Uranium Reaction

Rob Chang, MBA (416) 849-5008

Japan to restart Ohi Reactors; UAE may double nuclear plants

�        Two Japanese nuclear reactors have been declared safe according to the Japanese government and the country�s Prime Minister has already announced that he will seek to restart them.  Units No. 3 and No. 4 at the Ohi nuclear power plant in western Japan were declared safe based on computer simulations designed to check the reactors� tolerance of tsunami�s and large earthquakes.

�        The United Arab Emirates appears to be stepping up its commitment to nuclear power. With four APR-1400 reactors on order and expected to be completed by 2020, the Emirates Nuclear Energy Corporation is apparently meeting with Korea Electric Power Corporation in 2013 for an additional four reactors. This would double the country�s planned nuclear reactor fleet to eight.

�        The Canadian Nuclear Safety Commission has recommended a five-year licence for Strateco�s Matoush uranium project located in theOtish Mountains, northeast of Mistissini, Quebec. Concluding that, �Strateco is qualified to carry on the activity authorized by the licence�.

�        Bannerman Resources announced the completion of a positive definitive feasibility study for its 80%-owned Etango project located inNamibia. It also announced that it has agreed to sell a 5% stake in the Etango project to Namibian state-owned, Epangelo Mining for A$3.9M.

�        Macusani Yellowcake has announced that it has completed its merger with Southern Andes Energy. The union has created a Peru-focused uranium company with over 90,000 hectares of land in the highly prospective Macusani plateau district with cash reserves of $12.9M

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Rob Chang

Equity Research Analyst, Metals & Mining