PRZOOM - /newswire/ -
Sarasota, FL, United States, 2006/10/25 - Uranerz Energy is the only pure uranium company trading on the American Stock Exchange. CEO Glenn Catchpole told StockInterview the company plans to begin mining by 2010 and annually produce 1 million pounds of uranium oxide (U3O8) by 2012..
Glenn Catchpole told StockInterview.com that Uranerz Energy should start mining uranium in Wyoming by 2010, “We are out somewhere between three and four years before can start putting uranium in the can.” As the only pure uranium exploration company trading on the American Stock Exchange (Symbol: URZ), Uranerz executives are confident they will actually have uranium to mine.
“We can make comparisons our mineralization is in the same sand system as Cogema’s, which is four miles from us,” Catchpole said. “It is also the same formation as the North Butte project that Cameco has north of our Hank property.” Those uranium projects are located in Wyoming ’s Powder River Basin , where more than one-half of all U.S. uranium mining presently takes place.
Catchpole and his chief operating officer previously worked with an earlier incarnation of German-owned Uranerz and then Cameco mining uranium through the in situ recovery (ISR) method. The environmentally friendly method of mining uranium offers a fraction of the uranium grades found in Canada ’s Athabasca Basin , where more than one-quarter of the world’s uranium is mined. “We worked and mined in this same area,” Catchpole explained. “So we are very comfortable that we have mineable property.”
Uranerz is in the process of permitting two Wyoming properties. Permitting a property through the environmental regulations takes about one year. Regulatory agencies take between one and two years to process a permitting application. Wyoming ’s Department of Environmental Quality also requires a company to post a $20 million bond. That’s on top of construction costs which run up to $30 million.
“We have got several acquisition efforts pending, but we can’t guarantee they are going to come to fruition,” Catchpole told StockInterview, discussing his company’s growth strategy. “Depending upon what happens to these acquisition efforts, we will be talking about bringing one, possibly two more, projects into our development strategy next year.”
Today’s featured interview with Uranerz Energy Chief Executive Glenn Catchpole appears on the financial news website.
Stockinterview.com is an online news service, which provides investigative reporting, editorial, analysis and commentary of the nuclear fuel cycle, uranium mining, nuclear power, the environment and the natural resource industry.