GPTC Golden Patriot Corporation (CE)

After President Bush's G8 Summit meeting in St. Petersburg, Russia, National Security Advisor Steve Hadley told reporters on Capitol Hill that Russia and China were welcomed as members of the international project on the development of fourth-generation nuclear reactors, or the Generation IV International Forum (GIF). The GIF is an 11-member nuclear energy research and development consortium established in January 2000 to develop innovative nuclear energy system concepts to meet future energy challenges. GIF members include Argentina, Brazil, Canada, France, Japan, South Africa, South Korea, Switzerland, United Kingdom, and the U.S., with the OECD-Nuclear Energy Agency and the IAEA as permanent observers. The high price of oil and world cooperation in the development of nuclear power plants is resurrecting global demand for raw materials to power nuclear reactors worldwide. The current uranium spot price is around $45/lb, which is a 27% increase year-to-date, reports Australia's Resource Capital Research (RCR). This is forecast to reach $54/lb later this year - an increase of 20% over the current spot price - and $60/lb by May next year, which is an increase of 33% on the current spot price. RCR said that around 180 new nuclear-power reactors are proposed or planned worldwide. This compares with 441 nuclear-power reactors currently in operation. SXR Uranium One Inc. of Toronto, Canada, announced recently that it has agreed to pay Rio Tinto Energy America $110 million for the Sweetwater mill and related uranium properties in the Green Mountain Wyoming area. Neal Froneman, CEO of Uranium One, noted competition for U3O8 is becoming more intense worldwide as demand increases. "Against this backdrop, secure sources of supply and milling capacity in the United States will become increasingly attractive to U.S. utilities," he said. New York-based Golden Patriot, Corp. (OTCBB:GPTC) recently announced that it received Government and State approval for a 20 hole drill program on the past producing Lucky Boy Uranium Mine in Gila County, Arizona. The Luck Boy uranium mine was one of the first to ever go into production in Arizona and at current prices, the company is very optimistic toward its future development. Brad Rudman, President of Golden Patriot said, "The Lucky Boy is one of our most prized possessions and holds the largest growth potential both short and long term." While Rudman would not comment, the exploration company may be seeking participation in the Lucky Boy's development. The company said Thursday that it finalized an agreement with a drilling contractor to begin work at the Luck Boy mine. Note to Editors: "News Features" are stories provided to publishers copyright-free for print or online display at no charge. All we ask is that publishers include our byline (AXcess News) as the source and a link to our Web site: http://www.axcessnews.com. If you are interested in displaying our news on a regular basis, please contact our editorial department at: 775-841-5368.