Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

JNR Resources, Inc.

September 30, 2008 

JNR Resources, Inc.
204-315 22nd Street East
Saskatoon, Saskatchewan 57K 0G6
Fax: 306-382-2212

Shares outstanding: 80,000,000
Fully diluted: 85,000,000

aggressively exploring in uranium country

JNR Resources Inc. (TSXV: JNN) is a Saskatoon, Saskatchewan-based junior uranium exploration company that firmly believes the name of the game is aggressively exploring on the ground and drilling targets. JNR's primary focus is on uranium exploration in Saskatchewan, in particular the uranium-rich Athabasca Basin. JNR is also active in southwestern Saskatchewan and central Newfoundland. The company has been involved in uranium exploration since 1997.

In the Athabasca Basin, the company is involved in the exploration of 13 properties, 5 of which are 100% owned by JNR, the remaining 8 are joint ventures with Denison Mines Corp.

JNR is one of a handful of companies that is using leading-edge exploration technologies in the Athabasca Basin, including PIMA analyses, Pb isotope analyses, 3D GOCAD modeling, and high-resolution seismic surveys. The company has also purchased three Duralite heliportable drills to further advance its ability to drill virtually year-round. The drills are operated by Dynamic Drilling of Saskatoon.

The company's highly experienced and well-respected technical team includes: Ken Wasyliuk, JNR's chief geochemist, an acknowledged expert in Athabasca sandstone geochemistry, and Dr. Irvine R. Annesley, JNR's Director of Exploration, a leading expert on Athabasca uranium deposits and former research scientist with the Saskatchewan Research Council. Dave Billard, Vice-President of Exploration, has more than 25 years of exploration experience in North America and has been specializing in uranium exploration since 1992. Rick Kusmirski, President and CEO, has been involved with JNR since 1999 and was previously the exploration manager for Cameo Corporation's uranium projects in the Athabasca Basin.

Q:   On the surface, JNR is a uranium exploration company.

A:   That is correct.

Q:   There are hundreds of exploration companies. And you may be looking to buy other companies. What is an exploration company have that A doesn't have, that B doesn't have and C may have? How is it that you could judge an exploration company fundamentally.

A:   I call it the three P's. People, the people you have around you. We have a lot of people with very sound technical expertise, particularly in uranium. If you look at the information sent to you, you'll see that I've been in the business for 30 years and I spent 15 years with Cameo where I managed all their exploration activities in the Athabasca Basin. I spent 15 years with Cameco, heavily involved in uranium exploration. Our senior geochemist, Ken Wasluck, he spent I think 18 years with Cameo and his primary responsibility there was looking after the geochemistry. In uranium exploration, unlike some of the other metals you're looking for, geochemistry is a very important aspect. It leads you towards potential deposits much more so than in any other metal exploration. Irv Ainsley is the director of exploration. He's got over 30 years of industry experience and he spent almost 20 years as a senior research scientist with the Saskatchewan Research Council. His job there was studying uranium deposits in the basin and elsewhere in Canada. So he's seen every deposit in Saskatchewan.

Q:   So what you're telling me is that you look at 100 or 150 exploration companies. Let's take three items. You have the people.

A:   My three P's, the people, properties and partnerships.

Q:   Where does cash come into the picture?

A:   Cash comes into the picture. We have not had any trouble raising money, because when we go to...or actually institutions come to us, or have been coming to us, notwithstanding all this past month to six weeks here where things are in a bit of chaos. But institutions come to us, underwriters come to us, and want to know how much money we want.

Q:   Let's go back a little bit. Ten years ago, fifteen years ago, the world discovered that there was uranium and it has its utility all over the world in the various plants. Subsequently, price have gradually gone up and accelerated, and a boom industry emerged in Australia, Africa, Canada. Many small companies have gone public, raised money, and a few reports were published that there will be so many plants built, so much demand that every underwriter believed it, investors believed it, and there was a multi-billion-dollar industry. Subsequently came the disappointment, money was used up, and the various Western governments said that we will live without uranium. Recently, as the price of oil went up from $20, many governments, Germans, Chinese, said this is not the case, we will need uranium. Correct?

A:   Yes.

Most aggressive nuclear expansion plans are with countries that are geographically and politically aligned with Mongolia -- China, India, Japan, Russia and the U.S.

Table 2: Racking changes in the tally of reactors in commercial operation, under construction, planned or proposed.






Sept. 05
Sept. 06
May 07
July 07





21-month change





  • China plans to add 30 new reactors, nuclear power accounts for only 2% of electrical power there today.

  • Japan expects to increase its nuclear power share from 29% to 41$.

  • India plans 19 new reactors, with 6 under construction today.

  • Russia plans 40 reactors by 2030 whereby increasing nuclear power from 16% today to 25% by 2025.

  • United States plans include new applications for existing reactors, and new reactors, about a 17% increase.  

Q:   Eventually even more countries joined in, the Republican candidate in America (John McCain) wants to have 44 uranium plants built. And the idea came up that this was going to be a very serous industry, because for every plant you have to block really twenty years of supply. You can't run a plant for three years and then say, okay, let's close it and make it a casino.

