An Overview of Bluerock Resources with Michael Collins, President and Chief Executive Officer
Tuesday, March 20, 2007

We added Bluerock Resources to our portfolio not long ago and watched as investors pushed it down by 50%, only to see the stock double back to where it had previously traded. After watching this we decided Michael Collins would be a great interview as he could explain to investors what BRD is currently up to.

Michael explained that BRD was, and still is, in the process of evaluating properties which will add to shareholder value in the long run. This was why the company went out and recently added two new properties to their land position, with one of the projects actually being permitted for uranium mining. The company hopes that they will have the mine ready when Denison Mines Ltd. has the nearby mill ready for processing.

We felt as though BRD was a stock (and company) not understood by many, so we were very eager to allow the President and CEO the floor to explain and educate us all on the fundamentals which will drive Bluerock Resources' stock in the years to come.

-theinvestar:  Mr. Collins, can you give investors out there an overview of your company in regards to the entire property portfolio?

Mr. Collins:  Bluerock Resources is focused in two main areas with uranium projects in the US Southwest and Mongolia. The Company is looking to expand our portfolio in both of these areas.

The company has several projects in Colorado and Utah and continues to negotiate to add to that base. Our main project right now is the Tramp Mine in Montrose county, where we hold an active mine permit and have historical ore grade intersections in both underground sampling and near mine drill intersections. With a drilling permit in hand and a total of 59 claims, we are very bullish on our prospect to be ready to produce toll mill ore by the time Denison has finished renovating its White Mesa Mill in 2008. The PSC Project in Utah is also a very attractive exploration target; where we have 2 past producing mines and 2 historic drill outs. We see a number of relatively shallow drill targets and are moving quickly to permit a drilling program there. Work on the Skull Creek Project progresses. We are looking at a near surface target for which had historic work which has produced leached, historic trench samples at .08% U3O8 and historic grades of 1.2% to 0.1% U3O8 over a 200 ft. in a shallow adit. We see a lot of potential for a high grade, open-pittable target there and expect to have a drill program running there this summer as well.

In Mongolia, we currently hold over 280,000 hectares of prospective ground divided into 8 discrete projects. Applications are currently being processed to gain tenure of an additional 40,000 hectares of ground that we identified as being highly prospective in our fall 2006 exploration. The 8 properties in Mongolia range from advanced exploration with historical drilling to grass roots. At the Khavtsal project we have historical drill results of up to 0.3% U3O8 over 0.3 meters. Strong targets have been identified in the other 7 projects based on near radiometric anomalies, soil, rock and water samples as well as uranium anomalies in oil and gas wells. We expect to run several follow up ground surveys to build on results from 2006 and then to move to drilling this summer.

We’re also negotiating on several deals in several past producing properties in Utah and are also looking at some very attractive projects in both Arizona and Colorado. Bluerock also possesses several precious and base metals projects which were inherited from a predecessor company, but these currently are not the focus of our development plans.

-theinvestar:  With the uranium market in a very strong bull market, will you focus on these properties and put on hold any plans for your other projects?

Mr. Collins:  Bluerock Resources inherited several valuable gold and base metals projects through its predecessor company Better Resources. We think it is important to keep our corporate message focused on Uranium so our strategy is to spend Bluerock dollars on Uranium and find joint venture partners to advance the gold and base metals projects. We think that the value in the company is going to be driven by the development of our uranium projects and by expanding our position in the uranium market.

-theinvestar:  Experience and expertise are key in the industry, can you share with us Bluerock’s?

Mr. Collins:  Bluerock has worked hard to identify and pull together a strong core team of geologists, permitting and development experts and because we have worked hard to be a real exploration company we are starting to attract quality individuals who are seeking us out because they see us as running competent and exciting programs.

In the US Southwest we are working with local uranium geologists, people who grew up in uranium towns, permitting experts who help us proactively deal with government regulation and local contractors who can work effectively on the ground and demonstrate our commitment to local communities.

