About Us Strategy Management Financial Statements Corporate Directory		Prospect Uranium is a minerals exploration company focused on the acquisition, development, and operation of uranium deposits. Our strategy is to develop prospects that will take advantage of both short-term and long-term market conditions and technologies developed since the last uranium boom during the 1980's. We plan to lease and stake areas with known uranium deposits where there are few barriers to entry and utilize newer, more cost effective, and environmentally compliant techniques for mining. In addition, we will concentrate on deposits that are amendable to lower cost mining such as in-situ recovery (ISR). Our first property, the Sandoval Uranium Project, is located in Sandoval County, New Mexico and consists of 229 unpatented mining claims covering approximately 4,580 acres. The property is within the Grants Uranium District which is one of the premier uranium districts in the world and has produced 347 million pounds of uranium. We lease the Sandoval Uranium Project from Sedi-Met, Inc. The host rock at Sandoval is sandstone which is a porous and permeable rock that may be amenable to the ISL mining method. We plan on conducting a 15,000 foot exploratory drilling program at Sandoval in 2008. There have been significant market price increases in uranium over the last five years (from $7 per pound to $135 per pound for uranium) that present renewed opportunities in traditional geological sites. Other opportunities exist in the lower grade but widely disseminated deposits amenable to in-situ leach recovery ("ISR") in the Grants District in New Mexico, the Powder River and Shirley Basins in Wyoming, and in Texas. Advances in ISL and other mining techniques transform deposits that were formerly economically unviable into profitable reserves. The industry's 30 years of experience with ISL mines in Wyoming, Nebraska, and Texas have improved methods of treating and remediation of mining wastes and mill tailings and in management and restoration of ISL well fields. Application of these modern techniques improves deposit recovery and makes the mining of uranium more environmentally sound.
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