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« Uranium-Stocks: Portfolio Update 28 May 2009 | Main | Extract Resources Limited Fails to Open »

Uranium One Incorporated Drops 40%!

UUU chart 28 May 09.JPG

Chart courtesy of StockCharts.

The stock price of Uranium One Incorporated (UUU) fell out of bed today with a massive 40 million shares traded as the stock dropped almost 40%.

Scanning the air waves we have picked up the following article carried by oilweek.

TORONTO _ Uranium One Inc. (TSX:UUU) remained halted Wednesday afternoon, following a 30 per cent in its stock value with more than 10 million shares traded within minutes. The company said later it´s aware of media reports that its interest in the Kyzylkum joint venture may be one of the matters at the Kazatomprom, a state-owned uranium mining company, under investigation by Kazakh authorities.

BNN had this to say:

The former Soviet republic, which is home to a fifth of global uranium reserves, has accused a former head of state-owned uranium producer Kazatomprom, Mukhtar Dzhakishev, of illegally selling deposits to foreign companies.

Kazakhstan has indicated that one deal in question was the sale of a 30-percent stake in the owner of the country's largest uranium mine, Khorasan, although it did not specify the buyer. It said the stake was sold for 15.6 million tenge ($104,000 US).

Listening to the interview with Jean Nortier, President and CEO of Uranium One the situation appears to be one of confusion between the authorities and Kazatomprom, a state-owned uranium mining company. It could take a few days to unravel this matter before trading can re-commence, so we will keep a watchful eye as the situation unfolds. If all is well this could be a wonderful buying opportunity for those who are quick and have all the facts before them.

Click here to it on BNN.

Have a good one.

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