Background

Following the sharp increase in the price of uranium over the past twenty four months from US$20 to US$120 per lb and with the prospect of further increases of up to US$150 per lb during 2007, there has been an increased incentive to explore for uranium and a number of explorers have emerged.

Uranium Prospects has been established for the purpose of acquiring, or purchasing options to acquire, exploration rights over land where initial tests indicate a high concentration of uranium deposits.

Outlook for Uranium and Uranium Explorers,

Developers and Producers

RBC Capital Markets (“RBC”) believe that we are in the middle of a uranium bull market. The current market deficit, which exacerbated by supply disruptions, continues to point to higher prices.

RBC forecasts an average uranium price of $100/lb for 2007 and concedes that prices may exceed that depending on how events unfold over the next few months.