February 14th, 2012 (Source: Uranex) -- Australian based exploration and development company, Uranex Limited (ASX: UNX) (“Uranex” or “the Company”), is aware of recent market commentary regarding engagement it has had, and continues to have, in relation to its Mkuju Uranium Project in Southern Tanzania, 100% owned by the Company.
As detailed in the ASX announcement dated 1 February 2012, discussions are advancing with Chinese based firms on the possible joint development of the Mkuju Uranium Project. These discussions, with Chinese government leaders as well as executives in the Chinese finance and nuclear industry sectors, relate to the possible cooperation across a range of opportunities, including mine and infrastructure development.
In 2012, post the completion of Chinese New Year, the company expects dialogue to intensify via progression of both technical exchange and commercial negotiations of the Mkuju Uranium Project, as well as its pipeline of other projects across Africa and Australia.
In addition to the discussions detailed above, Uranex has also received unsolicited approaches in recent weeks from other parties in Asia and North America regarding the joint development of the Mkuju Uranium Project. These parties are predominately made up of nuclear energy companies and will be engaged with accordingly.
While positive, all discussions detailed above remain confidential in nature and at this stage are not at an advanced stage or in any way complete. The Company is aware of its continuous disclosure obligations in this respect and should these discussions reach an advanced stage (or be nearing completion) it will advise the market accordingly.
Regards,
Matthew Gauci
Managing Director
Uranex NL
Telephone: +61 3 9621 1533
February 14th, 2012 (Source: BusinessWire) -- Eagle Plains Resources (TSX-V:EPL) (Pink Sheets: EGPLF) has completed staking activity following receipt of high-grade assay results from grab samples taken during 2011 fieldwork on its Wollaston Project, located within the Athabasca region of north-central Saskatchewan.
The Wollaston claims are located along highway 905, an all-season road with access to the nearby Rabbit Lake and Cigar Lake uranium mines. The 5000 ha, road-accessible property was originally staked by Eagle Plains in early 2011, based on prospective airborne radiometric anomalies and coincident lake-sediment U and REE anomalies proximal to a published Saskatchewan Mineral Index showing. The mineral claims are 100% owned by Eagle Plains Resources and have no underlying royalties or encumbrances.
Reconnaissance fieldwork by Eagle Plains during summer and fall, 2011, revealed anomalous radioactivity along a 460m strike length of Wollaston metasediments, intruded by numerous sills and mineralized fractures. Ten grab samples were collected along the 460m strike length, two of which returned very significant mineralization: 7.05% and 1.40% U3O8, with up to 2.93% ThO2, 16700 ppm lead, and 1167 ppm TREE (total rare-earth elements).
The claim group region is comprised of Archean granite inliers, overlain by metasedimentary rocks of the Wollaston Group, all of which have been intruded by pegmatite dykes and stocks. This sequence of basement rocks is similar to those that host the lower ore bodies of the Eagle Point Mine, and as such; basement-hosted unconformity-style mineralization remains a viable target deposit type.
Proposed work for 2012 includes detailed mapping and prospecting in the vicinity of the new showings, plus along-strike surface geochemical and geophysical surveys and regional prospecting of several prospective, untested airborne geophysical anomalies.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third party agreements if maintained to completion expose EPL to over $55M in exploration expenditures, $6M cash and 15M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp., Aben Resources Ltd. and others.
Expenditures during 2011 on Eagle Plains-related projects were approximately $9,100,000 which was funded by Eagle Plains and third party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Planning is currently underway for a very aggressive 2012 exploration season, with over 10 individual drilling programs planned, most to be funded by third parties in relation to ongoing option agreements.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
February 14th, 2012 (Source: Guardian) -- Even the head of the safety department at Taiwan's Atomic Energy Council, has doubts about the country's fourth nuclear plant, suggesting it no longer enjoys much support. But since the presidential election on 14 January, plans to finish Nuclear Power Plant Four are back on the agenda.
