As of April 23 weekly spot prices for uranium stood at $113 a pound.

Nymex Holdings Inc. uranium futures contract is set to debut on May 7.

The uranium futures contracts will provide nuclear power plants with a vehicle to hedge against rising prices.

Uranium prices are up more than tenfold in the past four years as commercial stockpiles dwindle and more plants are built.

The new uranium futures also provide traders a direct way to speculate on the price of uranium.

The contract would be cash-settled, eliminating the need for a delivery point for the radioactive material, the sources said.

"Uranium has been the market to be in over the past couple of years," said Phil Flynn, an analyst at Alaron Trading Corp., which trades both energy and metals from its Chicago office. "Whenever you get a run like this in something that's not listed" exchanges see it as a chance to list a new contract, Flynn said.

Cash Minerals Ltd. (TSX VENTURE: CHX) today announced that a definitive joint venture agreement has been signed with Cornerstone Capital Resources Inc. (TSX VENTURE: CGP) on the Aillik uranium property, located in the Central Mineral Belt, Labrador. Cornerstone staked the property in November 2006 and in January 2007 signed a Letter of Intent with Cash minerals to enter into the joint venture agreement.

The Central Mineral Belt is a major focus for uranium exploration in Canada. The largest and most advanced projects currently in the belt are those held by Aurora Energy Resources, who recently announced new resource estimates of 58 million pounds of U308 ("uranium") Measured and Indicated and 38 million pounds of uranium Inferred at their Michelin and Jacques Lake deposits (http://www.aurora-energy.ca).

The 40.5 sq km (162 claims) Aillik property adjoins Aurora Energy Resources' holdings. The property is underlain by rocks interpreted by the Geological Survey of Newfoundland & Labrador to be the same as or similar to those which host the Michelin and Jacques Lake deposits. The Aillik claims are immediately west of and on trend from Aurora's Otter Lake uranium system and its associated radiometric anomaly. The 2007 exploration program at Aillik will start with an extensive airborne geophysical survey of the property, scheduled to begin in the third quarter 2007.

The Pakistan Atomic Energy Commission (PAEC) has discovered around 1,000 uranium favorable rock sites.

Dawn newspaper reports that nine sites among the 144 potential uranium ore deposits had been identified as very promising,

Mineral sector establishments of the PAEC have been mandated to prospecting and exploration of strategic minerals for which various techniques are being employed to discover uranium deposits.

The uranium spot price surged to a new record of US$113 per pound as buyers aggressively bid for a lot of uranium at a recent bell-weather auction in Corpus Christi, Texas.

The modest-sized lot of 100,000 pounds was offered by Texas-based Mestena Uranium LLC, a small privately owned firm, while the aggressive bids came from both utilities and investors. The company's auctions are closely watched in the industry because they've resulted in strong price increases in the past, including a previous auction in late 2006.

According to a report by The Northern Miner, senior executives at Mestena were "surprised" at the range of bidders participating in recent auctions, which include hedge funds looking to buy in anticipation of future price increases, as well as various utilities.

At the time of the auction (the deadline for the sealed bids was April 3rd) spot prices had reached US$95 per pound, up from US$75 per pound in February. The record spot price set at the April auction is a mere US$2 shy of the all-time high in inflation-adjusted dollars. The long-term uranium price remains unchanged at about US$85 per pound.

Industry analysts had predicted that spot prices might surpass the US$100-level this year because of supply shortfalls and rising demand as government agencies and utility companies seek "green" long-term energy solutions. On the supply side, flooding at Cameco's Cigar Lake mine in Saskatchewan and the long lead-times to construct new mines also contribute to the bullish outlook for uranium.
U3O8 Media Inc.'s Website www.u3o8.biz delivers original market analysis, breaking news, and insightful editorial on the economic, political, and environmental issues fueling the reemerging uranium industry. U3O8.biz also provides valuable market and company research, as well as a listing of leading public mining and exploration companies at the forefront of the uranium business.

Resource Capital Management has raised it's spot price forecast for uranium to $125 in 2007 and $140 by September 2008.

The group's latest report on the global uranium boom says "forward indicators continue to strengthen . . . with 48 new nuclear-power reactors currently expected to be commissioned globally by 2013".

Uranium spot price is now 45 per cent higher than three months ago and 78 per cent higher than its level of $US53.25 a pound six months ago.