The West Slope Project

The West Slope Project, located in Montrose and San Miguel Counties of southwestern Colorado, consist of nine Department of Energy (DOE) leases, associated with adjacent lode mining claims and leases, covering 6,913 acres on which past uranium production has taken place. Between 1977 and 2006, approximately 1.3Mlbs of uranium and 6.6Mlbs of vanadium were produced from these mines. In 2007, Behre Dolbear was commissioned by Cotter to produce a Technical Report for the West Slope Project (Technical Report on Nine Properties Held by Cotter Corporation in Montrose and San Miguel Counties, Colorado, USA, August 16, 2007). Using available data and using a cut-off of 0.05% uranium, Behre Dolbear estimated an in-place Measured Resource of 2.1Mt of uranium at an average grade of 0.25% for a total of 11Mlbs of uranium and an in-place Measured resource of 1.2Mt of vanadium at an average grade of 1.2% for a total of 53Mlbs of vanadium.