The victorious Kuomintang party has committed itself to bringing the facility online by 2016, provided it meets safety requirements. The opposition Democratic Progressive party had promised that, if elected, it would halt the plant's commissioning. At present, almost one-fifth of the island's electricity comes from nuclear power.
Taiwan's first three nuclear facilities were turnkey projects subcontracted to General Electric and Westinghouse, the leading US companies in this business. But the NPP-4 is the result of a laborious process supervised by Taipower, the public electricity utility.
"Taipower had no previous experience of nuclear power stations before taking charge of the NPP-4," says Aiya Hsu, of the Green Citizens' Action Alliance. The scheme has been interrupted and restarted several times for technical and political reasons. "The longer the project went on, the more it cost and the more cost-cutting there was," says a Taipower employee.
The list of defects on this unfinished construction job is long. Two senior executives resigned in late 2011 to highlight their concerns.
According to opposition MP Tien Chiu-chin, Taipower calculated in 2000 that it would cost NT$80bn ($2.6bn). "Now it will end up costing four times as much. It has not even been commissioned yet it is already rated as one of the world's most dangerous plants by the World Nuclear Association," she adds.
What poses the most immediate nuclear risk in Taiwan, however, is its the haphazard handling of radioactive waste. Since the first nuclear reactor started operating 34 years ago the authorities have been storing the waste in situ. Due to its complex political predicament, deprived of a seat in the UN and not officially recognised as a legitimate state, the Republic of China cannot have its spent fuel reprocessed abroad. Neither Beijing or Washington wish to see Taiwan recover plutonium – that could be used for military ends from reprocessed waste.
So the three existing power stations are packed with highly radioactive waste, which in the event of an accident could pose a serious hazard. The six reactors' cooling ponds now contain almost four times the amount originally planned.
In the mid-1990s Framatome, the French nuclear conglomerate, now Areva, doubled the capacity of the storage racks at the Maanshan plant. But scientists remain concerned about the exceptional waste concentration at the facilities. According to Chiu Syh-tsong, head of AEC's fuel cycle department, the first ponds will reach capacity in 2014. He thinks that the priority should be to speed up the construction of an onsite dry storage facility.
Some of the ponds have already caused concern. In June 2010 the Taipei Times published an account by the head of Midco Diving and Marine Services, a US firm contracted to clean up the ponds at NPP-1. One of the ponds was allegedly a tip, and the divers removed ordinary rubbish, including diving gear, bottles, cables and other detritus.
As for low-level radioactive waste, the "interim" repository, built on Orchid Island in the early 1980s, has been full for the past five years, according to Professor Peter Chang, head of the Radiation Protection Association. In 1999 the organisation revealed the presence of caesium-137 in neighbouring sweet potato fields and taro paddy fields, suggesting leakage.
The government says that it has now identified suitable land to accommodate surplus waste, but not a single municipality is prepared to accept such a facility. Taipei is also thought to be negotiating with several other countries to take its waste. But the cost would be high and there is no sign of a successful outcome.
February 14th, 2012 (Source: MarketWire) -- Eagle Plains Resources Ltd. (TSX-V: EPL) has completed staking activity following receipt of high-grade assay results from grab samples taken during 2011 fieldwork on its Wollaston Project, located within the Athabasca region of north-central Saskatchewan.
The Wollaston claims are located along highway 905, an all-season road with access to the nearby Rabbit Lake and Cigar Lake uranium mines. The 5000 ha, road-accessible property was originally staked by Eagle Plains in early 2011, based on prospective airborne radiometric anomalies and coincident lake-sediment U and REE anomalies proximal to a published Saskatchewan Mineral Index showing. The mineral claims are 100% owned by Eagle Plains Resources and have no underlying royalties or encumbrances.
