Russell Industries Reserve Update Jan 29, 2007 9:30:00 AM Copyright Business Wire 2007
HOUSTON--(BUSINESS WIRE)--
Russell Industries, Inc. (RSDS.PK) reports the following update regarding its proven and probable reserves. When extrapolating the preliminary report from Edge Consulting in December 2006 and information obtained by the Atomic Energy Commission dating back to February and June 1955 the geo-statistical estimation of reserves with underground mining, estimated reserves from the Russell Industries 54 claim group would be 2 - 20 million pounds of Uranium (U308) with an average grade of .27% and a cutoff of .10%. An additional benefit of this area is the high content of Vanadium within the ore. Based on historical records, shipping records and samples, the average Vanadium content is 2 - 3%.
The current market price for Uranium is $71.00 per pound and $20.00 for Vanadium. The extrapolation of these parameters indicates the range of ore in the claims to have a value range in excess of $38,340,000. The Company is being encouraged to further testing which will require costly extensive mining, sampling and testing. "We are encouraged with the preliminary reports and will evaluate our options over the next 90 days," Rick Berman, President.
Posted by CollegeTrader on :
Recent News : Russell Industries announced on September 15, 2006 that they will acquire 63 mine claims in Utah. The claims are part of the Morrison formation known for the many valuable deposits of Uranium.
Volume before price. Put this one on Mega Radar
Posted by 6figure on :
what price will it move too
Posted by Jonus on :
They taking it down on low volume trying to shake out some cheapies. Next week or two should have news then nice spike will occur.
Posted by Levon on :
This one is at rock bottom now. Sat on bid all day Friday with a 500k order and only got 25k at .0015. They are super stingy with em down here. When the buying pressure comes this one going to be like rocket ship.
