Sunday, May 31, 2009

More on mining

By Published by The Editorial Board

Published: May 30, 2009

To the editor:

Denison Mines Corp., according its first-quarter report for 2009, showed a loss of $1.3 million and a loss of $80.6 million for the year according, to its 2008 annual report.

Why is that of interest to the residents of Danville and Pittsylvania County? Because Denison runs the only operating uranium milling plant in the United States. That mill, White Mesa, has been put on standby for the rest of 2009.

Denison Mines Corp., according to its corporate Web site, is also putting a number of its U.S. uranium mines on standby. The president and chief operating officer of Denison Mines Corp., Ron Hochstein, is quoted on various Web sites as stating the cost of processing conventional uranium ore is higher than the current spot price of uranium.

Hochstein is also chairman of the board of directors of Santoy Resources Ltd. which is the Canadian venture capital company currently in the process of merging with Virginia Uranium.

Some people have commented about the mining expertise the Canadian association would bring to the Coles Hill operation along with financing? A look at the financial reports on the Santoy site showed statements resembling those of Denison. Expertise does not necessarily bring financial rewards.

HILDRED SHELTON
Danville

http://www.godanriver.com/gdr/news/opinion/letters_to_the_editor/danville_letters/article/more_on_mining/11351/

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