Reconnaissance fieldwork by Eagle Plains during summer and fall, 2011, revealed anomalous radioactivity along a 460m strike length of Wollaston metasediments, intruded by numerous sills and mineralized fractures. Ten grab samples were collected along the 460m strike length, two of which returned very significant mineralization: 7.05% and 1.40% U3O8, with up to 2.93% ThO2, 16700 ppm lead, and 1167 ppm TREE (total rare-earth elements).
The claim group region is comprised of Archean granite inliers, overlain by metasedimentary rocks of the Wollaston Group, all of which have been intruded by pegmatite dykes and stocks. This sequence of basement rocks is similar to those that host the lower ore bodies of the Eagle Point Mine, and as such; basement-hosted unconformity-style mineralization remains a viable target deposit type.
Proposed work for 2012 includes detailed mapping and prospecting in the vicinity of the new showings, plus along-strike surface geochemical and geophysical surveys and regional prospecting of several prospective, untested airborne geophysical anomalies.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third party agreements if maintained to completion expose EPL to over $55M in exploration expenditures, $6M cash and 15M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp., Aben Resources Ltd. and others.
Expenditures during 2011 on Eagle Plains-related projects were approximately $9,100,000 which was funded by Eagle Plains and third party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Planning is currently underway for a very aggressive 2012 exploration season, with over 10 individual drilling programs planned, most to be funded by third parties in relation to ongoing option agreements.
February 14th, 2012 (Source: CNNMoney) -- Why is Dallas Federal Reserve president Richard Fisher holding as much as $250,000 worth of uranium in his portfolio?
If you are worried that inflation might soon soar and you want to protect your 401(k), here's an investing tip: Buy uranium. At least that seems to be the thinking of one of the top officials at the Federal Reserve.
In early February, the Federal Reserve revealed for the first time the portfolios of the presidents of the Fed's regional banks. Unlike Fed governors, the bank presidents don't get a regular vote on whether the short-term interest rates set by the Fed should go up or down. But they are the Fed's top ranking regional officials, leading the Fed's efforts in monitoring the economy around the country and regulating local banks. So they should have better insight into where the economy is headed than the rest of us. Or so you would think.
Which is why the investment portfolio of Richard Fisher, the head of the Federal Reserve Bank of Dallas is interesting, and perhaps worrying. For the most part, the presidents' portfolios are what you would expect for relatively wealthy Americans - a mix of stocks and bonds and mutual funds. Among the stock picks of the Fed presidents are Apple (AAPL), Boeing (BA), Coca-Cola (KO) and JetBlue (JBLU). Generally, the portfolios of the Fed presidents are positioned to do well when the U.S. economy does well.
But Fisher is the one exception. Fisher's portfolio includes 7,000 acres of land in Texas, Georgia, Iowa and Missouri; a $1 million investment in a fund that tracks the price of gold; and as much as $250,000 worth of uranium. He has also at times invested in funds that rise in value when the stock market falls.
Fisher has a large portfolio - $21 million - and the ethics officer at the Dallas Fed is careful to say that Fisher doesn't select his actual investments. That's done by an outside broker. Nonetheless, Fisher has been one of the most outspoken critics of the Fed's own current low-interest-rate policy. He thinks Bernanke policies could setting us up for a big jump in inflation, even if there appears to be little sign of that yet (and price increases have actually been slowing lately). And Fisher's portfolio seems to confirm his fears about the economy, and inflation in particular. Commodities, metals - gold in particular - and real estate, are traditionally seen as a good inflation hedges. Still, even among those who worry about inflation, uranium is an unusual pick.
One reason is because you can't own the actual metal. Storing radioactive materials in your house is generally frowned upon by neighbors. Fisher owns shares in a company called Uranium Participation Corp., which is based in Canada and generally tracks the value of the metal, much like an ETF. Still, uranium hasn't had the run up that gold or other traditional inflation hedges have had in recent years, which is why uranium could be a good pick now, but not because it will protect you against inflation.