A:   But historically that's what they have done. Historically, the utilities have not worried about supply ten years down the road. As long as they had two or three years' supply, they were content. But with the sort of supply crunch of a couple years ago, then they started thinking... The uranium itself is not a big part of the expenditure of utility. But it's of course 100 percent of the revenue. So a few years ago I think that had a lot to do with the price run-up as well, utilities saying, you know what, we better lock in supply for the next several years.


- Uranium market outlook strong
- 43-101 Resources of 22.3M pounds, additional unclassified/historic resources of   28M pounds.
- Sufficient financing to complete full feasibility and continue operations into 2009.
- Strengthened management team and board of directors

Nuclear renaissance shift to nuclear-generated electrical power
- Utilities planning new reactors, upgrades of existing
- Essentially no greenhouse gas emissions
- Diversification from oil and coal for strategic purposes
- Good safety record

Supply and Demand Gap
- 170M lbs. demand and growing
- 105M lbs. production in 2006, and needs to grow

Fuel prices have less of an effect on nuclear power costs compared to coal, gas and oil.

Q:   But this thinking that you have to lock up for several years has not been reflected in the current price.

A:   I agree.

Q:   It's not in the price.

A:   I think in part because all those added utilities have not been built yet. It's just talk. Let's take a Mongolian example.

Western Prospector announces changes to mill design for more efficient uranium processing method.

Lower capital and operating costs anticipated at Gurvanbulag uranium deposit

     Western Prospector Group Ltd. (TSX-V: WNP) today announced it has designed a simplified method for processing uranium ore at its Gurvanbulag deposit in Mongolia. The improvement is expected to result in lower capital and operating costs for the onsite processing mill.

     Western's preliminary economic assessment completed by Micon International Ltd. in September 2007 assumed a traditional process called "solvent extraction" would be used to recover pure uranium oxide from the bulk extraction system. The newest test work, completed by SGS Lakefield Research Ltd. under the supervision of Melis Engineering Ltd., indicates the "Resin-in-Pulp" (RIP) method can be employed to perform the same function with lower capital and operating costs. In particular, by eliminating the flammable solvents used in the traditional solvent extraction process, the separate building required for this stage of the process has been eliminated from the mill design. In addition to direct capital and operating cost benefits, Western anticipates savings in insurance premiums arising from the elimination of flammable solvents.

     The original test work for the preliminary economic assessment was based on combining small scale samples from surface drill holes. The most recent test work was based on large-scale samples collected from underground after completion of dewatering and geological mapping. The geological mapping determined the character of the mineralization throughout the deposit to ensure that samples were representative.

Q:   So we have existing utilities, the "talking" utilities, and the actual construction of utilities. And when you actually start a utility, it passes from the talking phase. What you are saying is that this phase had not really expressed itself.

A:   I don't think so, no.

Q:   How many utilities do you think will be built or start to be built in, let's say, the next five years?

A:  I'll just pick a number out of the air and say 40.

Q:   And ten years?

A:   Well, in ten years I think you'd be looking at 60 to 70.

Q:   How many utilities does the current worldwide uranium market serve?

A:   Currently there's 420 reactors, I believe.

Q:   So for the 420, you add 60 and another 100 in ten years. That means that a 40 percent increase of utility consumption will eventually be needed. And another factor is when you go from 420 to 600, using my factor of 20 years' supply, eventually you will have a futures market which will be saturated with forward contracts.

A:   There's no doubt that the supply-demand fundamentals are there. I just don't think they're reflected in the price. Even if in the next ten years you start takes four or five years to build a reactor.

Q:   Wait a minute. We have now a very good example of the utility purchase in a growing market when we look at the oil market. When oil hit $100, many said that $30 was purely speculation. At $150, they said 50 percent is speculation. Now, oil is produced every day, but uranium is produced in a steady rate so if there is a potential big increase in buying, the future market will be worse than the oil market. That's a possibility. That would bring a tremendous interest to producing and even to an advanced exploration company, because of the price increase and the idea of blocking the production for many years ahead.

A:   Yes.

Q:   In other words, let's say that if I am a Chinese utility, I fly over to Canada, look at JNR, and ask how many years until you will produce uranium?

A:   That's exactly what has happened as well. This time last year we had a lot of groups from China and Korea come by. They're over here shopping around and they're looking for two things. They're looking for instant production, which they're not going to get from us, but at the same time they're looking for juniors that have the potential of being producers in 15 years.

Q:   So what category are you in?

A:   We're clearly the junior who has the potential of being a producer.

Q:   When do you think that you could be a producer?

A:   Ultimately, JNR is not interested in going into production. We are interested in finding something of consequence and then getting taken out by a producer. That's where we see the biggest return on our investment.

Q:   But from the big picture it doesn't really matter. So when do you think JNR could be a producer?

A:   JNR I think could within the next two or three years find a deposit of consequence. When that deposit is actually mined is a different story. Once you have found a deposit in uranium, it takes usually four or five years before you get it into production.

