Laramide AGMWent to the AGM on May 19th. Interesting presentation by Mike Connor, president of Nuclear Resources International, about the supply/demand forecast to 2020. It has changed since last year i.e. more demand and less anticipated supply, which should eventually increase the price of U3O8 from the current $40/lb level. Marc Henderson talked about the renaissance of nuclear energy and the projected numbers for new reactors in China, India, Korea, and the US. He pointed out that, by any measure, the share price is absurdly low. Just the reserves/share, approximately 1 lb/share puts it well ahead of many companies with far higher market valuations. The New Mexico mine is getting close to production (2013). The Utah mine (La Sal) is in the final stages of being acquired and can be brought to production fairly quickly. The EIS for the Westmoreland mine is under way. An election in Queensland will occur within the next two years; even if Anna Bligh is re-elected, which doesn’t seem likely, the government will be under pressure to allow development of the the state’s uranium assets. All of Laramide’s assets will have low production costs…in the $20 range. Given the very low number of LAM shares outstanding (67.5 million), the reserves (likely to be 75 million pounds when the next drill results come in from Westmoreland), the likely increase in the uranium price (at least US$60), the net asset value of LAM is a multiple of the current share price.