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Uranium Spot Price Slips Into New Year, But Higher Prices Coming

Company news

On Wednesday, Pistol Bay Mining (TSXV:PST) received notice of Rio Tinto Canada Uranium's (RTCUC) planned 2013 exploration program at the Pistol Bay Mining C5 property, located in Saskatchewan's Athabasca Basin. The proposed $750,000 program includes an 1,800-meter diamond drill campaign and a ground gravity survey. RTCUC currently has a 55-percent interest in the project with the option to earn 100 percent following $1 million in expenditures and $5 million in cash payment. Pistol Bay Mining would receive a 5-percent net profits interest royalty.

Tuesday, Macusani Yellowcake (TSXV:YEL) announced additional assay results from its ongoing drill program at the Chilcuno Chico anomaly on the company's Kihitian property in Puno, Peru. Highlights include drill hole PT-CH26-TNE with an 18-meter intersection from 197 to 215 meters; it returned a weighted average of 762 ppm U3O8 (or 1.524 lbs/ton), including a higher-grade zone of 9 meters that averaged 1,459 ppm U3O8 (or 2.918 lbs/ton). Macusani is operating three diamond drill rigs on the Kihitian project, one drill at Quebrada Blanca and two drills at Chilcuno Chico.

Monday, Powertech Uranium (TSX:PWE) received a second-draft uranium recovery license for its South Dakota-based Dewey-Burdock project from the US Nuclear Regulatory Commission (NRC). The draft license is preliminary and further discussions are necessary to finalize the Safety Environmental Report and Supplemental Environmental Impact Statement (SEIS). Powertech expects to finalize the SEIS in March 2013 and the NRC has scheduled completion on its end by May 2013. The company anticipates receiving the uranium recovery license shortly after.

Uranium Resources (NASDQ:URRE) reported an expansion and extension of its exploration agreement with Cameco Texas, a subsidiary of Cameco (NYSE:CCJ,TSX:CCO). Both parties have agreed to extend the exploration agreement to a five-phase, five-year exploration program that will include an additional 22,700 net acres known as the Tecolote tract. Under the expanded program, Cameco is committing $4.3 million to increase its interest in the uranium mining lease to 70 percent.

Last week, Alpha Minerals (TSXV:AMW) and Fission Energy (TSXV:FIS) announced assay results from the September 2012 boulder prospecting program at their Patterson Lake South joint venture project, which is located in the uranium-rich Athabasca Basin. The results include assays of 37 glacially transported rocks with returned grades of over 10 percent U3O8 from 54 percent of the boulders assayed. The highest-grade sample assayed at 40 percent U3O8.

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