It has been nearly a year since the re-organization of American Uranium Corporation and I am writing to advise you of our accomplishments and business objectives.

First I am delighted with the progress made in less than a year. We have secured an Option/Joint Venture Agreement with Strathmore Minerals Inc. to earn a 60% interest in two advanced stage uranium projects in Wyoming’s Powder River Basin.

The first project, Reno Creek, is considered one of the best advanced uranium projects in the United States, and is located only 30 miles away from the largest producing uranium project in the United States, Cameco’s Smith Ranch In-Situ Recovery Project. Critical infrastructure and support for the area is already in place. We are advancing on permitting, engineering and pre-feasibility work at Reno Creek to place it in production by 2012.

Work on the Reno Creek Project by previous owners includes two positive feasibility studies, and the project already has a valid EPA/DEQ Deep Injection Well Permit. A January 2008 NI 43-101 Technical Report confirmed an increased resource of 10.8 million lbs U308. We agree with the report author that there is considerable potential to increase the resource beyond this amount, and our Joint Venture will be addressing this as part of the current year’s work. A second independent NI 43-101 documenting the resources in the southwest extension of the Reno Creek deposit has just been released. This shows a compliant resource of 4.8 million lbs U3O8 as depicted in the chart below.

Read more...