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nium annually. However, Adnani said
the company prefers to leave its uranium
resources in the ground and wait until
prices are trading in the mid US $40 per
pound range. At that point, the company
would consider restarting production in
Texas. Adnani declined to speculate on
when the price will reach that level, but he
believes it will happen "sooner rather than
later.'' "When we were previously in pro-
duction, our sales averaged about US $45 a
pound,'' he said. That compared to a cash
cost of under US $22 a pound.
Uranium Energy is backed by some high
profile investors, including Toronto-based
asset manager Sprott Inc., and CEF Capital
Markets Ltd., an affiliate of the Hong Kong
based conglomerate CK Hutchison Group,
which is chaired by Li Ka-shing, one of
Asia's wealthiest investors.
CEF's other strategic uranium invest-
ment is NexGen Energy Ltd. [NXE-TSX;
NXGEF-OTCQX]. In June, 2016 CEF
subscribed for US $60 million worth
of convertible debentures in NexGen,
which is developing the Arrow uranium
deposit on the Rook 1 property, located
in Saskatchewan's Athabasca Basin. See
NexGen article on page 15.
Senator Minerals Inc. [SNR-TSXV;
SNRAF-OTC] also took advantage of
improved investor sentiment by recently
striking a deal to acquire a 100% interest
in the Patterson North East (PNE) uranium
project, located on the east side of the
Athabasca Basin in northern Saskatchewan.
The project covers approximately 531 hect-
ares, directly adjoining the easternmost
boundary of Fission 3.0's Patterson Lake
North (PLN) project.
Fission 3.0 is a subsidiary of Fission
Uranium Corp., [FCU-TSX], the company
that made headlines in 2012 by discov-
ering high-grade uranium zones on the
Patterson Lake South property.
Senator said it is designing an explora-
Senior Geologist Andy Carmichael analyzing
historical drill core at IsoEnergy's Thorburn
Lake Project located 7 km east of Cameco's
Cigar Lake Mine and 300 metres north of
Cameco's Thorburn Lake uranium occurrence.
Photo courtesy IsoEnergy Ltd.
