Author Says: Canadian Uranium Mine Flooding Could Reverse German Electricity Rate Cuts

Sarasota, Florida (ots/PRNewswire) -

International Atomic Energy Agency geological consultant David
Miller said, "Germany's electricity supply could be somewhat
jeopardized by the recent flooding at Cameco's uranium mine at Cigar
Lake in northern Canada." Monday's uranium mine flooding, nearly
7,000 kilometres away, could affect the price consumers pay for
electricity in Germany. To power its nuclear reactors, Germany
annually consumes about 3,800 metric tonnes. Miller, who recently
co-authored "Investing in the Great Uranium Bull Market"
(StockInterview: 2006), said, "The Cigar Lake uranium mine was
annually expected to produce 18 million pounds of uranium oxide,
starting in 2010, and the project has been set back at least two
years. Germany imports a large amount of uranium from Canada so this
has a very high likelihood of impacting German utilities."

The uranium mining disaster could reverse the recent demands by
Germany's Federal Network Agency to cut electricity network charges.
E.ON AG recently announced it would reduce electricity charges by 13
percent. "Delays in the Cigar Lake uranium project could send uranium
prices soaring between 2007 and 2010, or until alternate uranium
supply sources are developed," said Miller. "The loss of Cigar Lake's
uranium would be the equivalent of the oil industry announcing it
would be deprived of crude oil production from Saudi Arabia." Germany
derives about 30 percent of its electrical power from nuclear power
plants.

Miller recently arrived in Germany from the Nuclear Energy
Institute's annual uranium conference in Canada, where Cameco
announced the severe flooding of its uranium mine. Many industry
experts speculated this would increase the spot price of uranium for
at least the next three years. Miller will provide details of the
flooded uranium mine's impact on Germany's utilities at a press
conference on Friday October 27 at 10 AM GMT (11 AM CEST) in
Frankfurt, Germany. The press conference will be held at the Fantasie
Room in Congress Center Messe at Rohstoffmesse Frankfurt 2006 in
Frankfurt.

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