In Mongolia we have developed a team of local geologists who operate at the permitting and regulatory level as well as in the field. Supporting this local nucleus, we have a group of expatriate; Canadian, Russian and German specialists who contribute in key areas on an as needed basis. Our Mongolian team can draw on a strong base of experience in both conventional and ISL uranium extraction exploration and development.

-theinvestar:  Mr. Collins, over the past few months it seems Bluerock has begun to focus on two properties, Skull Creek and Khavtsal. Can you tell us about them?

Mr. Collins:  Skull Creek is located in NW Colorado. It is a near-surface, lignite hosted uranium deposit. We went there trying to prove up a 44 million pound resource done in 1956. Our work there has demonstrated that while there is good, solid uranium grades, the continuity and grades do not justify that estimate. Our work has also indicated that we are seeing mineralization near-surface that extends out into the sandstones away from the lignite. This suggests that there is a near surface concentration of uranium which forms a really nice target there.

In Mongolia the Khavtsal Project has a historical resource of 5.2 million pounds at a .06% U3O8 grade. We look at that as indicative that there is a good solid target there in the basin for an ISL style deposit. So we’re bullish about that.

While these two projects form very solid targets, we are also excited about the Tramp Mine and PSC project in Colorado and Utah and the potential of the additional 7 properties in Mongolia. We expect to see a lot of drilling on these projects in 2007.

-theinvestar:  On Skull Creek the drill results were not received well by the stock market. Do you think that investors misinterpreted them, simply do not understand the geology or were correct in their assumptions?

Mr. Collins:  I think that perhaps some investors misinterpreted the positive results and moreover some investors were just looking for a quick drill program that would have proved the 44 million pounds in historical resources. When you look at our marketing campaign prior to releasing those results, we were trying to balance the potential of the historic resource with a clear description of the data underlying the resource. We view the program as having been successful in both defining and expanding our near surface high grade exploration target and also demonstrating that the market can have confidence in Bluerock to design and execute drill programs and release information in a transparent and timely manner. Looking forward with Skull Creek, I think we will see a lot of value added there which will eventually be reflected in the stock price.

-theinvestar:  What drilling plans does Bluerock have for the year 2007?

Mr. Collins:  Bluerock is moving to get a program up and running at the Tramp Mine as soon as we can compile the data into a model and mobilize a drill rig. Permitting is going ahead on 3 permits for 30 drill holes on the PSC Project and we are actively working to modify our permit at Skull Creek to allow us more flexibility in rig positioning and adding additional drill holes.

In Mongolia we are currently working on a drill program in the Ulaan Nuur depression and are considering 3 other potential programs for our Mongolian properties.

All in all, we expect a busy year with a solid news stream from exploration and drilling programs.

-theinvestar:  Can you explain your working relationships with both Energy Metals and Uranerz Exploration?

Mr. Collins:  Uranerz was looking for a uranium exploration partner with experience working overseas. Bluerock brings a lot of that type of experience to the table, if you look at the resumes of our management it is evident that we have spent a lot of time overseas and we are also aggressive explorationists. We have promised and subsequently delivered on, developing and executing quality exploration programs which has allowed them to focus on their Wyoming projects where they have a critical mass in personnel and expertise.

Our relationship with Energy Metals is quite similar. The main corporate focus at EMC has been to develop their ISL assets which opened up the potential for JV opportunities on their conventional mining assets. We convinced them to JV the Skull Creek property to us, even though they aren’t interested in doing JV projects with a lot of people. Part of that was our promise that we would move quickly to test and, if possible, exploit the historical resource there. We’ve pretty much demonstrated a commitment and ability to do that with signing the JV agreement in August, having it permitted in mid-September. We went forward and ran into trouble with our first drill lined up for it but had drills turning there in early fall and wrapped up the program as early as we could. They are happy with how we’ve handled the project and demonstrated that we will fulfill our commitment.

