The uranium mining industry is a young industry sired by the development of the atomic bomb. I have in my hand a publication dated September 1, 1954, entitled: The Original Uranium Digest Facts and Figures On the Uranium Mining Industry Special Situations for the Discriminating Investor My copy of this publication may be the only one in existence, and I am sure this is the hope of the principals of the investment banking firm that published it. It lists for consideration 130 companies but, despite some popular impression to the contrary, investment bankers are in some cases only human and therefore fallible. Only 5 of the 130 companies are operating today and only two are engaged in the production of yellow cake, the concentrate produced from the mining and milling of uranium ore. The degree of discrimination demanded of the investor was very high indeed! My purpose here today is not to condemn as false prophets those who foresaw a bright future for uranium in 1954 but perhaps to let them down more gently as men ahead of their time, for in 1967 there are few industries whose prospects for growth are as bright and as clearly demonstrable as that of the uranium mining industry. It is this case I would put before you today. My thesis will be: first, that the newly emerging nuclear power industry has an indicated growth rate of about 30% annually the next fifteen years; second, that uranium mining is a fundamental part of that industry, and despite the circumstances surrounding its birth, is deserving of consideration from the discriminating investor. - 2 -