THE CANADIAN uranium exploration company, U 308, has reported that recent discoveries of large deposits of uranium here have fuelled optimism that it is closer to discovering the minimum 50 million pounds that would make mining economically feasible.
The disclosure was made by Mr. M. Shazadh Khan, Office Manager/Project Management Consultant of Prometheus Resources (Guyana) Inc., the local
subsidiary of U 308.
U3O8 was in 2007 granted exclusive uranium exploration rights in an area covering approximately 1.3 million hectares in the Kurupung Batholith that straddles the edge of the Roraima Basin in Guyana.

The company has since then been advancing a strategy that focuses on exploration for multiple uranium-bearing structures within structural
systems in the basement adjacent to the Roraima Basin, with the concept that the individual veins could potentially aggregate to a significant total resource.

In an update yesterday, Khan disclosed,“The Company has recently  made a potentially large  uranium discovery in the Kurupung Batholith  and
it is our objective to show that it  could host 30- 50 million pounds of uranium.”
He explained, “Finds aggregating to this amount would be the threshold for the beginning of commercial production of uranium in
Guyana. Given the results of recent explorations, this aggregate is highly likely to be confirmed  in the not too distant future.” He said that such a total find would support mining of uranium in
Guyana for between ten to 15 years.
He reiterated,“There have been  growing uranium discoveries towards the 50 million pounds  goal. The Company is very positive and optimistic about this possibility.”
Uuranium is a metal found mostly in rocks, in concentrations of two to four parts per million, and is as common in the earth’s crust as tin, tungsten and molybdenum.
Its main value is that it can be converted into an abundant   source of electricity.
It has been shown that one uranium pellet weighing 7 grams (0.24 ounces) can generate as much energy as 3.5 barrels of oil or 17,000 cubic feet of natural gas or 1780 pounds of coal.
The metal is in very great demand in industrialized countries which have developed and are developing alternative sources of energy to
generation of electricity by oil.
Khan disclosed that Prometheus (Guyana) Inc. the local subsidiary of U 308, has since 2007 invested more than Cdn$20 million in exploration in Guyana, conducted in an environmentally and socially-responsible manner.
Eighty per cent of its employees are Guyanese, with 65% from the Amerindian community.
The Company has   been honoring its obligations and responsibilities
to workers in terms of protective gear, successful malaria control,and radiation monitoring devices.
It has contributed supplies and training and even university sponsorship for its employees.

He added that it has also minimized environmental footprints and disturbances around drill pads and maintains a thriving vegetable farm at its Camp with surplus being given away to the locals.

U 308 was late last year granted one and two year extensions on reconnaissance permits at its request.
Commenting on the extensions then, a top official said: “I express our sincere thanks to the Government of Guyana, and specifically the
Guyana Geology and Mines Commission (GGMC),for extending the term of the Reconnaissance Permits.

“These extensions enable U3O8 Corp and its subsidiary, Prometheus (Guyana) Inc., to continue with exploration that aims to build on its resource and identify economic uranium deposits that could contribute fuel to meet the world’s rising demand for clean nuclear energy.”