In fact, it hasn't. Early last year, when oil prices, commodities and prices in general, though more modestly, were heading up, uranium was going in the opposite direction: Down. That's because of the Japanese tsunami and resulting nuclear disaster. The primary use of uranium is to fuel nuclear reactors, and it appears the price of uranium is more tied to the projected future use of nuclear fuel than inflation. So when the Japanese disaster raised concerns about the safety of nuclear reactors, and predictions that some countries would abandon using them, the price of uranium fell by about a third in 2011 to a low of $49 a pound. It recently was priced at $52.
Still, if you are worried about the growth of U.S. economy, uranium could be a good way to play emerging markets, particularly China and India. Casey Research's Marin Katusa, who is one of the few energy analysts who follows uranium, says he thinks prices of the radioactive metal could jump 50% in the near future. There are currently 440 working nuclear power plants in the world. China is planning to add 200 reactors to that nation's energy infrastructure. India could add as many as 60 reactors. Russia another 50 or so. Not all of these will be built. But the point is that uranium should be in more demand. So uranium could very well end up being a good call for Fisher, even if his prediction that inflation will take off is not.
FORTUNE -- If you are worried that inflation might soon soar and you want to protect your 401(k), here's an investing tip: Buy uranium. At least that seems to be the thinking of one of the top officials at the Federal Reserve.
In early February, the Federal Reserve revealed for the first time the portfolios of the presidents of the Fed's regional banks. Unlike Fed governors, the bank presidents don't get a regular vote on whether the short-term interest rates set by the Fed should go up or down. But they are the Fed's top ranking regional officials, leading the Fed's efforts in monitoring the economy around the country and regulating local banks. So they should have better insight into where the economy is headed than the rest of us. Or so you would think.
Which is why the investment portfolio of Richard Fisher, the head of the Federal Reserve Bank of Dallas is interesting, and perhaps worrying. For the most part, the presidents' portfolios are what you would expect for relatively wealthy Americans - a mix of stocks and bonds and mutual funds. Among the stock picks of the Fed presidents are Apple (AAPL), Boeing (BA), Coca-Cola (KO) and JetBlue (JBLU). Generally, the portfolios of the Fed presidents are positioned to do well when the U.S. economy does well.
But Fisher is the one exception. Fisher's portfolio includes 7,000 acres of land in Texas, Georgia, Iowa and Missouri; a $1 million investment in a fund that tracks the price of gold; and as much as $250,000 worth of uranium. He has also at times invested in funds that rise in value when the stock market falls.
Fisher has a large portfolio - $21 million - and the ethics officer at the Dallas Fed is careful to say that Fisher doesn't select his actual investments. That's done by an outside broker. Nonetheless, Fisher has been one of the most outspoken critics of the Fed's own current low-interest-rate policy. He thinks Bernanke policies could setting us up for a big jump in inflation, even if there appears to be little sign of that yet (and price increases have actually been slowing lately). And Fisher's portfolio seems to confirm his fears about the economy, and inflation in particular. Commodities, metals - gold in particular - and real estate, are traditionally seen as a good inflation hedges. Still, even among those who worry about inflation, uranium is an unusual pick.
One reason is because you can't own the actual metal. Storing radioactive materials in your house is generally frowned upon by neighbors. Fisher owns shares in a company called Uranium Participation Corp., which is based in Canada and generally tracks the value of the metal, much like an ETF. Still, uranium hasn't had the run up that gold or other traditional inflation hedges have had in recent years, which is why uranium could be a good pick now, but not because it will protect you against inflation.
In fact, it hasn't. Early last year, when oil prices, commodities and prices in general, though more modestly, were heading up, uranium was going in the opposite direction: Down. That's because of the Japanese tsunami and resulting nuclear disaster. The primary use of uranium is to fuel nuclear reactors, and it appears the price of uranium is more tied to the projected future use of nuclear fuel than inflation. So when the Japanese disaster raised concerns about the safety of nuclear reactors, and predictions that some countries would abandon using them, the price of uranium fell by about a third in 2011 to a low of $49 a pound. It recently was priced at $52.
