Energy demand is expected to rise 57% by 2030. To meet the critical imperatives of securing reliable, large-scale energy supply and addressing climate change, nations worldwide are increasingly embracing clean, emissions-free nuclear power. Today 439 nuclear reactors in 31 countries generate more than 16% of the world’s electricity supply. Worldwide 35 new plants are under construction, 91 are planned, 228 are proposed, and existing plants are significantly expanding capacity, according to the World Nuclear Association.
This resurgence and growth of nuclear power as a sustainable component of the global energy mix is driving the market for uranium, the fuel for nuclear reactors, sharply upward. With prices rising and demand exploding, the development of known uranium deposits has become increasingly profitable.
Bancroft Uranium Inc. is a growing mining company engaged in the exploration and development of previously identified but undeveloped uranium properties. The company has acquired an extensive regional play of more than 9,000 acres in Ontario, Canada, that are prospective for uranium and is actively exploring the Monmouth Uranium Project.
Uranium was discovered at the Monmouth Uranium Project in the early 1950s.
With the price of uranium less than $10 per pound at that time, the resource
was never exploited. Previous operators of the Monmouth prospect conducted drilling
and estimated the property contained a resource of 2 million tons containing
0.045% or 0.9 pounds per ton, which would equal 1,800,000 pounds of U3O8. At
today’s $65 per pound uranium spot price, these historical reserves are
worth approximately $117,000,000.