, many in the uranium sector, but also in oil & gas and oil sands.
“We are very much in the whole energy complex,” said Inwentash.
Inwentash concluded by saying there has been no significant price correction in uranium for the past five years. Although the price fell back slightly last week, Inwentash said “buying pull-backs has always been a good policy.”
Laramide
Marc Henderson, President and CEO of Laramide Resources, immediately noted the tightness in the market, saying a lack of new deposits and all the red tape is creating a shortage.
Currently, the gap between uranium production and estimated reactor requirements is more than 70 million pounds U308, the largest in history and will lead to rapid depletion of overhanging inventories for future reactor use.
In 2004, the world produced about 100 million pounds of U308. Of that, the U.S. only produced 2.4 million pounds in 2004, increasing to just 2.7 million pounds in 2005, according to the Energy Information Administration.
“I believe there will be a resurgence of American production capacity,” said Henderson, but it is unlikely it will offset rising demand.
Laramide’s principal asset is the Westmoreland deposit located in Queensland, Australia. Rio Tinto [NYSE:RTP], who held the property from 1990-1998, calculated an inferred resource of 17.4 million tonnes at 1.2 kg/t U308 - approximately a $1.5 billion in-ground value, according to the company.
But according to Henderson, the project has an estimated 50 million pounds of uranium with “huge expansion potential.”
“We’re very, very bullish on moving that 50 million-pound deposit higher,” he said, adding that doubling that was not out of the question.
In addition to Westmoreland, Laramide has two joint ventures with Arafura Resources [ASX:ARU] and Hartz Range Mines for uranium exploration at Laggon Creek and Debbill Debbill Creek in Australia.
In November of 2005, the company bought Homestake’s uranium portfolio in the western United States. The La Jara Mesa property in New Mexico is the most significant property with a resource of 1.15 million tonnes at approximately 0.3% U3O8 for 7 million pounds of uranium.
The last uranium deposit to note is the La Sal project, located within The White Mesa district in Utah, one of only four permitted mills within the U.S. La Sal contains a resource of 440,000 tonnes at 0.312 % U3O8 for 2.7 million pounds of uranium.
Alberta Star Development
Alberta Star owns 100% of the Contact Lake uranium, silver, iron oxide, copper, gold, cobalt, and REE project located in Canada's Northwest Territories.
The Contact Lake Mine is a former past producer of 625,000 ounces of high grade silver and 6,933 pounds of uranium, according to the company.
Alberta Star is fully permitted for drilling in the Sahtu Dene Land Settlement Area at Contact Lake and has been granted a five-year Sahtu Land & Water Board Class "A" Land Use Permit.
President and CEO Tim Coupland said Alberta Star is the only metals company permitted for drilling in the area.
Alberta Star has intersected high grade uranium mineralization in both of its recent drill programs at Longtom Lake in 2003 and 2004, also located in the Northwest Territories. Drilling intersected:
1.68% U3O8 over 1 metre at a down hole depth of 80 metres.
0.16% U3O8 over 1 metre was intersected at a depth of 51 metres in the same hole.
The company is also further exploring the MacInnis Lake uranium claim block located in the Nonacho Basin. MacInnis Lake is known to have widespread surface uranium mineralization, and contains 28 known high grade uranium showings that were discovered between 1954 and 1988.
Coupland said the company has a $27 million budget and plans to “go out and start drilling.”
“We’re quite confident we’ll be able to deliver a number of base metals and especially uranium,” he said.
Continental Precious Minerals
According to CEO and President Ed Godin, Continental has a number of mineral licenses in Sweden, and in 2005, completed a 43-101 filing on eight of these deposits. The deposits contain 13 million pounds of indicated U308 resource and 7.2 million pounds of inferred U308 resource, according to the company’s website.
Continental also holds 18 additional exploration licenses, covering an area of approximately 97.54 square kilometres in northern Sweden, which contain black shale-hosted metalliferous deposits and semi-anthracitic laminae.
In the 1970s to the early 1980s, the Swedish Geological Survey (SGU) drilled 28 holes in an area and analysed the alum shale cores for molybdenum, vanadium, uranium and organic carbon. Godin said the SGU determined that the metals could indeed be separated.
Godin said these deposits could contain as much as 2 billion pounds of low grade uranium, amounting to roughly $40 per tonne. However, he added that the company has yet to complete calculations of resources.
Conclusion
According to Dines, quoted in “The Dines Letter,” uranium is worth a look: “It’s a raging bull that’s only just begun its stampede!”
Pinetree closed today at C$16.19, up 60% from beginning the year at C$6.50. The stock is up almost 90% since this time last year.
Laramide is trading at C$5.74 down from its recent 52-week high of C$8.50 hit on April 18. However, the company is still up 78% from its 52-week low of C$1.28.
