Uranium Hunter Corporation (OTC: URHN) is a natural resource company devoted to the exploration and development of deposits of uranium in East Africa. The company has acquired properties in Tanzania that further enhance their position to become a leader within the energy industry.
Tanzania is one of Africa’s leading countries as far as mining for gold and other precious metals is concerned. The northwest part of the country is now an important producer of gold, producing over one million ounces in 2005, and shows potential for greater output in that region and other regions located within the country. Three companies have already commenced mining operations in Tanzania, including Barrick Gold (ABX: NYSE), Anglo-America Ashanti (ANGLY: NASDAQ), and Resolute Mining (RSX: ASX). Uranium Hunter sees great opportunity for uranium in the same way that gold has become an important component of the national economy of Tanzania.
Uranium is definitely a sector of exploration that holds enormous revenue and growth possibilities for companies engaging in exploration, development, and production of renewable energy sources to help combat the world’s energy problems. To date there are only four companies that produce 55% of uranium worldwide. These four companies are Cameco, Areva, Rio Tonto Energy Group, and WMC Resources, Ltd.
Currently, the company has optioned a 170-kilometer square property in the southern part of Tanzania covering sediments of the Karoo sequence which share common features with rocks of the Colorado Plateau in the western United States that have been prolific producers of uranium. Uranium can be found in Karoo rocks in Tanzania and northern Malawi, where Paladin Resources has already produced a positive feasibility study for an open pit uranium mine.
Uranium Hunter’s property was chosen for its diversity of geological features, including presence of rocks of the same horizon as the Paladin Resource Discovery. In south Tanzania, Uranex, a uranium exploration company, has achieved the first major exploration milestone by confirming extensive uranium mineralization at their flagship Bahi project.
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