Part Five - New Mexico Uranium: Who Are the Serious Players?
By: James Finch | Posted: 30th June 2006
Western Uranium Corporation
Western Uranium Corporation holds the Treeline uranium property, which is about 20 miles west-northwest of Grants, New Mexico. Western Uranium's property is on trend between two past-producing uranium mines, the Marquez and the San Mateo Mines. The two mines produced more than 6.5 million pounds of uranium, grading 0.2 percent U3O8. Chief Executive Pamela Klessig told us, "The property lies on trend between Mt. Taylor and Ambrosia Lake." Those are the country's top uranium producing areas. She told us Haywood Securities had backed the company, and Western Uranium had approximately US$6.5 million in the bank.
Klessig also said, "The property grades between 0.15 and 0.2 percent U308." Western Uranium acquired the databases from Conoco, which had previously drilled about 275 holes on the property in the early 1980s. It is a shallow orebody, and drilling would be at a depth of between 500 and 700 feet. Western Uranium is the first uranium company to obtain a drill permit from the State of New Mexico, since the uranium depression. Klessig hopes to produce "a couple of million pounds" on this property. The uranium mineralization is reportedly below the water table and may be amenable to In Situ Recovery.
James Finch contributes to StockInterview.com and other publications. To read StockInterview's entire Uranium Series, visit http://www.stockinterview.com
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James Finch is a contributing editor for StockInterview.com and other publications. http://www.stockinterview.com
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Tags: 5 million, holes, depression, 1980s, water table, chief executive