Still, if you are worried about the growth of U.S. economy, uranium could be a good way to play emerging markets, particularly China and India. Casey Research's Marin Katusa, who is one of the few energy analysts who follows uranium, says he thinks prices of the radioactive metal could jump 50% in the near future. There are currently 440 working nuclear power plants in the world. China is planning to add 200 reactors to that nation's energy infrastructure. India could add as many as 60 reactors. Russia another 50 or so. Not all of these will be built. But the point is that uranium should be in more demand. So uranium could very well end up being a good call for Fisher, even if his prediction that inflation will take off is not.
February 14th, 2012 (Source: Bloomberg) -- China Guangdong Nuclear Power Group Co. bid A$2.2 billion ($2.35 billion) for Extract Resources Ltd. as an offer for shareholder Kalahari Minerals Plc triggered an approach for the owner of the fourth-largest uranium deposit.
An unconditional cash offer of A$8.65 a share was made to Extract, Taurus Mineral Ltd., a venture of the state-owned company and China-Africa Development Fund, said today in a statement to the Australian stock exchange. Guangdong Nuclear has an interest of 42.7 percent of Extract through its Dec. 8 bid for Kalahari Minerals, it said.
China’s second-largest reactor builder is seeking new supplies of uranium to feed rising demand for atomic power. Guangdong Nuclear said earlier this month it had purchased 89.5 percent of Kalahari, triggering an offer for Extract at a price pre-determined by Australian regulators of A$8.65 a share.
“This offer should be considered against the significant risks associated with the development” of Extract’s Husab uranium deposit in Namibia, the statement shows. “These risks include obtaining the significant funding required.”
Extract closed little changed at A$8.57 in Sydney trading today. The Perth-based company said Jan. 16 it was accelerating talks with other parties on potential alternative offers.
Namibian Uranium
Rio Tinto Group, owner of the world’s third-biggest uranium mine at Rossing in Namibia, 7 kilometers (4.4 miles) from Extract’s Husab deposit, said last week it’s held talks with Guangdong Nuclear on jointly developing the two sites. London- based Rio Tinto owns 14.2 percent of Extract and last month accepted Guangdong Nuclear’s offer for its 11.1 percent stake in Kalahari.
Extract is seeking to develop Husab at a cost of about $1.7 billion with a mine that may last for more than 20 years. The company raised its estimate of reserves at the project in August by 37 percent to 320 million pounds of uranium oxide. Extract said a year ago it was in talks with Rio Tinto on a potential combination of the two assets.
Guangdong Nuclear bid 632 million pounds ($994 million) for Kalahari Minerals on Dec. 8.
February 14, 2012 (Source: Herald Sun) -- AUSTRALIA'S battered nuclear sector got an airing yesterday and it was a tale of two cities.
Paladin, with its suite of African uranium mines, managed to increase production a little but also ratchet up its first half loss to $US120.2 million, courtesy of a whopping $US133 million impairment charge on its Kayelekera mine in Malawi.
Which helped the market decide to let another 5.6 per cent of air out of its tyres.
At the same time exploration minnow Uranex enjoyed a 32.4 per cent share price rise after revealing that some "unsolicited approaches" from parties in Asia and North America were now in the running for a joint venture on its very promising Mkuju uranium project in Southern Tanzania.
These new players are in addition to the Chinese government, finance and business figures that are already in joint venture negotiations, adding some much needed competitive tension as players try to get access to future uranium supplies, despite the damage done to the industry by the Fukushima nuclear accident.
It all adds up to a fairly confusing picture for those brave souls keen to invest in the nuclear sector in Africa, although the traditional warning that the big share price gains happen to explorers rather than miners is worth keeping in mind.
