well as soliciting additional sales for part of the uncommitted capacity of the Lucky Mc Mill. Although the definitive contracts have not been signed, we have recently concluded two new letters of intent involving over 3 million pounds. The first of these calls for delivery of 1.1 million pounds in 1971 and a similar amount in 1972 to Carolina Power and Light. The second involves 1 million pounds delivered in approximately equal quantities and spread over the years 1973, '74, and '75 with the purchaser being the Sacramento Municipal Utility District. Uranium is entitled to special mention here because it presents the paradox of posing for us our most immediate problem while at the same time appearing to be one of our brightest prospects on the horizon. The problem stems from the fact that we are committed under our stretch-out contract with the Atomic Energy Commission to deliver 2,080,000 pounds of U3O8 from January 1, 1969 to December 31, 1970 at a price that is not yet finalized but tentatively is set at $2. 81 below the $8 price that we have been receiving from the Atomic Energy Commission since 1962. Multiply this change in price by the 1. 1 million pounds a year that we are called upon to deliver and you can gauge the impact on net profits that we will suffer during this 24-month period. Partly offsetting this are the sales to private buyers where the price is strengthening and the volume increasing -7-