Continental closed the day at C$3.55, up an impressive 72% from the start of April! The stock is up 93% from its 52-week low of 0.25 cents.
Albert Star is trading down a bit from its 52-week high of C$2.85, also hit on April 18, currently at C$1.95. But shares are up 0.64 cents or 67% from the start of the year.
“Uranium-mining stocks are just beginning to rise. It’s still early, before they reach historic highs,” wrote Dines.
The China-Driven Fuel Shortage 139 Times
Bigger Than Oil...
China's creating a pandemic shortage of this essential fuel so severe that spot prices have already doubled and suppliers are scrambling to get "online." And yet, China's about to increase imports by 1,761% to support the "largest buildout" in the history of energy...
China's at it again... Yet this time, the profit potential is bigger and "longer" than any commodity run-up in its 30-year growth explosion...
Right now, China's creating a fuel crisis that dwarfs the great oil shortage of the 1970s. It already exceeds the demand for oil by 139 times. And few investors know - or even understand - the size and scope of this opportunity.
But take notice: The supply of this fuel is so short that worldwide prices have already doubled in 12 months - and are soaring higher by the day.
According to a confidential report from a top Merrill Lynch analyst, the global gap between supply and demand of this precious fuel is already a whopping 15 million pounds - nearly 20% below worldwide demand.
And this shortfall is expected to double in the coming months - with no end in sight. In fact, the demand is growing so fast, that the supply chain may never catch up, for reasons I'll explain in a moment...
For investors, this pandemic shortage - and China's unrelenting demand - could well bring the biggest financial boom in more than three generations, when oil started its great industrial run and turned every $1,000 invested into $1.26 million.
Right now, the greatest fuel shortage of our times is taking hold... And getting filthy rich has rarely - if ever - been this predictable, for those who know how to judge it... Investors are looking at 10-, 20-, even 30-to-one gains.
Imagine taking a $10,000 investment and watching it balloon to $300,000 in less than three years...
Or a $50,000 investment and watching it explode to upwards of $2 million over the same time period.
It's because the supply gap of this fuel is one of the biggest of all gaps in history, dwarfing every other commodity.
If you doubt for a second how significant this gap is, just look at the past two years of China-driven mega profits...
China's insatiable demand for steel caused the prices to double... and investors made 553% on Mittal Steel Company in 13 months...
China's demand for copper pushed Phelps-Dodge, the world's largest miner, up 253% in 16 months.
China's unquenchable thirst for oil drained supply from OPEC and pushed prices up by 63%... Investors in Valero Energy, the nation's largest refinery, made a tidy 431% in 24 months.
China's demand for concrete pushed prices up and investors in Cemex S.A., one of the largest concrete suppliers in the world, made a cool 143% in 21 months.
China demanded coal, and those who got in ahead of the soaring demand made 268% on Fording Canadian Coal.
China demanded aluminum to supply its soaring appliance and auto factories ... and Empire Resources lit up 1,257%...
Investors worldwide are kicking themselves now for not getting in on these mega-profit deals when they had the chance... even though it was clear at the time that supply gaps were pushing prices to historic highs.
Getting in on even one of these deals had the power to change the financial fortunes of anyone with the desire to do so...
"Déjà Vu All Over Again"...
Only This Time, the Profits Are Bigger
China's demand for this precious commodity is increasing dramatically. Consider these facts:
Imports of this commodity to China are due to increase from 2.5 million pounds per year to a staggering 44 million pounds per year, according to the Australian Foreign Ministry, with whom China's been negotiating.
That's an increase of 1,760%... And it equals nearly one-quarter of the world's total supply of this fuel.
If you think that increase of 1,760% is unrealistic, consider that in 2005, the Chinese government spent roughly $72 million dollars on oil. But according to current government estimates, China is about to increase that expenditure to a whopping $119 billion in the years ahead...All the while, the worldwide shortage has already pushed spot prices up more than 100% in 12 short months... 200% in 28 months. And the trend is just now gaining strength...
In this report, I'm going tell you exactly what this fuel is, and show how and why it could well be the most important investment to come along in 55 years, when oil started its historic run, making millionaires of anyone with a $1,000 bucks.
More importantly, I'm going to show you how one company - a long-term trading partner with China - is about to become China's biggest supplier of this precious fuel... And why it recently spent $7.2 billion to lock up the deal...
The Wall Street Journal, no less, says that this company is about to be "in the same league as Microsoft Corporation," which turned every $10,000 invested at the onset into more than $6.1 million.
Most importantly, you'll learn everything you need to know to take advantage of this play immediately, before the big institutional money starts piling on, pushing the price to elevated levels and stealing your profits...
