Australia- and Namibia-listed Deep Yellow experienced a daily 81% stock price increase to AUD 0.28/share on Thursday, following release of very high grade results from six deeper drill samples from its INCA uranium project in Namibia.Namibia is increasingly establishing a name as big elephant country in the uranium field, gaining a raised profile from around August 2007, when French transnational Areva paid USD 2.5bn for Uramin, formed just two years previously to acquire and develop mineral properties, predominantly uranium, in Namibia, the Central African Republic and South Africa.

The style of mineralisation at INCA is unusual, being classified by Deep Yellow as a metasomatic - magnetite skarn type. This is distinct and different from the known lower grade alaskite hosted uranium mineralisation well known in Namibia, and the recently announced higher grade Rössing South discovery, recently described by owner Extract Resources as the highest grade granite hosted uranium deposit in Namibia and potentially one of the largest uranium deposits in the world.It remains relatively early days at INCA, but sample grades out today include 10m of 7,293 parts per million (0.73%) U3O8 from 228m. Seen a little more broadly, Deep Yellow has chosen to say that INCA, near Swakopmund, has returned wide intersections of uranium mineralisation of around one pound (450 ppm) U3O8 or better at ±200 meter depth including exceptionally high grades of up to 3.2% U3O8 over 2 meters in hole INCR15.While the host at INCA - iron ore - is highly unusual in Namibia, Deep Yellow also differs from its peer group seeking uranium in Namibia. Deep Yellow already holds multiple projects, with aggregated resources easily topping 100m pounds of uranium. The Reptile Project holds 100% of four contiguous exclusive prospecting licences (EPLs), covering 2,681 km2 that contains historical discoveries of gypcrete, calcrete and sand hosted secondary uranium mineralization. Projects within projects within Deep Yellow include INCA, Tumas, Oryx, Aussinanis and Ripnes. At INCA, the uranium oxide is a primary, and not secondary, type deposit.INCA is in good company. Extract's stock price has exploded over the past few months, not least on recent news that major miner Rio Tinto had raised its stake in Extract to 15.6%. Kalahari Minerals, which holds 38.85% of Extract Resources, has also seen its stock price soar. Rio Tinto has also acquired a 15% stake in Kalahari Minerals. Further beneficiaries of this action include NWT Uranium, which holds 34.06% of Niger Uranium, which in turn owns 15.06% of Kalahari Minerals. If that were not enough, Polo Resources last month announced a holding of 5.7% in Extract.Recent news from Extract on Rössing South, which lies immediately south of Rio Tinto's Rössing mine, can only be classified as confirming a world class deposit.  In January Extract announced an initial resource of 108m pounds of uranium oxide at a grade of 430 parts per million at zone I of its Rössing South project. The very latest numbers include 53 meters at 794ppm U3O8, 65m at 1,056ppm and 20m at 3,351ppm, from 90 meters to 247 meters depth.Rio Tinto owns 69% of the Rössing mine, known to uranium specialists as the grand old lady of the Namibian uranium industry, with a claim of 140mlb historical production over 30 years. Rio Tinto also holds a majority stake in ERA, and ranks overall as No 2 uranium miner in the world, after, of course, Cameco.

Paladin, which holds close to 20% of Deep Yellow, delivered first production from its key asset, Namibia's Langer Heinrich, which lies north of the Deep Yellow projects area, in 2007 on time and on budget, and continues with the process of ramping production to what could amount to 6m pounds of uranium a year, at a cash cost of USD 25/lb by the second half of 2010. Uranium spot prices are currently around USD 42.00/lb; term prices sit around USD 60/lb.Paladin's recently opened Kayelekera, a second low risk open pit operation, located in Malawi, is expected to begin commercial production during the first half of 2010, ramping to a run rate of 3.3m pounds a year by 2011. Paladin is seen by a number of specialist investors as offering among the most viable growth profiles in the industry, one of the best cost structures (with all-in costs second only to the ISL (in situ leaching) projects of Kazakhstan), and is an easily traded stock in both Canada and Australia.

Mantra Resources, which ranks among the top performing uranium developers, holds a 36m pound uranium resource at 360ppm in southern Tanzania, across the border from Kayelekera; the Mkuju River project is headed for mining. Attention has increasingly been drawn to Mantra by the endorsement and 20% shareholding of Highland Park - an investment vehicle representing the ex LionOre team which picked the top of the nickel market to sell LionOre to Norilsk for USD 5.5bn in 2007. 

