SOURCE: The Bedford Report

The Bedford Report

November 24, 2011 08:16 ET

Uranium Stocks Build Momentum but Prices Remain Weak

The Bedford Report Provides Equity Research on Cameco Corp & Denison Mines

NEW YORK, NY--(Marketwire - Nov 24, 2011) - Uranium stocks have been on the upswing this month as a bidding war for Hathor Exploration between Rio Tinto and Cameco has underscored the increasing importance of nuclear energy. Although Germany and Switzerland are phasing out nuclear plans, world leaders in North America, Africa to Asia have reaffirmed their commitment to nuclear power as a low-carbon, low-cost energy. The Bedford Report examines the outlook for companies in the Uranium Sector and provides investment research on Cameco Corporation (NYSE: CCJ) (TSX: CCO) and Denison Mines Corporation (NYSE Amex: DNN) (TSX: DML). Access to the full company reports can be found at:

www.bedfordreport.com/CCJ

www.bedfordreport.com/DNN

While uranium stocks are on the upswing on long term optimism and takeover speculation, the spot price for uranium remains low. The spot uranium price dropped to slightly below $53 a pound U3O8, according to price publishers TradeTech and Ux Consulting, as little new buying interest emerged over the past week in the spot uranium market. Ux noted in its Monday report that a number of buyers and sellers already have met their volume expectations for the year -- not surprising given volume levels posted since July.

The Bedford Report releases stock research on the Uranium Sector so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.

Earlier this month Cameco Corp reported an increase in adjusted earnings for the third quarter, reflecting higher uranium sales and improved prices. However, net profit fell 60 percent mainly due to losses on foreign exchange derivatives. Uranium sales volume rose 29 percent from last year to 7.2 million pounds, while average realized price increased 7 percent to C$45.97 per pound. Uranium revenues skyrocketed 38 percent from last year to C$332 million.

Denison Mines recorded net income of $15,484,000 or $0.04 per share for the three months ended September 30, 2011 compared with a net loss of $5,518,000 or $0.02 per share for the same period in 2010. As a result of the events in Japan in March 2011, the uranium spot market demand has declined and the price has been trading in a range of $50.00 to $55.00 per pound. In response to these weaker market conditions, Denison has deferred uranium sales to later in the year.

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