Fronteer Development Group Inc. recently announced that a new high grade uranium target has been found in their property in the Wernecke Mountains of north central Yukon, the TVA Project.

The new target area, the RIO Zone, has been drill tested but now has shown an average grade of 0.31% U3O8 from 41 surface samples. This zone is expected to be parallel to another nearby radioactive zone.

Click here to view a map of the findings

The TVA property is one of at least 14 key areas that have emerged from Fronteer’s exploration efforts on its 450 square kilometer land package. The Company’s attention has been focused primarily on the discovery of “Olympic Dam-style” copper-gold-uranium deposits. A C$6 million exploration program is currently underway that will be drill testing the five highest priority targets. This program is operated by Fronteer, and funded pro-rata by Fronteer (80%) and its joint venture partner Rimfire Minerals Corp (20%).

We think that FRGs stock will continue to do well on additional good news from their gold and uranium projects. FRG should also continue to grow via acquisitions, such as the recent buying of NewWest Gold Corporation. FRG has over $100 million in cash, it is free of debt and spending C$42 million in exploring and developing deposits this year with 130,000 metres of drilling throughout 2007. We also like Aurora Energy Resources, that trades as AXU on the Toronto Stock Exchange, which Fronteer hold a 46.8% stake in. Both these stocks are on our uranium stocks portfolio as a BUY.

Fronteer Development Group trades as FRG on AMEX and as FRG on the Toronto Stock Exchange as well.