Uranium mining operation hits financial snag

Tuesday, June 2, 2009 ~ Updated 8:19 AM

CHARLESTON, Mo. -- A company trying to locate uranium in southeast Missouri is delaying additional tests because of financing problems.

Gustavson Operating Company of Boulder, Colo., conducted several recent tests on wells in Mississippi County, to see if uranium is stored in the crevices of the New Madrid fault zone.

CEO John Gustavson says he'll release findings from those tests to landowners later this summer.

But additional test drilling is on hold. Gustavson says that's because the investor market for new exploration ventures has "dried up."

Prices for uranium have dropped from about $130 a pound to less than $50.

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