Frontenac Ventures still beating the bushes for funding

Jeff Green | Jun 10, 2010

Frontenac Ventures Corporation has not given up on their uranium exploration project in North Frontenac Township, but finding funding for the next phase of drilling is a persistent obstacle.

When contacted, Frontenac Ventures President George White said that all of the potential funding sources are coming from overseas, particularly Asia, and “when you are dealing with India and China, nothing moves quickly.”

White also pointed out that finding funding has been difficult for even some extremely rich new uranium deposits that have been located in Saskatchewan, which is the source of most of the world’s uranium. Among those new deposits is one that White described as “a thousand times as concentrated as ours”.

The market price for uranium is just over $40 US this week, about 1/3 what it was when Frontenac Ventures commenced the drilling program that sparked a protest and occupation of their exploration headquarters at the Robertsville mine three years ago this month.

Nonetheless, a teleconference court hearing took place on May 31, wherein Frontenac Ventures asked Justice Cunningham to renew the warrants he had issued late in the summer of 2007, warrants that compelled the Ontario Provincial Police to enforce a court injunction barring protesters from the vicinity of the Robertsville mine.

According to George White, the warrants have been re-issued by Cunningham as a matter of course on other occasions, but this time the OPP objected to some of the conditions and a further hearing is being scheduled for early July.

But warrants or not, Frontenac Ventures does not appear to have any plans to re-start their uranium exploration program at this time.