But take heed... getting in before China spikes demand of this fuel will make the difference between living your financial dream for years to come... or simply watching a few savvy others line their pockets with Exxon-sized windfalls.
This Fuel Boom Is Here, The Time Is Now...
The fuel shortage that has a few savvy investors licking their chops is the material used to power nuclear reactors - uranium.
Northwestern extends airborne survey to cover second uranium property in Niger
May 23, 2006 09:00:31 (ET)
TORONTO, May 23, 2006 /PRNewswire-FirstCall via COMTEX/ -- Northwestern Mineral Ventures Inc. (NWTMF, Trade) is pleased to announce the expansion of its comprehensive fixed-wing airborne geophysical survey in Niger to also cover its Irhazer uranium concession.
"The expansion of Northwestern's airborne program underscores management's commitment to an aggressive development program and our significant forward momentum in Niger following the recent completion of our C$17.9-million financing," said Kabir Ahmed, Chairman and CEO of Northwestern Mineral Ventures. "Once the airborne survey is complete, we intend to advance quickly with mapping, prospecting, a ground geophysics program and soil sampling. We expect to use the resulting data in combination with previous exploration results to delineate high-priority areas for uranium drill testing."
The airborne survey over Irhazer will cover a total of nearly 12,000 line kilometers and is being flown at a line spacing of 200 meters and sensor clearance of 80 meters. It will acquire radiometric and magnetometric data that will be used to indicate the presence of potential uranium-bearing mineralization, as well as underlying structures that may be associated with uranium. The survey is being conducted by Fugro Airborne Surveys of South Africa.
The fly-over portion of the program covering the In Gall concession has been completed. Northwestern will use the initial findings to refine the survey parameters and further optimize data collection over Irhazer.
In Gall and Irhazer cover 988,000 acres (4,000 square kilometers) of highly prospective land within the same stratigraphy as two operating uranium mines that together provide almost 10% of worldwide production. Niger currently ranks as one of the world's top producers of uranium.
ABOUT NORTHWESTERN:
Northwestern Mineral Ventures (www.northwestmineral.com) is an international natural resource exploration company with an experienced management team. The company is focused on properties in Niger, Canada and the United States with potential uranium targets. Northwestern also has a precious and base metal property in Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and the TSX Venture Exchange under the symbol "NWT."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
SOURCE Northwestern Mineral Ventures Inc.
Kabir Ahmed, Chairman and CEO, (866) 437-9551, info@northwestmineral.com
http://www.prnewswire.com
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Jay Taylor comment
Taylor says Northwestern to hunt down Nigerian uranium
2006-05-08 17:48 ET - In the News
Jay Taylor in the April 3, 2006, edition of Energy & Energy Technology Stocks, refreshes his recommendation for Marek Kretchmer's Northwestern Mineral Ventures Inc. at $1. Mr. Taylor told readers to buy the stock on March 1, 2006, at 90 cents. A $1,000 investment then is now worth $1,111. Since the last recommendation, Northwestern has bought the Irhazer and In Gall projects in Niger. Mr. Taylor describes the properties as "two of the most highly prospective and most unknown uranium targets in the world." Management has already started preliminary surface work. Mr. Taylor first recommended Northwestern when it looked as if the company would put the Firefly project into production very quickly. The Utah Bureau of Land Management, however, threw in some environmental hurdles. Mr. Taylor says that, thanks to sharp legal advice, management waited before buying the property. Northwestern currently has no environmental liability. The company is starting to drill its Waterbury uranium project in the Athabasca basin. A recent geophysics program delineated some exciting targets. The drills will evaluate unconformity uranium mineralization at less than 250 metres below the surface.
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http://new.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-554860-C:NWT&symbol=NWT&news...
Taylor says Northwestern to hunt down Nigerian uranium
2006-05-08 17:48 ET - In the News
Jay Taylor in the April 3, 2006, edition of Energy & Energy Technology Stocks, refreshes his recommendation for Marek Kretchmer's Northwestern Mineral Ventures Inc. at $1. Mr. Taylor told readers to buy the stock on March 1, 2006, at 90 cents. A $1,000 investment then is now worth $1,111. Since the last recommendation, Northwestern has bought the Irhazer and In Gall projects in Niger. Mr. Taylor describes the properties as "two of the most highly prospective and most unknown uranium targets in the world." Management has already started preliminary surface work. Mr. Taylor first recommended Northwestern when it looked as if the company would put the Firefly project into production very quickly. The Utah Bureau of Land Management, however, threw in some environmental hurdles. Mr. Taylor says that, thanks to sharp legal advice, management waited before buying the property. Northwestern currently has no environmental liability. The company is starting to drill its Waterbury uranium project in the Athabasca basin. A recent geophysics program delineated some exciting targets. The drills will evaluate unconformity uranium mineralization at less than 250 metres below the surface.