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In October 2006, Cameco Corp. announced that its highly promising Cigar Lake uranium project had sprung a leak and that the underground workings had become totally flooded. From what I hear, the mine could be lost completely. At the very least the flood will push back production until 2011.

This development is of serious concern to the industry, as the Cigar Lake mine was expected to provide 17% of world's uranium supply and help ease the current shortfall situation. But now the future of the mine is in doubt.

News of the flood pushed uranium prices 7.1% higher soon after, from $56 to $60 a pound. This increase was the largest weekly gain in 20 years!

The energy metal has already doubled since the Cigar Lake news and is trading at $120/lb. today. But I think gains like these are just the beginning.

And although uranium prices haven't had a down month in nearly five years, I think the radioactive metal still has a lot of steam behind it. In fact, I think uranium could top $255/lb. by the end of 2008!

So, what does that mean to us investors?

Recently, uranium futures contracts began trading on the NYMEX. But trading is still in the early stages, so it's extremely illiquid and not the best place right now for investors like us.

In my latest report, Sound Investing: Uranium, I show readers where they can look to find the companies, and I explain in much more detail the reasons why I believe we'll see such a climb in uranium prices in just a few short years.

I want to give you this report for FREE!

Plus, when you request your free copy of the uranium report, I'll also give you a free subscription to Energy and Capital, a daily advisory on the fast-moving profits in the energy sector, written and edited by some of the biggest names in natural resource investing today.

There's absolutely no obligation to any of this. You can cancel your Energy and Capital subscription at any time.

So what are you waiting for?

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