-theinvestar:  In Mongolia, should you be able to add to the “probable reserves” how long would it take to begin mining?

Mr. Collins:  The “probably resources” at Khavtsal were defined by soviet work in the late 1980’s. We have managed to get access to the original data, and in review we feel that the historic resource forms a solid basis to explore from as opposed to a resource to build on. We feel it is important to get a handle on the mineralization through the basin, as opposed to focusing exclusively on the Khavtsal deposit. Khavtsal is a solid exploration target on it’s own but may not be the best target in the property.

-theinvestar:  How will Bluerock achieve its desired growth going forward, organically, buying or selling assets?

Mr. Collins:  It will be a combination of both organically growing projects, as well as joint venturing or buying additional projects. The mix will depend on market conditions, the value of other companies and our ability to attract and utilize capital and exploration expertise. So we are open to moving the company forward through both manners.

-theinvestar:  Mr. Collins, is there anything else you would like to add at this time?

Mr. Collins:  If you look at Bluerock Resources and what we have accomplished in the last year and a half, you will see a demonstrated commitment to growing shareholder value through real exploration and development of uranium assets.

Looking forward our management is focused on continuing to grow and add value, not only through exploration, mergers and purchasing of assets, but also by looking beyond the current uranium industry and market conditions to gain advantage by positioning our company in front of market evolution.

An in-depth Analysis of Pitchstone Exploration with Ted Trueman, President and Chief Executive Officer
Sunday, January 28, 2007

On a recent Sunday we had the chance to sit down with one of the most respected Exploration Geologists in the uranium industry. Ted Trueman sat down with us and discussed his company, Pitchstone Exploration, along with what he sees as the industry evolves from the ashes of the last boom and bust cycle.

Mr. Trueman established Pitchstone with a small group to stake the most promising land in the Athabasca Basin when there was literally no competition. Due to their foresight, as well as the long downturn in the uranium market in the years before, they were able to claim the most promising projects before others even thought of staking the land for themselves. Some four years later this foresight is paying off as the company has successfully joint ventured many of their projects, and are ahead of many peers in the drilling phase. Expertise seemed to be a recurring theme in our conversation with Mr. Trueman and Pitchstone has many knowledgeable people associated with the company. This is going to be very important going forward as projects become harder to come by and companies will need to have people capable of decided whether a property is promising as well as managing all aspects of the mining process.

-theinvestar:  This past year saw many milestones reached by Pitchstone as positive drilling results were reported and new properties added to the portfolio. Can you give us your perspective on the year to come?

Ted Trueman:  We will have a very aggressive 2007. We have budgeted for approximately 16,000 meters in the Athabasca Basin, in part with JV partner sxrUraniumOne We have eight projects in the Athabasca Basin with three 100% owned by Pitchstone and the other five 50-50 with sxrUraniumOne. The budget for the SXR JV Properties is approximately C$4.5 million which for the most part will be diamond drilling. In the Hornby Bay Basin we are Joint Ventured with Triex Minerals on five projects in the general Great Bear Lake area. We will have approximately 5,000 meters of diamond drilling for 2007 on these projects, including a few holes to test one portion of the already partially delineated Mountain Lake Deposit, which has an Inferred Resource estimated to contain a little over 8 million lbs. of uranium. In Gabon, where we and Cameco are earning an interest from Motapa Diamonds, we have contracted for an airborne survey, but have not formally adopted a 2007 program. We will however be meeting with Cameco and Motapa shortly in that regard. We are still in the due diligence process for the three Namibian projects at this time.

-theinvestar:  Pitchstone is involved in many exploration stage projects around the world, where do you expect to make the most progress this year?

