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- identifying and staking properties of merit;
- adding value to these properties though further exploration work, either directly or though joint ventures with other parties; and thereafter
- joint venturing or selling off these properties at the appropriate time to uranium mine operators.
Colorado Work Plan for 2007/2008
As a result of the company's large Colorado property portfolio, the company intends to carry out early stage geophysics, mapping and sampling.
It is estimated that the company requires approximately $5 million for its 2007/2008 work plan to be utilized as follows:
- Fly an airborne geophysical survey to define limits to potentially mineralized palaeo-channels and locate surface uranium anomalies; estimated cost: $200,000.
- Carry out a 3-phase drill program on the High Park, Alpha Beta Gamma and Elk properties, where previous exploration work has shown the presence of uranium mineralization. The properties are in the same geological setting as the nearby Hansen ore-body which has reported excellent results; estimated cost: $500,000.
- Undertake a scoping study to assess feasibility of putting the High Park property into production and developing a relationship with the Cotter Corporation to ensure that there is a nearby processing facility for the uranium ore. Re-drill two small areas of resource to verify past reserve calculations, commence permitting for bulk sampling; estimated cost $600,000.
- Continue to identify and stake other properties that were previously owned and partially developed by the major uranium companies in the 1970's. Since then, several hundred claims have been identified and staking will commence early spring. This will cost approximately $500,000 in staking costs and fees payable to the State of Colorado and Bureau of land Management (BLM).
Development Schedule
The company is currently seeking to raise $5 million in order to fund its exploration and drilling programs.
Approximately $600,000 will be used in the planned 2007 portion of the work plan as outlined above and the remainder of the funding will be used for general working capital and option payments which are valued at approximately $1.5 million.
Short Term - 3 to 6 months
- Raise $5 million to be used for 2007/2008 exploration program and general working capital.
- Commence with the exploration field work and drilling programs per the work plan.
- Continue staking already identified previously owned and worked properties.
- Supplement the board of Directors with experience in the mining industry and with influence in the Caņon City area.
- Identify potential joint venture partners and companies who are looking to acquire uranium assets.
Medium Term - 6 to 18 months
- Continue to stake additional properties where these are considered to be strategically advisable.
- Continue to seek out old drill reports and mining data to substantiate mining properties and claims.