Lackluster uranium prices are taking their toll on mining companies like Paladin Energy (ASX:PDN), which has been cutting spending anywhere it sees fit. Most recently, the company announced job cuts at its head office and base salary cuts of 10 percent for managers. The company wrote down US$420.9 million in 2012/2013 due to the weak uranium price devaluing its assets.Company news Canada-based uranium exploration junior Lakeland Resources (TSXV:LK,FSE:6LL) started exploration at its wholly owned Riou Lake uranium property, which is situated on the northern rim of the prolific Athabasca Basin in Saskatchewan. Lakeland will be focusing on the Gibbon's Creek target and will pursue surface prospecting and boulder sampling with hand-held scintillometers. The company will also be undertaking a RadonEx soil gas radon survey, line cutting and a ground DC resistivity geophysical survey. Lakeland aims to start its initial drill program at Gibbon's Creek in Q1 2014. Uranium golden child Fission Uranium (TSXV:FCU,OTCQX:FCUUF) and joint venture partner Alpha Minerals (TSXV:AMW) capped off September with yet another impressive announcement. This time, the companies released news that since the 2013 winter program, zone R390E has quadrupled in length. This assessment includes the new strike length of 255 meters. The companies also released the results of eight further drill holes at R390E; all intersected narrow to wide zones of mineralization with varying degrees of radioactivity. On September 25, Canadian International Minerals (TSXV:CIN) announced that it has entered into an option agreement through which it will grant Rio Grande Mininga(TSXV:RGV)athe option to acquire an undivided 75-percent interest in certain mineral claims. The claims consist of two groups, Britts Lake East and Firebag East/Descharme, and total 15 claims in an area of 18,041 hectares. The properties are located in close proximity to the Patterson Lake South discovery. Uranium Participation (TSX:U) reported its financial results for the second quarter ended August 31, 2013. Total equity was down $69.3 million for the three months in 2013 ended August 31, 2013 and $89.3 million for the six months ended on that date. The company cites unrealized losses on investments of $68.1 million and $87.2 million, respectively.
Securities Disclosure: I, Vivien Diniz, hold no investment interest in any companies mentioned in this article.a Iran's Uranium Enrichment Still Up for Debate, Still Tense from Uranium Investing News