Ted Trueman:  We started in the Athabasca Basin and that is really the roots of Pitchstone. It has always been our roots, due to acquiring great properties early on, and this has always been our number one focus and will continue to be our main focus going forward. We have a lot of targets, and although we have a very aggressive exploration program in 2007, that will not come close to testing all of our targets in the Athabasca Basin. The Athabasca Basin is our reason for existing and we will be there for a long time. We will also be conducting a significant drilling program in the Hornby Bay Basin to test a number of targets.

-theinvestar:  A few months ago we spoke to your Investor Relations Department and they felt that the stock was undervalued vs. its peers. After an amazing run, how do you perceive Pitchstone’s valuation in relation to its peers?

Ted Trueman:  I think the share price has behaved like many other junior uranium companies’. It was down through the late summer and early fall, and then late October our share price and many others companies’ turned around and gained appreciably. So we have gained appreciably since late October until now. I don’t think we spiked up so much as recovered from being beaten up from last summer. We also forced our IPO warrants last August to clear them out of the way and we anticipated that would not help the stock price and it didn’t. So we haven’t really spiked up recently as much as recovered from last year. For the peer group, if you look at our properties and expertise and our current market cap, we are undervalued, or they are overvalued. We are not quite in-sync with many other junior uranium companies, so in that context I think there is plenty of room for Pitchstone to move.

-theinvestar:  Darby-Candle appears to be your most advanced early stage exploration property. To date you have encountered uranium mineralization around the unconformity, but can you explain the process going forward of locating “The Motherload.”

Ted Trueman:  Yes. First, investors should appreciate that this process does not happen overnight. These are very high grade deposits we are exploring for, which due to the high grade are very compact. You have to gradually zero in on them due to the small size of the deposits. So first you conduct ground surveys, and then drill to test the anomalies. Although these deposits are quite small, they generally have a larger alteration footprint and the alteration helps us zero in on the mineralization. In general the process entails geophysical surveys, several phases of drilling and often additional geophysical surveys. I would not hazard to guess as to when we might find somewhat more significant uranium, but it’s quite a slow process in terms of building up the picture.

-theinvestar:  Is Pitchstone actively seeking JV partners for the Fisher, Fireweed and Gumboot Projects, or will the company forgo that route and keep them in-house through the exploration process?

Ted Trueman:  Good question. We have been approached by a number of companies, some very well established companies, to JV some of our projects. We’re taking the view that we would like to upgrade these projects, get our data together better, and know a little more in what we have and what we are dealing with before we JV them. So the answer is yes we would look at JV partners on these projects, just not right at this time. We are committed by the flow through financing we did last year to fund them 100% in 2007. So further joint ventures won’t likely happen this year. I think if we can upgrade them we can command better terms for any deals we do.

-theinvestar:  Pitchstone’s Mountain Lake JV with Triex Minerals has 8.2 million lbs. and your 20 hole drill program in ‘06 increased the known mineralization. What do you believe is the potential for this property going forward?

Ted Trueman:  Well first it is important to understand that an updated estimate of the resource has not been completed. We drilled a few holes in the deposit area to make sure that what we thought was there actually was. That was phase one, and all holes drilled in the resource area did in fact encounter uranium mineralization. The second thing we did was drill some holes under a small lake on the edge of the resource which had not been tested before, a lake called Fran Lake. That was successful in finding previously unknown mineralization. The third component of that initial drill program was to test another target called Jenny Lake. We did that and got anomalous mineralization, low grade uranium, but an area that needs more work. We think our best hope in adding to the Hornby Bay Project is to further test various other targets. We need to add more lbs. before we can really seriously look at a commercial operation, however, there are numerous very good targets so the potential of finding additional mineralization is very good.

-theinvestar:  How large of a resource do you estimate is needed in order to proceed with constructing a mill and mining the Mountain Lake deposit?

Ted Trueman:  That’s a good question and one that I cannot answer, because we have not even done a scoping study on the project to know what that number would be. My gut tells me that it would probably have to be a couple times the size of Mountain Lake to make it fly, but that’s just a wild estimate.

