UrAsia Energy Limited is the holding company of a group which owns uranium operating and exploration interests in Kazakhstan and Kyrgyzstan. The Group has four projects, three of which relate to the mining and exploration for uranium in Kazakhstan and the fourth relates to the exploration for uranium in Kyrgyzstan. The Akdala project in Kazakhstan is currently the only mine that is in production.

            Red = 25 day moving average.

Sorry FT - been out! Please see following article.

Telegraph.co.uk - 27/10/2006

Uranium to double after flood at mine - By Fred Langan in Toronto


A flood in a uranium mine in northern Saskatchewan could mean a doubling of uranium prices over the next few years.

Demand for nuclear power has already driven the price of uranium from below $10 (5.50) a pound in November of 2002 to $56 a pound today. CIBC World Markets has predicted a price of $70 a pound by the end of 2007.

The Cigar Lake Mine is the second highest grade uranium mine in the world. Workers need to wear a protective suit when they are close to ore. The only one higher grade mine is also owned by Cameco Corp, of Saskatoon, Saskatchewan, the world's largest uranium producer.

"This one mine once it's up and running would produce enough uranium to power two per cent of the world's electricity," says Ray Goldie, a mining analyst with Salman Partners in Toronto. "Saskatchewan is the Saudi Arabia of the uranium business."

Mr Goldie feels prices could reach $95 by 2009.

At current uranium prices Cigar Lake is worth and estimated $12bn. The company abandoned efforts to stop the flooding on Monday morning. The Cigar Lake mine is divided into two parts. One side is surrounded by water, which flooded after a rock cave in. Bulkhead doors meant to protect the dry side of the mine did not hold and the entire mine is now flooded.

The company could not say when it would be operational again, but at least two mining analysts predicted it could mean a delay two 2 years.

"My guess is that instead of coming on line in 2008 this mine is going to come on around the end of the 2010," said Mr Goldie.

The company said it would try to make up production by drawing down stocks from warehouses and ramping up production at its other properties.

"We'll be looking at opportunities to expand production at our other operating sites," said Jerry Grandey, Cameco chief executive.

Demand for uranium is expected to stay high as expensive oil has meant more demand for nuclear power plants. Right now mines produce 62pc of uranium used. The rest comes from storage, the re-processing of spent reactor fuels and dismantling nuclear weapons.

thanks Dai
long term worth taking a look at Cameco
speak soon
FT

Oct. 31 (Bloomberg)

Uranium Prices Surge After Flood Closes Cameco Mine - By Christopher Donville and Gavin Evans


Uranium prices surged 7 percent to a record after Cameco Corp., the world's largest supplier, said a flood at an unfinished mine in Canada will delay initial shipments of the nuclear fuel by at least a year.

Uranium rose to $60 a pound from $56 in a weekly posting by Roswell, Georgia-based Ux Consulting Co. Ux's price is based on the company's assessment of the uranium market and is widely used within the nuclear industry.

``It is the largest weekly increase on record'' in the 20 years the company has published uranium prices, Ux executive Eric Webb said in an interview today.

Uranium, the raw material in reactor fuel, has risen more than sixfold since October 2001. Speculation is growing that 28 reactors under construction and a further 62 plants planned may outstrip available supplies. About 16 percent of the world's electricity was generated at 440 reactors last year, according to World Nuclear Association data.

``Anyone who sells at these levels is going to be very disappointed in the coming weeks,'' Kevin Bambrough, a strategist at Sprott Asset Management Inc. in Toronto, said before Ux Consulting released its latest price assessment. ``The price is going higher.''

During the last record rally, uranium rose as high as $43.40 a pound in May 1978, said Thomas Neff, a nuclear expert at the Massachusetts Institute of Technology in Cambridge. Adjusted for inflation, that price would be about $111.65 in today's dollars, he said.

Ux Consulting's price has risen 80 percent in the past year.



Under Water

Saskatoon, Saskatchewan-based Cameco said Oct. 23 that construction of its Cigar Lake, Saskatchewan, mine may be delayed by at least a year after a rock fall triggered a subterranean flood. The company had planned to open the mine next year.

The delay at Cigar Lake will mean buyers who were counting on 7 million to 8 million pounds of supply from the new mine's initial production will have to find it somewhere else, analysts said. Cameco expects the mine to eventually produce 18 million pounds a year.

Cigar Lake's proven and probable reserves of 232 million pounds have a gross value of about $13.92 billion, based on the current spot price. Rock at Cigar Lake on average is 19 percent uranium, a concentration exceeded only by the 25 percent grade at Cameco's deposit at McArthur River, Saskatchewan.

The mine at Cigar Lake is 50 percent owned by Cameco, with the remainder held by AREVA Resources Canada Inc., Idemitsu Uranium Exploration Canada Ltd. and TEPCO Resources Inc.

Cameco is scheduled to announce its third-quarter earnings today after the close of trading in New York and will conduct a conference call on Nov. 1 that may include new information about its flooded uranium mine.

UUU up 50% in around six weeks - any comments?

Where is UUU going next?

Can anyone tell me how many shares are in issue ?.