Uranium Mines in Four Corners Region to Reopen.

[NNadir]

IUC to Re-Open U.S. Uranium Mines, Initial Production 3.4 Million Pounds Uranium
Wednesday June 14, 8:53 am ET


VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC - News) is pleased to announce the re-opening of its U.S. uranium/vanadium mines. Mining activity will commence immediately and mined ore will be stockpiled at the Company's wholly-owned White Mesa uranium/vanadium mill in southeastern Utah. Initial production rates will be approximately 3.4 million pounds of uranium and 5.9 million pounds of vanadium. The Mill is currently completing an alternate feed contract which will net the Company in excess of 500,000 pounds uranium in 2006.

The Company holds conventional mining properties in the Four Corners region of the western United States. The properties are in three distinct mining districts; the Colorado Plateau, the Henry Mountains and the Arizona Strip. The Company intends to immediately commence mining activities at the Pandora, Topaz, Sunday and St. Jude mines on the Colorado Plateau. This will be followed by two additional mines in the Colorado Plateau region in early 2007...

...The Colorado Plateau, or Uravan Mineral Belt, has a lengthy mining history, with the first ore shipment made to France in 1898. World War II brought increased attention to the uranium ores in the Uravan area, and by the 1950's this district was one of the world's foremost producers of both uranium and vanadium. Production continued more or less uninterrupted until 1984 when low uranium prices forced the closure of all operations. Production resumed in 1987, primarily due to increased vanadium prices, but once again ceased in 1990. IUC resumed production on a few of the operations in 1997 but ceased production approximately 18 months later due to continued decline of the vanadium price...

http://biz.yahoo.com/ccn/060614/200606140333253001.html?.v=1

[jpak]

1. This will more that double US uranium production

http://www.eia.doe.gov/emeu/aer/txt/ptb0903.html

to ~5 million pounds per year - far below the peak production year of 1980 (43.7 million pounds produced that year).

US reactors, however, consume >62 million pounds of yellowcake each year and US utilities currently purchase ~66 million pounds of yellowcake per year.

Even with the added production from these mines, the US will still be heavily dependant on foreign uranium.

America's *severe* uranium drought continues - unrelentingly...