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from the PDN March 2011 Quartely Report

(average Ux spot price for the quarter was US$67.10/lb U3O8).

The Ux spot price moved in a range from US$62.50/lb U3O8 at the end of December 2010 to US$73.00/lb U3O8 in
early February 2011 before closing back at US$62.50/lb U3O8 at the end of March 2011. The Ux long term price
indicator rose from US$65/lb U3O8 to US$72/lb U3O8 during the quarter.

URANIUM MARKET COMMENTS - Fukushima
The international media?s obsession with the emergency at the Fukushima Dai-ichi nuclear power plants has cast a
spotlight on the question of the safety of nuclear power out of context with the enormous tragedy of the natural events which caused such widespread death and destruction. The Japanese authorities? recent decision to upgrade the severity of the Fukushima emergency level 7 on the INES scale, which is the same category that covered the Chernobyl accident in 1986 (although the Fukushima events are not comparable to Chernobyl) has stimulated more ill-informed claims that nuclear power is inherently unsafe. No responsible person could assert that the Fukushima events in any way undermine the fundamental safety of more than 400 nuclear plants operating worldwide today.
The Fukushima event will cause a prudent review of reactor design and siting criteria where appropriate, and may result in some delays in some of the planned reactor builds. However, nuclear power still has an impressive safety record when judged alongside other energy sources. Nuclear power provides at least 14% of global electricity production today, and is the only technology that can produce large quantities of base load energy with minimal carbon emissions throughout its entire fuel cycle. The world cannot abandon nuclear power anymore than it can abandon economic growth or electricity production. The market for uranium will not change significantly in the aftermath of the Fukushima emergency unless financial markets temporarily withdraw support for new uranium producers, which will exacerbate present and predicted uranium supply shortfalls. The uranium supply/demand imbalance is real and will widen as existing and new plants under construction continue to consume current and future uranium production capacity.