will require us to increase our volume of output by 1980 to somewhere between 3 1/2 and 5 times the 1967 level. To sustain the 1980 demand we must increase our estimated reserves to a size somewhere between 4 1/2 and almost 7 times the existing reserves. This is a promising prospect of unprecedented proportions. The a discovery of new reserves is going to be /costly and expensive effort, for I think that it is fair to conclude that we have found the uranium that is easy and inexpensive to find. New discoveries will demand more sophisticated efforts and the cost of discovery will mount. New discoveries must be made. If they are not made by those now in the industry, they will be made by others, for the prize to be won is too great to go begging. We have already witnessed the entry of new companies into the search for uranium, and many of these companies may be short on experience but some of them are strongly financed. Unjust as it may seem to those of us who weathered the early and stormy days of uranium, these newcomers undoubtedly will preempt part of the market for which we have been so patiently waiting. However, given our headstart, we in the industry should continue to give a good account of ourselves. Perhaps I can best demonstrate the faith that my company and I have in the uranium business by announcing to you that our Board of Directors has approved an appropriation of $20 million to double our uranium output by opening up our Shirley Basin property as an open pit mine and constructing a new mill there. Two weeks ago we ordered -8-