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Notice that Sprott Asset Management o invest in "companies that have acquired properties that were once owned and were actively being worked by majors at the end of the 70's bull market ... there is great value built into many of these properties. Specifically, millions of dollars worth of drilling work and data have been collected on some properties. In some cases, mining shafts have been built that only require rehabilitation at a fraction of the cost of starting fresh with a green fields project.

Check out what UKL say about Rio Puerco:

"The surface plant of the property consists of a 70' x 300' mine service and office building, a 30' x 40' Quonset shed repair shop, a 30' x 40' generator building containing a 1000 Kw generator, two 400 Kw mine hoist motors and switches, two 40' x 8' powder magazines, small water treatment buildings, 3 phase 4 Mw power lines, a 5000 gallon propane tank, earth settling ponds, etc. The underground mine has a 20' x 850' deep mine shaft and two 36" x 850' deep air shafts. The underground workings consist of about 2000 feet of tunnels, rails, switch points, etc. The mine has been flooded since 1982 and has a cased 36" well to 850' for dewatering purposes. "Kerr McGee spent some $17,500,000 (1970 costs) on the Rio Puerco uranium mine property during the decade of the 1970's. We have logs and maps of more than 2,320 drill holes …. or $13,000,000 in drilling alone. Some $4 million was spent in placing the 850' deep mine into production with attendant costs of overhead, etc. The well, the mine shaft and air vents are all cased and in good condition.

There is also an NMPM power line of 4 Mw capacity servicing the property at this time; however electrical service has been discontinued since 1984."

Kerr McGee did some pilot mining but the price of U was too low to continue ... UKL now developing

Do the Math

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