SARASOTA, Fla., Nov. 16, 2005 (PRIMEZONE) -- Two-term Wyoming state legislator, former International Atomic Energy Agency consultant, and recently appointed president of Strathmore Minerals (TSX-V:STM) (Pink Sheets:STHJK), David Miller, won't be surprised if soaring uranium prices - now at an 18-year high - doubled again. Miller, who was recently interviewed by StockInterview.com, cited growing global electricity demand through 2020, China's aggressive appetite for nuclear-generated electricity, and the lengthy cycle between a new uranium discovery and the final mining process, as the reasons U.S. utilities may be paying record prices for uranium in the future.
Miller told StockInterview.com what China is planning for their nuclear industry "is probably the most aggressive program in the world.the demand for uranium is going up. I think the growth in demand will be more rapid than we realize." Under such circumstances, U.S. utilities will be directly competing with China for uranium resources. Miller noted China's high pollution levels, stemming from the country's reliance upon coal-based electricity generation, as a primary motivation. "They need nuclear power, probably more than any area on earth, to clean up their air," said Miller.
Miller plans to help cultivate existing domestic uranium resources to supply U.S. utility companies. He noted his company's strategy: "We were able to pick up some very good deposits in New Mexico and Wyoming. These are known, drilled-out uranium deposits in the country that's produced as much as uranium anywhere else on earth. Now, we have opened a permitting office in New Mexico and starting the permitting process to put those into production."
According to Ux Consulting, which publishes weekly spot U308 price indicators, spot uranium recently sold for $33.50/pound, up by more than 300 percent over the past 30 months. http://www.uxc.com/review/uxc_g_2yr-price.html
Representative Miller's comments appear on the internet news website, StockInterview.com: http://www.stockinterview.com/strathmore-uranium_demand.html