Further names to watch in Namibia include Bannerman, Xemplar, and Forsys, which may be acquired by George Forrest International Afrique S.P.R.L. for CAD 579m.Selected uranium stocks

Producers

Stock

From

From

Value

price

high*

low*

USD bn

Uranium One

CAD 3.06

-40.9%

410.0%

1.161

Paladin

AUD 4.39

-34.7%

169.3%

1.939

ERA

AUD 21.26

-14.8%

127.4%

2.873

Denison

CAD 1.48

-83.7%

114.5%

0.270

Cameco

CAD 22.47

-49.4%

56.8%

7.121

PriarGunsky

USD 135.00

-77.7%

35.0%

0.236

Producer averages/total

-50.2%

152.2%

13.600

Weighted averages

-45.8%

92.8%

Developers & other

First Uranium

CAD 6.20

-18.5%

507.8%

0.759

NWT Uranium

CAD 0.13

-59.4%

550.0%

0.013

Extract Resources

AUD 4.27

-21.2%

469.3%

0.691

Niger Uranium

GBP 0.20

-20.6%

440.0%

0.016

Mega Uranium

CAD 1.80

-32.1%

361.5%

0.272

Bannerman

AUD 1.09

-57.9%

384.4%

0.121

Black Range Minerals

AUD 0.05

-48.0%

363.6%

0.022

Mantra Resources

AUD 2.49

-37.8%

344.6%

0.283

Kalahari Minerals

GBP 1.09

-14.9%

321.4%

0.283

White Canyon

AUD 0.24

-4.0%

300.0%

0.032

Purepoint Uranium

CAD 0.16

-54.4%

342.9%

0.009

Titan Uranium

CAD 0.47

-41.3%

327.3%

0.020

Berkeley Resources

GBP 0.39

-19.8%

305.3%

0.058

Uranium Energy

USD 0.73

-78.5%

355.1%

0.034

East Asia Minerals

CAD 0.49

-69.4%

308.3%

0.019

Empire Resources

AUD 0.08

-64.4%

300.0%

0.004

Blue Sky Uranium

CAD 0.12

-69.2%

300.0%

0.004

Western Prospector

CAD 0.40

-70.1%

300.0%

0.018

Forum Uranium

CAD 0.10

-77.8%

300.0%

0.007

Scimitar Resources

AUD 0.34

-19.0%

240.0%

0.012

Uranex

AUD 0.39

-33.6%

250.0%

0.023

North Atlantic Resources

CAD 0.08

-79.7%

275.0%

0.002

West Australian Metals

AUD 0.17

-50.7%

233.3%

0.040

African Energy

AUD 0.04

-87.7%

270.0%

0.004

Curnamona Energy

AUD 0.43

-52.2%

218.5%

0.020

Deep Yellow

AUD 0.28

-26.3%

185.7%

0.222

Khan Resources

CAD 0.45

-67.4%

210.3%

0.020

A-CAP Resources

AUD 0.25

-71.6%

212.5%

0.020

Nortec Ventures

CAD 0.19

-45.7%

171.4%

0.011

Uranium Equities

AUD 0.14

-53.4%

170.0%

0.018

Strateco Resources

CAD 1.04

-53.4%

160.0%

0.100

Marathon Resources

AUD 0.54

-72.5%

178.4%

0.029

Canalaska Uranium

CAD 0.12

-63.1%

166.7%

0.013

Fission Energy

CAD 0.25

-85.1%

188.2%

0.008

Coronation Minerals

CAD 0.07

-78.1%

180.0%

0.006

Solex Resources

CAD 0.07

-80.0%

180.0%

0.003

Macusani Yellowcake

CAD 0.25

-50.0%

150.0%

0.007

Nufcor Uranium

GBP 1.70

-31.5%

127.4%

0.102

Forsys

CAD 4.68

-38.7%

134.0%

0.295

Laramide

CAD 1.48

-65.2%

159.6%

0.081

Xemplar Energy

CAD 0.33

-82.2%

175.0%

0.032

Forte Energy

AUD 0.09

-45.5%

136.8%

0.028

Wealth Minerals

CAD 0.27

-81.0%

170.0%

0.007

Alliance Resources

AUD 0.70

-58.2%

145.6%

0.136

Portal Resources

CAD 0.07

-73.5%

160.0%

0.002

Bearclaw Capital

CAD 0.07

-74.0%

160.0%

0.001

Western metals

AUD 0.05

-57.5%

142.9%

0.022

UR-Energy

CAD 0.85

-64.9%

150.0%

0.064

Toro Energy

AUD 0.21

-49.8%

133.3%

0.117

Mindax

AUD 0.40

-21.6%

105.1%

0.037

Contl. Precious Minerals

CAD 0.55

-61.3%

144.4%

0.021

Eromanga Uranium

AUD 0.06

-61.9%

144.0%

0.005

Oklo Uranium

AUD 0.06

-51.7%

132.0%

0.004

Nuinsco Resources

CAD 0.04

-88.2%

166.7%

0.006

Calypso Uranium

CAD 0.09

-77.6%

142.9%

0.003

Cash Minerals

CAD 0.05

-84.8%

150.0%

0.005

Strathmore Minerals

CAD 0.39

-79.1%

143.8%

0.023

Energy Fuels

CAD 0.27

-79.8%

140.9%

0.014

Magnum Uranium

CAD 0.17

-74.6%

135.7%

0.004

Tournigan

CAD 0.31

-69.6%

129.6%

0.031

Red Hill Energy

CAD 0.43

-55.7%

115.0%

0.016

Uranium Power

CAD 0.16

-70.9%

128.6%

0.013

Northern Continental

CAD 0.12

-45.5%

100.0%

0.005

Southern Uranium

AUD 0.07

-60.6%

109.7%

0.005

Thor Mining

AUD 0.03

-83.3%

130.8%

0.004

Polo Resources

GBP 0.04

-83.0%

127.4%

0.106

U3O8 Corp.