-theinvestar:  It seems Pitchstone acquired their properties in Canada early before prices for good parcels rose dramatically. Is this same blueprint being used on the African continent now?

Ted Trueman:  It’s certainly been the primary reason for our success I believe. We were early in the Athabasca Basin, the Hornby Basin, and more recently the Franceville Basin in Gabon. In Gabon we made the deal with Motapa and invited Cameco in and to my knowledge no other junior company was exploring for uranium in Gabon at the time. I think we have been able to do this because, and this goes back to one of the key fundamental elements for juniors, expertise. Our expertise helps us bring in top notch companies to our projects, such as SXR and Cameco. It is important to understand that we are not acquiring someone else’s low priority projects, but rather bringing these companies into our projects.

-theinvestar:  In Gabon Pitchstone has acquired a very large land position in the Franceville Basin through their JV with Cameco and Motapa Diamonds, can you explain the exploration that has taken place, what will take place this year, and a timetable on drilling?

Ted Trueman:  Only in a general sense. It is not a JV yet, because Cameco and ourselves are still at the earn-in stage. Again, this is early stage exploration work and we have initiated some work, primarily engaging a South African company to do airborne surveys. Currently, plans for this year have not been formalized, but we hope to do some drilling early on, perhaps in 2007. These holes would be designed to help us better understand the geology.

-theinvestar:  Pitchstone recently entered into an agreement to engage in uranium exploration in Namibia where there are currently two mines in production with a third planned. Can you tell us where the property is located in regards to the producing mines and give us any property history?

Ted Trueman:  There is not a lot of history, and these projects are best considered conceptual. They are actually three separate properties with one in the south, one in the northwest, and the last in the west about 70 km from Rossing. I can’t say a lot about these projects because it is early on in the exploration process. The western project is a Rossing type target.

-theinvestar:  Moving on to finances, how will Pitchstone go about funding their projects once SXR has earned their interest and your current cash balance begins to dwindle (issue shares, or lower % in projects)?

Ted Trueman:  Well a couple of points in that regard, SXR has earned their interest in the five Athabasca Projects and starting in 2007 we will begin financing our share of the projects. In terms of financing we currently have a bank balance in excess of C$10 million and at current burn rates that is approximately two years. Going forward there are two options, the one that you brought up earlier with joint venturing some of our other properties and the second being a treasury issue of shares.

-theinvestar:  Going forward, will Pitchstone achieve its growth targets through organic growth or be an acquirer or seller of assets?

Ted Trueman:  There are certainly opportunities to add more projects and we have to evaluate them as they develop. Success usually comes from the amount of work you do in terms, specifically in our business, of drilling. We are doing a lot of drilling, probably more than, and I’m guessing here, probably 90-95% of the uranium juniors. It’s impossible to speculate where we will be in a year or two, but certainly there has been huge changes in the past year and I see no reason why that will be any different going forward.

-theinvestar:  You said earlier that Pitchstone has been approached by companies willing to form potential JV partnerships, but has Pitchstone been approached by anyone willing to buy the company?

Ted Trueman:  That’s a very sensitive issue and not something I really want to discuss.

-theinvestar:  Every investor who is in some part involved in the uranium sector is wondering what is going on with Cameco’s Cigar Lake Mine since the flooding on October 23, 2006. Could you lend us your opinion on the situation?

Ted Trueman:  Will they get it under control, I think they will. They seem to be making progress and are pouring concrete at this time and attempting to seal off the flow. If they can get the drill holes in the right place and plug up the drift that did collapse, then they should be able to pump out the mine. I think it’s a delay rather than the end of Cigar Lake. Some have suggested that the mine is lost, but with the value and importance of this asset I believe that they will continue to move it forward.

-theinvestar:  Finally, should you find an ore body resembling McArthur River or Cigar Lake, are you or any of your JV partners equipped with the personnel and expertise to undertake such a project?

