July 2nd, 2009
This has been a wonderful story and it seems to be getting better all the time.
Excerpt from today’s Miningenews.net
Extract grows Rossing South again
Thursday, 2 July 2009
EXTRACT Resources has increased the resources at its flagship high-grade Rossing South project by 34% to 145 million pounds of uranium, firming the deposit’s position as one of the biggest new uranium discoveries in the world.
It has been a tough year for the company with corporate raids from the United Kingdom and an attempted board ousting that has ended with managing director Peter McIntyre resigning from his position.
Despite the boardroom drama, Extract has continued to push ahead with exploration at its flagship Rossing South project.
The resource upgrade announced today has upped resources at Rossing South to 145Mlb of uranium at a grade of 449 parts per million uranium.
The overall estimate includes an indicated resource of 21 million tonnes at 527ppm uranium for 24Mlb uranium, and an inferred resource of 126Mt at 436ppm uranium for 121Mlb uranium.
Perth-based Extract said Rossing South was proving itself as the highest-grade granite-hosted uranium deposit in Namibia.
The next step for the company is to define a resource at the Zone 2 area, with the resource due in August.
The project has attracted a great deal of interest, with Rio Tinto buying into the company last year, and the corporate drama from UK companies Kalahari Minerals and Polo Resources proving Extract has attracted a lot of attention.
(IMO BMN will soon be shown to have a similar resource.)
June 23rd, 2009
Well-known and highly regarded throughout the mining and exploration community, Mercenary Geologist Mickey Fulp:
“MF: The demand is there. The mined supply every year is somewhere around 110 to120 million pounds. The current world demand is somewhere around 160 to 170 million pounds. So in terms of mine production, the world is at a one-third shortfall on a yearly basis. Over the last few years, these shortfalls have been supplied in large part by the Russians and their “Megatons to Megawatts” program, which converts highly enriched weapons-grade uranium into low-enriched uranium suitable for reactors. The Russians have stated publicly that sales to the U.S. are going to end in 2013. Currently, the U.S. uses somewhere around 55 million pounds of uranium per year and produces less than 4 million pounds. The demand obviously is there. We have not built a nuclear reactor in the U.S. for years, but we have increased the efficiency and increased units within our existing nuclear power plants, so that our demand has been going up. As an energy supplier, uranium is just about as green as you can get. It leaves no carbon footprint. It’s safe. The Three Mile Island scare was media-driven hype, and we all realize that now. Increasingly, the green sector is looking at nuclear energy as a viable, clean, alternative source in the United States.”
Read more at http://www.uranium-stocks.net/mickey-fulp-mercenary-geologist-the-demand-is-there/#more-1001
June 7th, 2009
If you have a look at the posts below ASX listed Uranium speccies it gives an idea of where we are at today. The question that I am asking is: Are we seeing the start of a massively over-bought uranium market or is what we see just the start of a new bull run in uranium. The 5 year charts suggest that the bull is back. So let me know: Does the chart above signify a wall of worry or irrational exuberance?
June 1st, 2009
Nice to see someone of Bromby’s calibre plugging uranium’s prospects….
Uranium surprise coming
Robin Bromby | June 01, 2009
Article from: The Australian
WITH all the reports of China stockpiling metals – copper, for example – it’s surprising that speculators haven’t been thinking about what would happen to prices of certain commodities if the stockpiling effort was extended to them.
Uranium, for example.
Warwick Grigor, in his latest client note out of BGF Equities, wonders out loud what would happen if China chose to begin stockpiling uranium for its rapidly expanding nuclear power sector. With uranium one of those markets that are already tight in terms of supply, and being a strategic mineral as well, uranium stands out to Grigor as the obvious market for investors to watch. If China were to make such a move, he writes, “then it would be smart to get set before it commences this strategy”.