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"This agreement strengthens our efforts to identify new uranium reserves for the future. Cameco gains the right to participate in the exploration of new regions and adds the expertise of a solid technical team to our knowledge base."

Cameco President & CEO on UNOR investment

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2008 Letter to Shareholders

For four years, UNOR’s management, technical personnel and suppliers have been working together which is a formula for success.

UNOR’s uranium exploration focus continues to be Nunavut which is the only jurisdiction in Canada that has settled its native land claims under the Nunavut Land Claim Agreement dated 1 April, 1999.

This year’s $4.0 million Nunavut uranium exploration season is underway. On May 10th, the fuel and material supply haul was completed; on June 26th, the Furgo airborne gamma ray/magnetometer 20,000 line kilometre survey at 150 metre spacing of the Cameco Lac Rouviere joint venture and UNOR properties commenced; on July 10th, the 4,000 metre diamond drilling on the company’s northern Coppermine property uranium targets commenced; and ground geophysics IP/Resistivity, Fixed Loop and Transient Audio Magnetotelluric surveys along with prospecting are underway.

Uranium demand is set to increase as some existing reactors are brought back on line in Ontario and elsewhere; and as China, India, Ontario, South Africa, the United Kingdom  and the United States will build new nuclear reactors to meet electricity demand and to lessen their dependence on foreign oil. “The first wave of growth is going to come from emerging economies,” said John Wong, fund manager with CQS UK LLP in London. “People are starting to look at coal, gas and oil and seeing the energy prices go up, they wonder about uranium.” 

In the United States, the Republican presidential candidate John McCain has said that he will push to double the number of nuclear reactors from the current 104 operating in order to lessen the country’s dependence on foreign oil. Barack Obama, the Democratic presidential candidate, also backs nuclear power.

Currently, the long-term uranium oxide price is quoted at US$90.00 and the spot price at US$60.00 per pound. Kevin Smith, head of uranium trading at New York based commodities brokerage Traxys said, “Prices will have to increase if uranium production is to meet the raising demand.”   Uranium use is now 69% greater than the 30,429 tons that was mined in 2006. The secondary supply balance comes from inventories and decommissioned weapons. “Secondary supplies are finite and rapidly being depleted,” said the Deutsche Bank in a June 2008 report. “Continual supply issues and the likelihood of increased demand from utilities should drive the spot price higher during the third quarter of this year.” 

The world-wide electricity shortage will continue to drive investment in uranium exploration. Your company, with its relationship with Cameco Corp. and its strong management and technical team plus its attractive uranium exploration properties will benefit.  


George P. Bell
President & CEO
Toronto

July 11, 2008

 

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