Ted Trueman:  Well we are growing fast, but that would be a quantum leap to get to a production level. However it would be gradual over time a long time as the deposit was built up, which would allow Pitchstone to grow with it. We have an excellent relationship with majors in the Athabasca area and if we found anything in their backyard we would probably be talking to them fairly early on.

-theinvestar:  Alright Mr. Trueman, is there anything else you would like to add?

Ted Trueman:  I think that the key to Pitchstone’s success is that when we started there were only perhaps a dozen or fourteen companies exploring Canada for uranium, including the likes of AREVA and Cameco. Now, world-wide, I am told that there are about 450 organizations searching for uranium. I think that it is really difficult for any individual investor to look at this large number and decide which companies really have their acts together. This all goes back to the significance of uranium expertise, which is the most important component. Expertise leads you to the second most important item, which is the acquisition of well located properties. So if you don’t have that expertise, you wouldn’t likely have acquired quality projects early, and once you got the projects it would be difficult to know how to logically explore them. Investors should take the time to ask if a company has expertise and if so, inquire as to where, when and with which companies the individuals obtained that expertise. Next they should look at when the company was acquiring properties because it if was early on, prior to the rush starting in August-September 2004, they probably know what they are doing.

-theinvestar:  Well thank you for joining us today Mr. Trueman.

Ted Trueman:  My pleasure.

An in-depth Analysis of Strathmore Minerals with David Miller, President and Chief Operating Office
Saturday, January 13, 2007

Recently we had the pleasure of interviewing David Miller who is the President and COO at Strathmore Minerals. We talked about how his company is positioned to become a large producer in the next few years and reward shareholders along the way. We really liked the story and the stock before going into this interview, but starting with the answer to the first question we began to realize the huge upside potential for Strathmore stock. Mr. Miller was a geologist for over two decades and worked on, or had knowledge of, many of the projects you hear of today (whether they are Strathmore projects or projects owned by other companies). He is also in the Wyoming State Legislature and serves on the Energy Council.

Mr. Miller pointed out that his team has nearly 200 years of combined experience in the mining industry, whereas some companies are forming management teams with people who have admitted to not being able to spell uranium in the months before their hire. He echoed our pleas to investors to do their research not only on the company and their projects, but also on the people running the operation.

We hope this interview helps investors gain valuable insights regarding uranium stocks and the industry in which these companies reside.

-theinvestar:  Mr. Miller, your company’s properties have the potential to host more than 149,000,000 lbs. of uranium based on historical resource estimates from respected entities like Philips Uranium, Pathfinder, and Anaconda Uranium Corp. Some of these resource estimates are derived from as far back as the 1970s with some being as recent as the late 90s. With that said, what if any, does Strathmore see as the upside to adding lbs. in the ground from historical resources?

David Miller:  Our actual pound total for just 43-101 measured, indicated and inferred is over 50% of that amount. That equates to over a 15 year supply at a production rate of 5 million lbs. per year. Drill indicated and historical resources on all of our properties are substantially higher. The old resource methods by major companies are reliable and indicate the general quality of the projects. The technology improvements haven’t been dramatic since then. They did a great job back then and its all about people, the technology really isn’t any different.

-theinvestar:  In the US it seems that Strathmore operates in two states that are on opposite sides of the spectrum when it comes to uranium mining. Although Gov. Richardson (D-NM) headed up the Department of Energy under Clinton, it seems that New Mexico trails Wyoming, as a whole, in embracing the nuclear renaissance. Can you give us your thoughts?