Q:   So in less than ten years you could be in production.

A:   Yes.

Q:   But we have discussed that the Chinese reactor which goes into production five years from now will need uranium ten years from now. So you are in his circle of interest.

A:   We are, yes.

Q:   And let's say in eight or nine years, what is the maximum uranium you could produce?

A:   Today the maximum produced from any one deposit is around 17 or 18 million pounds a year, and that's McArthur River. The Institute Recovery deposits in the American Midwest are producing anywhere from 500,000 to a million pounds. The stuff in Kazakstan, they're producing anywhere from 500 to a couple million pounds. In the Athabasca Basin, I think the smallest producer right now is Eagle Point, and they're producing I think about a million pounds a year. So anywhere from a million to 17 or 18 million from any one deposit.

Q:   So let's say that eight years from now you could produce 15 million pounds. And the pound at that time would be selling at let's say $100. So 15 million is $1.5 billion. So your producing capability is $1.5 billion, and you are in a market like the oil market when the futures are flying, because more and more plants are put on the drawing board, some come under production, etc. So a few billion dollars market value is a realistic market value.

2008 - 2010

2015 - 2016

Exploration company

15M points production

Current price: 40¢

U/lb. = $100

Shares outstanding: 18M

Total production: $1.5 billion

Market cap: $32M

20 year gross = $30 billion

A:   Yes. Down the road, yes.

Q:   So if you have the people, the property, some money and partnerships, the friendships. Let's say you know the mayor of Shanghai and somebody like that.

A:   The joint ventures. In our case, we have good partners, Denison and...

Q:   You know Denison, you know Mongolia and so on. In their analysis, they say that in the year 2015, this fellow, JNR, will be worth X billion dollars. The discounted value is still more than one billion, and then let's now look at the other. You have about 100 million shares outstanding?

A:   Eighty.

Q:   You have warrants and so on.

A:   There's no warrants. There's options but they're all under water right now. If you include full diluted, it's 85.

Q:   So let's say 80 million at 40 cents, that's $32 million. And the Chinese calculate the discounted value of your company, and believes that they can produce this uranium at least a billion dollars. Now, the difference between a billion and 30 million is quite big. Then you have, once I name them, Dimonfield adopted the salami technique. The salami technique is when you sell the company 10 percent, 15 percent, to various people at various growing prices, you get cash and you still do your regular work and you are still looking for the Chinese buyer. So in other words, it can be a cash rich company even before you sell to a partner or to an outside purchaser.







Sell 10%



Sell 10%



80% Value


A:   Yes.

Q:   Now this is a good scenario. So let me ask you a different question. What is bad? We have created a very bullish scenario.

A:   The market.

Q: In what way?

A:   Well, the market. A year ago we were trading at $2.50-3.00, and today we're trading about 40 cents.

Q:   How many big magazines did you describe and say, hey fellows, I have thirty years of experience. I know a little bit about the uranium industry. This is what I have, this is where the world is going. My company should be worth a billion dollars, selling at 30, and we are all working, we have money for the working capital. The warrants can bring in, if I'm correct, another $6 million, so we have $10 million. Do you want another oil price explosion or do you want to develop the uranium industry?

A: For sure people want to develop the uranium industry. They just don't know how to go about doing it.

Q:   Do you agitate for the picture you and I painted? Do you talk to magazines, the radio, and say look, here am I in Canada, I live quite well, I have a nice company, I like my associates, I like my work, I've been in the business for thirty years. My friend Andrew was here from New York and told me gold is going to $2,000, the money supply is expanding at the rate of a trillion dollars a day. And he told me that there is no new oil, and the world is expanding, and he just came back from China and Mongolia and he said that there are more Chinese than the number of dollars Mr. Paulson wants to print. There is going to be chaos in the energy industry, and you should look at what we have and support us -- we want to go forward. Have you made speeches like that?

A:   Not quite to that extent.

Q:   Why not?

A:   It's not my persona. I'm but a humble geologist.

Q:   Sometimes when you feel very strongly about a big, big subject like this, you have to speak up. You have to say, hey, this is the issue which will affect every Canadian, because of the price of uranium is up to $200, that means the oil is also $200 and we don't have enough money to go to the grocery store. So people have to speak up. This is an important subject. The last big man who spoke up on uranium was Professor Edward Teller, the head of the Livermore Laboratory, father of the hydrogen bomb and the Star Wars program. But he spoke about uranium all the time. He explained it. He made speeches all over the world and he said if we don't get down to uranium programs, we will be paying money for energy that will eliminate every other expenditure in the world, including airplanes. That's it.

I really want to devote this to the idea that we are going forward, we have the raw materials, but we all have to get together to explain to the politicians that just closing our eyes is exactly what happened to the oil industry which at $150 almost broke the Western world. That's it.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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"Mr. Smith Goes To Hungary"
Posted September 1, 2005
"Orko Gold"
Posted August 18, 2005

 "Near Hit"
Posted August 16, 2005

"An African Queen"
Posted August 11, 2005

"1848 and Beyond"
Posted August 4, 2005



Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

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