future shortage at existing prices. This is obviously a favorable development for those companies that are blessed with uncommitted reserves that can be produced profitably at the current level of prices. However, for the industry as a whole it is obvious that new discoveries must be made and the search for these is already underway, for the economic climate could hardly be more favorable from the standpoint of a miner. What are the prospects for finding new uranium reserves and who will find them ? No certain answers can be given but in my opinion new uranium will be discovered and it will be discovered for the most part by those companies who have the geological skills to know where to look and the financial means to test their opinions with a drilling program. This is a costly and risky business. The early boom discovered the uranium that was easy to find and the new reserves will be more costly to develop and quite probably more expensive to mine. Of the existing producers those companies with limited financial capabilities are necessarily at a disadvantage against those with good profits and a strong treasury. New companies have joined the hunt, most particularly the oil companies, and they certainly will be a factor in the future. If what I have told you has stimulated your interest in the investment prospects for uranium mining, let me caution you that there are risks involved. Not all the companies are equally situated from the standpoint of uncommitted reserves or the cost of producing from these reserves. Nor - 9 -