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Wyoming's Uranium Mining Frenzy

"Staking activity is up significantly," that result in royalty returns." And it
said Lynne Boomgaarden, Wyoming's appears her wish may soon be granted.
Director for the Office of State Lands Uranium ISL's May First Start in
and Investments, referring to the number Wyoming's Powder River Basin
of claims filed for uranium development Of the six companies we interviewed, five
in her state. "We have really seen a expressed their initial ISL operation
significant increase since about June would be established in Wyoming's Powder
2004. We took one lease application to River Basin. The most prolific coal- and
the board in April 2004. In June 2004, we uranium-producing areas in the United
had 30 or so applications. That's when we States, the tri-state Powder River Basin
really saw the increase." In June 2004, lies between Wyoming's Laramie Mountains,
David Miller of Strathmore Minerals (TSX: the Big Horn Mountains of Montana and
STM; Other OTC: STHJF) quickly filed 10 Wyoming, and the Black Hills of South
minerals claims for uranium. On his Dakota. According to the U.S. Geological
heels, William Sheriff began filing Survey published in 2002, the Powder
claims as well. Since then, pages and River Basin was estimated to have a mean
pages of claims covering tens of of 16.5 trillion cubic feet of
thousands of acreage have been filed by undiscovered natural gas, 1.5 billion
Miller, Sheriff, their associates and barrels of undiscovered oil and 86.5
their respective companies. million barrels of undiscovered natural
Subsequently, others jumped into the rush gas liquids. It has been geologically
for Wyoming's state uranium claims. From prolific for uranium because the host
Crook, Campbell and Converse counties to formation is the Eocene age Wasatch
Carbon, Sweetwater and Fremont, most of Formation, which occurs under the entire
the available state trust lands, where area.
uranium rollfront deposits had been At the southern part of the Power River
previously identified by drilling during Basin, Cameco's (NYSE: CCJ) wholly owned
the previous two uranium booms, were subsidiary, Power Resources, has been
snapped up. From Wyoming's Powder River steadily producing uranium oxide (U3O8)
Basin, where most of America's uranium at their Smith-Highland Ranch. In 2005,
and coal is produced, to the Great Divide Cameco reported production of 1.3 million
Basin, which has seen uranium mining, any pounds. The property has published proven
serious players, who wanted to quickly and probable reserves of 16.1 million
establish an in situ leach (ISL) mining pounds of U3O8. (In Part Five of the
operation in Wyoming, marked their Wyoming Series, will discuss the tour of
territory. the ISL operation at Smith Ranch and
"Most of the activity we've seen in feature an interview with Pat Drummond,
leasing has been speculative activity," superintendent of the mining operation.
explained Boomgaarden. "We don't have new During our interview, Mr. Drummond
mines and new operations right now." As announced the expansion of uranium
noted in Part 2 of this series, production on the PRI properties and the
permitting a property to put into place additional hiring of personnel.) Capacity
an ISL uranium operation may take two or could run up to 2 million pounds annually
more years. She added, "When I first came at each of their two processing
here in the spring of 2003, there was facilities.
nothing." A few changes have taken place, Three of the six uranium development
which Boomgaarden and many others have companies we interviewed also stated they
noticed. Through the first half of 2003, intended to fast-track their ISL
spot uranium prices stagnated around the operation by creating a "satellite
$11/pound level. On March 3rd, spot facility." Such a facility would
uranium traded at $39.25/pound, according eliminate the need for a Nuclear
to TradeTech LLC, which keeps track of Regulatory Commission (NRC) license. The
weekly and monthly spot uranium sales. uranium development company plans to
Holding costs on Wyoming's state trust "attach" its mining operation to an
lands are affordable to speculators, when established producer. Under such a
the underlying commodity in question has circumstance, the company would solution
had a 500 percent increase in the past 62 mine (also known as in situ leach mining)
months. Applicants file a lease uranium on its property. The uranium
application and pay an annual lease fee would then be shipped to an established
of $1/acre for each of the first five producer for processing. Because the spot
years of the lease. The application is uranium price is rising, and may hold
presented to the Wyoming Board of Land around these levels (or soar higher), a
Commissioners, which meets every other profit-sharing arrangement negotiated by
month. "Our royalty revenues from uranium the newly producing uranium company and
have been pretty flat," said Boomgaarden. the more established company would
"We can only hope as fiduciaries that we probably make sense.
will enjoy operations on these leases




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