David Miller: That perspective is within the uranium media, however I think it is pretty much perpetrated by people who don’t have assets in New Mexico. New Mexico was the number one uranium district in the world in the twentieth century and it produced over 350 million lbs. And if I were out there and didn’t hold assets in New Mexico, maybe it’s a mistake. To put that into perspective, New Mexico has just approved a new uranium enrichment facility in Eunice, New Mexico. That is the first nuclear related industrial facility in the US in probably 25 years. It has been permitted in New Mexico and is being built in New Mexico right now, so I think New Mexico is a very favorable place for uranium and nuclear. So I really don’t see a huge difference between New Mexico and Wyoming, but there is going to have to be regulatory comfort with the new uranium mining companies in New Mexico. When people prove that they do it safely and soundly, as well as more environmentally sound here than many other places around the world, I don’t think we’ll have any issues. I see New Mexico as possessing huge potential, we’re happy with New Mexico and we are also one of the largest property and asset holders in the state at this time. We also have substantial assets in Wyoming and these assets may make it to production faster than New Mexico, so we are very happy in Wyoming. Wyoming uranium production partly survived because the Wyoming legislature, in the depression years, provided severance tax relief to the remaining uranium producers. This helped some production to survive and is why Wyoming is the current leader in United States uranium production.

-theinvestar:  Currently Strathmore is planning to build a mill near Grants, New Mexico.  What is the timetable on the permitting process and what would construction time look like?

David Miller:  The real issue is getting the permit. We believe it will take 6 years to obtain an NRC and all related permits. With that, last fall we purchased a section of land in the center of the Grants Mineral Belt. It’s on a paved highway, infrastructure is in place, and it even has a heavy gauge railroad nearby that comes out of one of the coal mines in the same region, so we’ve positioned it to take advantage of infrastructure and the location in the center of the Grants Mineral Belt. Right now utilities have their uranium supplies for the next 2 or 3 years. It’s that period from 2012 and beyond when new power plants around the world are going to need their initial feeds and then are going to start consuming more and more uranium. 2012 and beyond is when the consumption of uranium is going to start growing dramatically. The mill should receive a license and can be constructed when the big shortages are going to occur.

-theinvestar:  What projects are your most advanced, and when are you expecting to open your first mine?

David Miller:  Our most advanced is probably Roca Honda in New Mexico. It was permitted and even had a shaft sunk on a nearby property in the late 70s, early 80s. It was Kerr McGee’s next mine they were developing to feed the largest mill in the world in Ambrosia Lake, which BHP Billiton tore down 3 years ago. In the Gas Hills of Wyoming, we own 3 projects that are probably capable of being fully permitted in 24 months, but these would be smaller open-pit mining operations, and it would be the Sweetwater Mill that we would need a toll milling agreement with. We are also permitting several ISR projects in Wyoming and we are starting a number of other initiatives on some of our other advanced resources in Wyoming.

-theinvestar:  When you look at Strathmore, what part of the company would you say sets you apart from other uranium companies?

David Miller:  The acquisition of the Kerr McGee properties in New Mexico along with the Kerr McGee data base is the biggest thing. They made an early decision to abandon the sector because of its collapsed due to the cancellation of so many nuclear power plants in the 1980s. We recognized from day one that the sector had been abandoned and there were no big companies out there waiting around to pick up uranium projects that companies can be successful with. We recognized this early on and were the first company to open a permit office in New Mexico, the first to start the permitting process on a mill in New Mexico, and we realized that we have to help reinvent the industry. We staffed up early and have over 200 years of uranium experience in our management team. Few companies have that expertise available.

-theinvestar:  Ur-Energy has a highly regarded ISL team, SXRuraniumone has a highly skilled open-pit/traditional mining team, and Pitchstone has some of the most respected explorers in the industry. What would you say is Strathmore’s strength?

David Miller:  Well our focus has been acquiring these advanced properties that are only a permit away from production, and so that is why we have been working on these advanced properties and their permitting. I learned early on working with the founders of the industry. They taught me that GOOD OREBODIES MAKE GOOD MINE MANAGERS so our goal was to acquire some of the very best uranium ore bodies in the United States.

