Opinions
Peter Hodson
Western Prospector Group
WNP-X
BUY
Jan 05, 2006
A strong believer in uranium. His two favourites are International Uranium (IUC-T) and Western Prospector (WNP-X). Western Prospector has some drill results coming out, probably in the first quarter. Very good assets and very good management. Probably one of the prime consolidation candidates in the group.
$5.700
Stock price when the opinion was issued
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Very attractive risk/reward. There is a lot of risk because of a current lawsuit by an individual who claims to own the project they are working on. Mongolia had also imposed some special laws regarding taxes. Feels a Mongolian story will be OK as two other major companies are now investing in Mongolia.
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Asset is located in Mongolia. Russian government had developed the properties, but with low uranium prices, they walked away from the project. Basically, they just have to dewater the workings. Resource is about 55 million lbs. Good grade assets. Capital costs are fairly low. The problem is Mongolia. Waiting to see what happens with Ivanhoe (IVN-T).
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