Strathmore Minerals Corp STHJF

Uranium

[namehij]

My take on uranium is the price is going to go up gradually as US utilities realize they don't have long term supply agreements and are in trouble once Russian contract ends in 2012. I don't think the Russians are going to sell at below market prices like they have been when they could lock in supply agreements with a host of other countries at prevailing prices. Chinese and Japanese are locking in long term ones while we have had the luxury of running to the spot market knowing it would be there from the Russians. Once they start to realize, the carpet is being pulled out from under their easy chair--prices are going to creep up and then explode again. I think all time high will be reached by end of 2012.  Hopefully Strathmore will be producing between 1 and 2 million lbs. then with Roca getting ready to kick in for another 2.

Some investors at these low prices will see 100 times return in 10 years if price does hit the all time high and Strathmore is able to execute on their plans--which includes getting capital. Hopefully they can borrow from Sumituomo the necessary costs to get Wyoming up and going or we get back above $1 before diluting.

Still patient and hopeful.

Price of Uranium has done a classic 70% Elliott Wave retraction and is marching back up. $60+ by year end hopefully.