 |   Kernaghan Lake Project, Northern Saskatchewan, Canada
The Kernaghan Lake Project lies in the Athabasca Basin of northern Saskatchewan which hosts several of the world's largest and richest uranium deposits with gross metal values in excess of six billion dollars.
The property, located approximately 400 Km north of La Ronge, is joint ventured with UEM Inc., a corporation owned 50% by Cameco and 50% by Cogema of France. The target is a Key Lake type uranium deposit, which contained reported reserves of approximately 76 million pounds of uranium oxide. This project lies approximately 15 Km northeast along trend of UEM's La Rocque Lake discovery, where UEM Inc. reported a drill intercept of 0.7m @ 31.9% U3O8 at a depth of 276 meters. We have a 20% interest in the Kernaghan Lake project.
Analysts anticipate continued rising uranium prices over the next several years, as consumption has far exceeded production for many years.
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