CAD 0.35

-62.0%

105.9%

0.007

Eso Uranium

CAD 0.05

-81.3%

125.0%

0.002

Encounter Resources

AUD 0.11

-73.8%

110.0%

0.005

UEX

CAD 0.97

-80.9%

115.6%

0.144

Hathor Exploration

CAD 1.92

-56.1%

87.7%

0.134

Arafura Resources

AUD 0.43

-69.3%

96.3%

0.059

Uranium Part.

CAD 7.15

-31.9%

58.9%

0.418

Santoy Resources

CAD 0.09

-74.3%

100.0%

0.008

Bayswater Uranium

CAD 0.10

-79.2%

100.0%

0.012

Energy Metals

AUD 0.57

-63.2%

83.9%

0.047

Hawk Uranium

CAD 0.04

-82.6%

100.0%

0.002

Fronteer

CAD 2.67

-55.1%

72.3%

0.376

Pepinnini Minerals

AUD 0.26

-74.5%

88.9%

0.012

Obtala

GBP 0.28

-33.9%

46.1%

0.076

Uracan Resources

CAD 0.21

-65.0%

75.0%

0.015

Uran

AUD 0.04

-85.6%

95.0%

0.001

Universal Uranium

CAD 0.04

-91.5%

100.0%

0.002

Azimut Exploration

CAD 0.37

-89.3%

94.7%

0.005

Pele Mountain

CAD 0.11

-71.2%

75.0%

0.008

Int'l Enexco

CAD 0.35

-72.0%

75.0%

0.005

Pitchstone Exploration

CAD 0.25

-85.0%

81.5%

0.007

Great Australian

AUD 0.04

-78.8%

75.0%

0.003

Aura Energy

AUD 0.13

-60.6%

56.6%

0.008

Summit Resources

AUD 1.80

-39.8%

35.0%

0.534

Apollo Minerals

AUD 0.20

-61.0%

56.0%

0.013

Crossland Uranium

AUD 0.07

-69.0%

62.5%

0.005

Uranerz

CAD 0.85

-76.1%

66.7%

0.038

Silver Spruce

CAD 0.09

-82.7%

70.0%

0.003

Crosshair Exploration

CAD 0.15

-85.4%

70.6%

0.013

JNR Resources

CAD 0.25

-77.7%

58.1%

0.018

Alberta Star

CAD 0.14

-70.0%

50.0%

0.012

Unor

CAD 0.04

-82.2%

60.0%

0.005

North American Gem

CAD 0.08

-87.7%

60.0%

0.007

Greenland Minerals

AUD 0.23

-79.5%

50.0%

0.031

Monaro Mining

AUD 0.10

-84.1%

53.8%

0.006

Uranium Resources

USD 0.58

-91.9%

61.1%

0.032

Atomic Resources

AUD 0.10

-69.4%

33.8%

0.004

Rum Jungle Uranium

AUD 0.05

-75.0%

38.9%

0.005

Uravan Minerals

CAD 0.16

-82.2%

45.5%

0.003

Desert Energy

AUD 0.06

-82.1%

42.9%

0.003

Bitterroot Resources

CAD 0.13

-88.4%

38.9%

0.007

Triex Minerals

CAD 0.19

-87.2%

23.3%

0.003

Int'l Montoro

CAD 0.03

-85.0%

20.0%

0.001

Pancontinental Uranium

CAD 0.05

-90.0%

11.1%

0.002

Epsilon Energy

AUD 0.04

-95.4%

0.0%

0.002

Developer averages/total

-64.5%

158.5%

6.512

Weighted averages

-52.9%

157.4%

Overall averages/total

-63.1%

157.8%

19.877

Overall weighted averages

-47.5%

111.3%

Diversifieds with uranium

Areva

EUR 366.82

-55.3%

20.9%

16.955

Rio Tinto

GBP 24.95

-65.2%

150.8%

52.471

BHP Billiton

GBP 13.70

-37.9%

87.3%

121.313

AngloGold Ashanti

USD 31.18

-20.3%

133.2%

11.043

Equinox

CAD 1.77

-65.6%

132.9%

0.853

* 12-month

Source: market data; table compiled by Barry Sergeant