Some great news from the explorer Fronteer Development Group Inc., it has just announced that Aurora Energy Resources Inc., 49% owned by Fronteer, has reported new wider and higher-grade drill intersections at the Michelin uranium deposit. Results are said to be the best grade-thickness intervals ever intersected at Michelin.

The Michelin deposit is unusual in that it starts at the surface and goes down to a depth of at least 700 vertical metres, which should facilitate easier extraction than normal. Michelin is one of the largest undeveloped uranium deposits in Canada, exciting times indeed.

This discovery is relatively accessible as it is close to the coastal infrastructure, where a talented work force has a good record for getting these kind of large deposits into production. This news was reported on Market Wire at 9.45 am. The stock price is currently at $4.40, having traded around $4.25 last Friday.

Fronteer trades on AMEX as FRG and in Toronto as FRG.
Aurora trades on Toronto as AXU.