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Uranium in Saskatchewan

Saskatchewan Uranium Exploration Activity 2007

Uranium exploration activity continued to increase in 2007. According to the Saskatchewan Ministry of Energy and Resources, total 2007 uranium exploration expenditures in the Athabasca Basin is estimated to have reached $130.3 million, a slight increase from 2006 ($123.7 million).

Data is compiled from the annual survey of exploration expenditures by the Saskatchewan Geological Survey

The spot market price of uranium nearly doubled between January 2007 and June 2007 ($75 per pound and $136 per pound respectively), and then declined by approximately 42% by October 2007 (approximately $78 per pound). According to the Saskatchewan Ministry of Energy and Resources, over three quarters of the Athabasca Basin is now under disposition and numerous exploration projects are situated in adjacent areas.

At present, more than 40 companies are exploring for uranium in the Basin. The majority of these companies are publicly traded and are operating in joint ventures with one or more other companies. Most of the activity is in the eastern part of the Basin where the major deposits are located. However, following new exploration successes, activity is increasing in the western part of the Basin.