Endeavor Explorations, Inc. can be considered to have been ahead of the game early last year when it locked up mineral rights to eight important claims in the Uranium City area of northern Saskatchewan. With at least 140 new nuclear reactors now planned to be built over the next 10 years, part of the world’s ongoing shift away from fossil fuels, uranium is beginning to look like this century’s hot commodity. The spot price for Uranium (U3O8) has already jumped from a little over $7 per pound back in 2000 to its current level in the low $40s.
Located on the north edge of the famous Athabasca Basin, a proven source of the highest grade uranium deposits anywhere, Endeavor’s claims are hard to argue with. After all, the richest open-pit uranium deposit in the world was discovered at Key Lake, on the south edge of the Basin, in 1975.
But perhaps the strongest evidence in support of Endeavor’s decision is the increasing interest of other companies in Athabasca.
• Hathor Exploration Ltd. (HAT.CA), a Vancouver based uranium exploration company, is another small company that is actively exploring the Basin. The company has interests in ten projects on the eastern edge of Athabasca. Hathor is unswerving in its pronounced belief that uranium will be the key energy resource of the future, and that the Athabasca Basin is where that uranium is going to come from.
• Cameco (NYSE:CCJ), a world leader in low-cost uranium production, based in Saskatchewan, has a history of exploration and production on the southeastern side of the Basin, which continues today.
Other companies include Cogema Resources, a subsidiary of Areva NC, Inc., which shares the largest Athabasca operations with Cameco. The new rush for uranium is well founded. The increasing demand, coupled with a reduced supply, has virtually assured a good market for the radioactive metal for decades to come.
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