– U 308 Vice-President
VICE-PRESIDENT, Investor Relations, of U308 Corporation, Ms. Nancy Chan-Palmateer said yesterday that South America is being dubbed the next frontier for uranium exploration and development. She said that is in light of increasing demand for electricity and reduction of greenhouse gases, coupled with the region’s potential to assist in developing nuclear power as an attractive and clean energy alternative to fossil fuels. “South America is not recognised for uranium exploration at this point. But we feel that it is the next frontier for that’, Chan-Palmateer said, during an interview.
She said nuclear power fits in nicely, considering the fact that it is environmentally friendly, safe, affordable and a proven source that can meet rising global energy needs.
Already here, a wholly owned subsidiary of U308 Corp, Prometheus Resources (Guyana) Incorporated, has recorded a total find of seven million pounds of uranium in the last three years and expects to find another 50 million by 2014.
The location is in Kurupung, Region One (Barima/Waini) and drilling for first targets has commenced in another place, the Roraima Basin, in Region Seven (Cuyuni/ Mazaruni).
Chan-Palmateer said, in Guyana’s case, foreign investment is promoted against the premise that development of mineral resources is a key to economic growth strategy.
She added that, apart from Guyana, U308 Corp. has an interest in Colombia and Argentina.
According to her, Colombia is significantly under explored for uranium and, in Argentina, the company is poised to capitalise on anticipated positive legislative changes that will impact the operations of Argentina’s National Atomic Energy Commission (CNEA).
“The World Nuclear Association estimates that nuclear power now contributes approximately 14 per cent of the world’s electricity,” Chan-Palmateer stated.
Looking ahead, she said countries like China, Russia, India and the United Kingdom (UK) are main ones to have escalating nuclear programmes.
However, Chan-Palmateer observed that, internationally, there will be uranium shortages in the face of rising energy demands.
Supply
“Here is where we come in as a company to supply the fuel to generate nuclear energy. Forecasters are estimating that, by 2014, there will be a gap in supply of and demand for uranium. There is not going to be sufficient supply and that gap will continue to increase,” she posited.
In that context, Chan-Palmeteer reiterated that South America will be the new uranium discovery and development frontier because the supply for the increased demand will have to come from new discoveries.
“Our flagship programme is in Guyana,” she said.
Chan-Palmateer said South American deposits under the company’s control are promising and a strong geographic presence exists in the prospective regions of Guyana, Colombia and Argentina.
She added that, in South America, U308 is looking to create some critical mass which would enhance its footing, operationally, as this region has several companies sprinkled with a patchwork of projects.
“We are working to be in a better position to make a significant discovery, one of the first significant discoveries in South America and put it on the map, in terms of raising its profile in the uranium exploration industry,” Chan-Palmateer asserted.
She said their next step is more exploration to grow resources to a potentially economic size.
“We are very focused on South America…We think we hit something that will result in a big uranium find,” Chan-Palmateer revealed.