Denison and Crosshair Purchased!
Monday, January 5, 2009 at 11:18PM
Uranium Stocks in Uranium Mining Stocks
DNN Chart 06jan08
Today we decided to put a toe in the water and purchased shares in Denison Mines Corporation at $1.66 and Crosshair Exploration and Mining Corporation at $0.25.

Firstly Denison Mines Corporation; this is a company that we tried to buy when the uranium market was far more buoyant but we failed to do so as our bids were too miserly. This stock is well thought of and has many supporters and at one time traded at around $14.00 per share. You could argue that we are late coming in at this time as this tiny sector has suddenly spiked and you would be correct in thinking that way. However we wanted to see some signs of life before making any more acquisitions and hopefully this recent upsurge is the beginning of a revival for uranium stocks. There could well be some profit taking by those who moved early but in twelve months or so we expect to Denison trading much higher than the price we have just paid for it. This is our first purchase of Denison but we do hope to build a bigger position going forward.

The second purchase was for Crosshair Exploration and Mining Corporation, which again is a uranium stock that has traded much higher in the past so we have taken a small position at twenty-five cents. We have followed Crosshairs trek south for some time now looking for a bottom and as you can see from the chart it has been badly beaten up. However, the last few months or so it has shown signs of consolidation and more recently jumped higher. We are hopeful that this is also a beginning of a new trend for this stock.

Crosshair Chart 06jan08

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