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TheStreet Open House

Uranium Market Movement Slow, But Strong

Company news

On Monday, Virginia Energy Resources (TSXV:VUI) announced its listing on the OTCQX under the ticker symbol VEGYF. "We are proud to join OTCQX, the highest OTC marketplace," stated Walter Coles Jr., executive vice president of Virginia Energy, in the press release. "We are committed to providing our U.S. investors with timely news and information to help them better analyze, value and trade our securities."

Virginia Energy's wholly owned, advanced-stage Coles Hill uranium project is located in Virginia, where the state government is debating whether or not to lift a 30-year ban on uranium mining. Coles Hill reportedly contains measured resources of 3,260 tonnes of U3O8 and indicated resources of 42,800 tonnes U3O8. The largest-known untapped uranium deposit in the United States and one of the largest in the world, the deposit has an estimated worth of $10 billion and holds enough uranium to power all the nation's nuclear plants for nearly two years. The company is also pursuing an active uranium exploration program in Quebec's Otish Basin.

Energy Fuels (TSX:EFR) reported its results for the 2012 fiscal year, calling the past 12 months a “transformational year” for the company, which “attained a dominant production and resource position within the uranium sector's single largest market, the United States.” Highlights for the year include sales of 447,000 pounds of U3O8 at an average realized price of $55.83 per pound.

European Uranium Resources (TSXV:EUU) signed a memorandum of understanding (MoU) with the Slovak Republic's Ministry of Economy. The MoU pertains to the advancement of the Kuriskova uranium deposit, which a recent preliminary feasibility study shows could be developed as an underground mine and could become one of the world's lowest-cost uranium producers. The MoU highlights the importance of this deposit to Slovakia's energy needs; the Eastern European nation is the third-largest per capita user of nuclear energy in the world — more than 50 percent of its electricity is generated by nuclear power. European Uranium also began trading on the OTCQX under the ticker symbol EUUNF.

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