1938-2008

Jay McMurray earned his Bachelor of Science degree in Geology from Wichita University in 1960 and his Masters of Science degree in Geology from the University of Oregon in 1962. Mr. McMurray had 46 years of experience in natural resource exploration and development, including 37 years in the uranium industry. He worked with several uraniummining companies on exploration and development projects throughout the western United States including Exxon Minerals and Rocky Mountain Energy/Union Pacific Minerals. In addition, he worked as a consultant on exploration projects worldwide. His clients included NAC International, Energy Metals Corporation, Cameco Corporation, Newmont Mining Corporation, Taiwan Power Company, the International Atomic Energy Agency and the OECD Nuclear Energy Agency.

As a uranium consulting geologist for the past 17 years Jay McMurray worked on uranium exploration programs in the U.S. (Arizona Strip breccia pipes and Wyoming Basin sandstone deposits), Kazakhstan (sandstone deposits), Kyrgyzstan (sandstone environments and vein-intrusive deposits) and Gobi Desert, Mongolia (sandstone deposits). He was involved in managing drilling programs (Arizona Strip and Wyoming Basins), exploration program planning and reviewing program implementation and results (Mongolia, Kazakhstan and Kyrgyzstan) and mentoring young geologists (Mongolia [Denison’s program] and Kyrgyzstan). Mr. McMurray worked on numerous property evaluations, mostly sandstone deposits and/or prospects in the U.S. (Texas, Wyoming, Utah and Arizona (collapse breccia pipes)).

For the past 10 years Jay McMurray worked as a consultant to the International Atomic Agency (IAEA) on a broad range of assignments including uranium supply and demand, uranium geology and worldwide resource evaluation. He was the lead author for the IAEA publication “Analysis of Uranium Supply to 2050” and served as the IAEA Secretariat for preparing the 2001 and 2005 Red Books. Mr. McMurray also served on IAEA consultancies that dealt with normalization of worldwide uranium resource terminology and worldwide uranium supply-demand issues.

As a consultant for NAC International, Jay McMurray served as specialist advisor on uranium geology, resource calculations, uranium property evaluation and production cost analysis. He was responsible for maintaining and updating NAC’s Uranium Supply Analysis System, an interactive uranium production cost model that included cost information on 140 uranium projects throughout the world. As part of this responsibility, Mr. McMurray visited most of the major uranium mines in the world, including those in Australia, Canada, China, Kazakhstan, Namibia, Russia, South Africa, Ukraine and Uzbekistan.

Before joining NAC, Jay McMurray was a consulting geologist and managed the uranium property assets owned by Taiwan Power Company. He planned and implemented predevelopment drilling projects and evaluated uranium projects, emphasizing project economics and production costs. In addition, he supervised a technical staff in all phases of exploration, from grassroots regional exploration through predevelopment drilling, reserve calculation, and preliminary engineering and feasibility evaluation.

In Situ Leach-Specific Activities

Jay McMurray was involved in predevelopment evaluation of the Reno Creek in situ leach (ISL) project in the Powder River Basin, Wyoming. These activities, which were carried out as part of the evaluation team for Rocky Mountain Energy, included ore reserve calculations, exploration and predevelopment drilling and participation in hydrologic pump tests and data evaluation and consultation on production planning and cost projections.

Mr. McMurray performed an audit/confirmation of Power Resources Inc.’s Highland project reserves prior to the Cameco acquisition. This activity included evaluation of reserve calculation methodology and confirmation of results. This evaluation was conducted as an independent consultant.

Mr. McMurray completed a due diligence analysis of Kazatomprom’s (Kazakhstan national uranium company) uranium production capability. This analysis involved site visits to confirm production practices and capacity and review of uranium resource calculation methods and results. This evaluation was conducted as an independent consultant.

Prior to becoming a consultant Jay McMurray worked for a number of companies as a uranium exploration geologist and program manager. This work was mostly in the U.S. and mostly focused on exploration in sandstone environments. He worked on uranium project development in the Wyoming Basins, the Grants Mineral Belt and the Colorado Plateau uranium districts in the United States. He also worked in an advisory role on exploration programs in Canada, Paraguay and Gabon.

At Tenneco Oil Company, Mr. McMurray was a division geologist and managed exploration programs. He led a team that discovered and evaluated close-in exploitation opportunities in the oil and gas fields.

As an operations manager for NAC in 1977, Mr. McMurray supervised 30 geologists and engineers who planned and implemented uranium exploration and development programs for domestic and foreign electric utilities. He also served as senior international consultant on projects in South America, Africa and Canada.

Jay McMurray was geologic supervisor for Exxon Company USA, where he supervised uranium exploration and development programs throughout the United States. Mr. McMurray began his career at Humble Oil.

Jay McMurray was a State of Wyoming Professional Geologist, No. PG-467 and a Certified Petroleum Geologist - American Association of Petroleum Geologists, No. 3713.