ADDRESS BY E. W. LITTLEFIELD BEFORE THE NICE EIGHTEENTH DEL MONTE SPRING CONFERENCE PEBBLE BEACH - MARCH 31 - APRIL 1-2, 1967 Gentlemen: I recently came across a booklet published in 1954 by one of the leading investment firms in Salt Lake City entitled: "Facts and Figures on the Uranium Mining Industry - Special Situations For The Discriminating Investor." Mine may be the only copy still in existence, so I would like to summarize and bring it up to date for those of you who are discriminating investors and missed the boat in 1954. It lists 130 companies - not bad for an industry about 5 years old. Today there are 5 still in existence, 2 of which might be considered of importance among the 16 companies now operating. That the casualty rate should be high is not surprising considering the history of uranium mining in its few short years of existence. It came into being in the early 1950's to provide a domestic source of raw material for the production of atomic weapons. Its birth was not sancitified by the normal laws of supply and demand. There was only one customer - the U. S, Government - who offered a seductive series of inducements - tax incentives plus purchase contracts through 1962 with multiple pricing based on the estimated costs of production for the individual uranium properties that might be discovered. Later the government increased its offer to purchase up to a million pounds of U3O8 annually from those properties having proven reserves at a flat $ 8 a pound through 1966. - 1 -