-theinvestar:  Our investment technique has been to find companies with greater than one lb./share, or a near producer and this has paid off handsomely for us, and our readers. Currently Strathmore fits both categories with a little over 2 lbs./share (based on historical resources) and working closer to actual production, but are you going to dilute the shares going forward or use a mix of cash and debt financing?

David Miller:  Well that’s an unknown at this time. I don’t really want to issue any more shares as that hurts Strathmore as well as those who have been with the company for a long time. Currently we are looking at all possibilities and how to structure the financing. We have been approached by many utilities as well as uranium traders wanting to buy into our projects, so we could sell portions of our projects for a mix of cash or debt financing being supplied by our partners. Nearly all of the assets Strathmore has are owned 100% by Strathmore. So we have the percentages to work with in attracting big name, well financed, well heeled partners into our projects. I think it will pay big dividends for our shareholders in the near future. Issuing new shares vs. partners vs. debt financing are possibilities and all will be weighted and the decision made in the best interests of our shareholders.

-theinvestar:  So is Strathmore going to take on JV partners at an early stage or will you go it alone and develop each project internally at first and take on partners closer to production realizing that a higher price could be obtained?

David Miller:  We are looking at all that. As we speak we are entertaining potential partners on any number of projects. Also the market needs to remember that most of our projects are already advanced projects with us at 100%. So giving up percentages now, after exploration, will allow us to own a bigger share of the production, if we go that route. We are not waiting for anyone, we are moving forward, we are adding value to all of our projects and if someone wants to come in and participate at some point, we’ll look at the merits of that at the time. The interesting thing is that those numbers keep going up. Two years ago we would have done JVs at much lower prices than we would now. In Canada, where we control more than 3 million acres, we want to look at more JVs to help finance the discovery of additional uranium resources.

-theinvestar:  As your company moves toward production, is there any thought of listing on a US exchange as Energy Metals recently did?

David Miller:  Well that’s been something we’ve been interested in for some time, and our lawyers are working on that. And yes, we do need to get listed in the US because our dominant assets are located in the US and we intend to become one of the largest uranium producers in the US. We are aware of the need, we would love to do it, and we are currently working on it.

-theinvestar:  Not asking for exact figures here, but abut what percentage of shares are owned by members of the board as well as executives?

David Miller:  Sprott Management has just under 20% and my guess for board members as well as managers would be around 10% taking into account both stock and options.

-theinvestar:  Do you see Strathmore achieving its future growth organically, or buying or selling assets?

David Miller:  I think it’s going to be more organic, more internal. Again, our growth to date has been by acquiring assets either from staking on federal lands, leasing of properties from state entities, or from fee simple mineral holders.

-theinvestar:  Assuming that the large diversified miners do decide to reenter the uranium industry, how would they go about it?

David Miller:  I think that they are going to look for the juniors out there right now. That’s the easiest way for one of the large companies to get into the uranium business. Right now the valuations amongst the juniors can be $10 or more per lb. of resource and others are valued very low, like Strathmore is, maybe $1 per pound of resource. Maybe those valuations are a little skewed, you know people have to know how to do their homework, and the big companies know how to do their homework. So I think the biggest opportunity for them is to look at the juniors with the good personnel, the good properties and add value that way to get into the business.

-theinvestar:  The price of uranium has tripled over the past couple of years, where do you see it going in the next few years?

David Miller:  I’m not going to answer that question because it is already far higher than I ever dreamed. When it was at $16 I told an analyst I thought we could double. The next year it hit $34, and he asked me again what I thought. I told him it was possible to maybe double again. Not long ago he came back to me when uranium was in the mid 60s and once again asked the same question. I simply told him that right now the price of uranium just seems to get stronger and stronger each week.

-theinvestar:  Do you think that the miners will be able to increase production over the next decade to a level where it will enable further nuclear generating capacity to be brought online?

David Miller:  Absolutely. I have all the faith that uranium miners will increase production in order to meet the world’s future demand for this resource.

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