A large number of exploration companies are patiently waiting to see what will happen when the moratorium on uranium is revisited this spring.
Silver Spruce Resources Inc. holds a large number of uranium claims inside the Labrador Central Mineral Belt.
Lloyd Hillier is President of Silver Spruce Resources.
He says they haven’t been active in the central mineral belt since the moratorium was announced.
The company is waiting until the moratorium is revisited by the Nunatsiavut Government in March, 2011.
Hillier says that if the result is positive and uranium mining is given the green light inside the Labrador Inuit Settlement Area, then they will resume operations.
If the Nunatsiavut assembly decides not to go ahead with uranium mining, then the company will be forced to walk away from their stakes in the area.
Hillier says that although the moratorium is only in place in the Labrador Inuit Settlement Area, it still has an impact on the rest of Labrador.
Investors identify Labrador as a whole and will not invest in any uranium exploration or development with the moratorium in place.
He says if the moratorium is lifted, it will be beneficial for uranium exploration as a whole in Labrador.
Hillier adds that if the moratorium is lifted this spring, the company will seek investors and continue operations within the central mineral belt.