The attraction of Paladin is exposure to any rises in the long-term uranium price and the removal of some operational risk at its producing mines.
While Paladin failed to live up to promised production numbers, its Langer Heinrich mine is now operating at 92 per cent of stated capacity and Kayelekera has ramped up to more than 90 per cent.
Uranium bulls point to the fact that only three countries have scaled back their nuclear plans post-Fukushima - Italy, Germany and Switzerland - while Japan, France, the US, Britain and South Korea are maintaining or growing nuclear power and China, India and Saudi Arabia are rapidly expanding theirs.
Between them, China and India alone are planning 225 new reactors, all of which will need long-term uranium supplies.
Low uranium spot prices have tightened the supply side of the equation by slowing uranium exploration and mine development.
Uranex has the advantage of plenty of upcoming news flows as a maiden mineral resource estimate, some metallurgical test work and an environmental study on drilling at its Likuyu North deposit will all be released in March.
These tests should show how easily and efficiently uranium can be extracted from the sandstone style of mineralisation by acid leach processing.
Add in the potential for a decision on a joint venture partner and positive drilling on the highly prospective Likuyu South deposit and Uranex switches from a speculative buy to a speculative buy on the dips following the healthy lift in its share price.
Paladin switches from a buy to a hold, given any repricing courtesy of firming uranium prices will be a longer term proposition.
AFTER numerous attempts, it seems the Gillard Government will finally gets its means test on the private health insurance rebate through Parliament, courtesy of a deal with the Greens.
While those on higher incomes will lose some or all of the government subsidy, the absence of that carrot will be replaced by the stick of a 1.5 per cent Medicare levy surcharge.
Faced with a choice of paying more tax for no return or paying a bit more for private health insurance, the latter equation should still win, despite a claimed saving of $2.4 billion.
All of which leads to a buy recommendation on the only listed player which is also growing faster than the market, NIB Holdings.
The Herald Sun accepts no responsibility for stock recommendations. Readers should contact a licensed financial adviser.
VANCOUVER, BRITISH COLUMBIA -- ( Marketwire - Feb. 14, 2012 ) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce drill results on Inuit-owned lands held under exploration agreement with Nunavut Tunngavik Incorporated (NTI) on Forum's district-scale North Thelon project adjoining Areva Resources Canada's Kiggavik uranium deposit. Forum drilled nine holes totaling 2,036 metres on uranium targets identified by its regional geological, geophysical and geochemical programs conducted over the past five field seasons. Encouraging drill results have been received from DDH RH-01 on Inuit-owned land parcel BL-32 under exploration agreement with NTI. This hole is located on the Andrew Lake Fault which controls Areva's End and Andrew Lake deposits and recent discoveries by Cameco.
A gravity survey on BL-32 identified four targets along the Andrew Lake Fault Drillhole RH-01 was located on the eastern anomaly and intersected extremely altered metasediments down to 284 metres, with quartz brecciation at the bottom of the hole. Anomalous geochemistry includes 13ppm uranium over 49 metres, 406ppm vanadium over 30 metres and 1186ppm boron over 250 metres, including up to 2.69% boron over 10 metres. Ken Wheatley, Vice President of Exploration stated, "I have never encountered boron values of this magnitude in the Athabasca Basin. This is a very good sign of a strong uranium mineralizing event and further drilling is strongly recommended."
Drilling on Forum's 100% owned Tarzan property, where NTI has a 2% Net Smelter Royalty, was also conducted to follow up encouraging results from 2008 drill-hole TZ-04, where anomalous geochemical results of 20ppm uranium over 79.5 metres, 326ppm boron over 156 metres and 53ppm lead over 131 metres was encountered. Follow-up drill-hole TZ-08 in 2011 returned extensive alteration and similar anomalous geochemistry but had to be abandoned due to drilling difficulties and did not reach its target depth. Further drilling is also recommended on this Tarzan target.
Areva has completed an initial feasibility study and submitted its Environmental Assessment Study to the Nunavut Impact Review Board for the development of an 8 million pound per year uranium mine, and Cameco has intersected uranium with grades of up to 3.52% U3O8 over 10 metres along the Andrew Lake Fault. Cameco has also announced the new Ayra showing from this summer's work, located within a kilometre of Forum's Inuit-owned land parcel BL-32 (Cameco presentations at the 2011 Nunavut Mining Symposium and the 2011 Saskatchewan Mining Open House).
About the North Thelon Project
Forum acquired a large (>400,000 acres), strategic land position surrounding the Areva/Japan Canada Uranium (JCU)/Daewoo world-class Kiggavik mine development project in Nunavut starting in 2006. Forum owns 100% interests in mineral claims, subject to a 2% NSR on the Tarzan and Nutaaq claims to Nunavut Tunngavik Incorporated, acquired the rights to earn 100% interest in Inuit owned land parcels BL-21 and BL-32 from Nunavut Tunngavik Incorporated and acquired the rights to earn up to a 65% interest in claims held by Agnico-Eagle Mines Ltd. The 127 million pound Kiggavik uranium project grading 0.55% U3O8 has completed an initial feasibility study, commenced permitting and submitted an Environmental Assessment Study to the Nunavut Impact Review Board. The proposed mine anticipates production of approximately 8 million pounds of uranium per year. Cameco has been actively exploring its property to the west of Areva since 2005 and has announced three discoveries. Cameco and Areva continue to aggressively drill in this newly emerging mining camp.
To view Figure 1, click on the following link: http://media3.marketwire.com/docs/i213m.pdf
Ken Wheatley, P.Geo. (Saskatchewan and Nunavut), Forum's Vice President of Exploration and qualified person has reviewed the contents of this news release.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo., President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
February 14, 2012 (Source: Nuclear Engineering International) -- The governments of Canada and China have completed negotiations on an agreement that will facilitated increased exports of Canadian uranium to China, according to Canadian prime minister Stephen Harper.
The agreement is a Protocol which supplements the Agreement between the Government of Canada and the Government of the People’s Republic of China for Co-operation in the Peaceful Uses of Nuclear Energy of 1994.
“This agreement will help Canadian uranium companies to substantially increase exports to China, the world’s fastest growing market for these products,” said Harper. “It will generate jobs here at home while contributing to the use of clean reliable energy in China.
Representatives from both countries will work to finalize the text of the Protocol within the next few months with a view to proceeding with their respective adoption processes as soon as possible.
Canada was the world’s second largest mine producer of uranium in 2010 (after Kazakhstan), producing 25.4 million pounds U3O8. In November 2010, Canadian uranium producer Cameco signed an agreement with China Guangdong Nuclear Power Company (CGNPC) to supply 29 million pounds of uranium concentrate through 2025.
China, currently has 15 reactors in operation plus 26 more under construction. New construction starts remain suspended following the Fukushima accident, however China’s aim for 60 GW of installed nuclear capacity by 2020 is still an achievable target.
Chinese domestic uranium production activities have not been generally successful, and as a result, it has been negotiating long-term supply from other countries. It is expected to rely on uranium imports for the next decade and potentially beyond. Chinese customs data reportedly show the import of 45 million pounds U3O8 in 2010, more than three times the 2009 total.
February 14, 2012 (Source: The Sydney Morning Gerald) -- LEGISLATION to allow mining companies to explore for uranium in NSW will be introduced to Parliament after state cabinet agreed to overturn a decades-old ban.
The Premier, Barry O'Farrell, and the Minister for Resources and Energy, Chris Hartcher, will announce the decision today, arguing it will help boost the state economy.
''It is time for NSW to look at every opportunity to join the mining boom, which is delivering enormous profits and jobs to Western Australia, Queensland and South Australia," Mr O'Farrell said.