Soft-spoken SXR Uranium One Chief Executive Neal Froneman is very polite. When we phoned him at his home in South Africa, early last Thursday morning, he patiently answered his first question before telling us he had just stepped out of the shower. We paused for thirty seconds as he reached for a towel. For the next hour, Froneman serenely, but methodically, responded to every question posed to him about his big splash into the U.S. uranium market. Our conclusion: He has very good manners; oh, and by the way, he means business.

Right off the bat, we challenged the 46-year old Froneman about his buying spree: Rangold, Sweetwater, Green Mountain and US Energy’s uranium assets. Has he had enough for now, or is he still looking? “These are not transactions that are being opportunistic,” he told us. “They have been transactions that are being done according to a well-thought out strategy. Specifically in terms of the U.S., we have acquired what we would like to acquire to gain a solid position in the U.S.”

But is he still looking? “We are looking now at the type of acquisition that would bring with it a good technical team,” Froneman explained. “Of course, we have got a lot of guys on our radar screen at the moment.” Really, like whom we wondered? Names were tossed out, rapid fire – Energy Metals, Strathmore Minerals, UR-Energy and others.

Cautiously, Froneman gave us clues, “I think we are looking for assets that are being developed by good U.S. technical teams. There are a number of companies – some of them that you mentioned that are obvious or logical targets.” But nothing is carved in stone, as he added, “We remain very open-minded. We would like to work together with other U.S. entities. That is a process that will unravel.”

Asked if we should expect one more splash in 2006, Froneman responded, “I do believe that we should probably do one more transaction.” He then defined his terms and what he expected in a potential candidate, “That transaction is very much going to be focused on getting a good skills base. And, of course, it will come with good assets. We are particularly interested in people that have taken their projects forward.” We knew our earlier guessing wasn’t far off the mark, as Froneman said, “I think you have a good understanding of who the appropriate players are. We are, at this stage, an advanced development company that very shortly will be a uranium producer as well. We have to ensure that we merge with companies that have similar qualities.”

Later in the interview, as we compared ISR uranium operations against the benefits of hard rock mining, Froneman remarked and provided another hint, “It would be very nice to merge with a good quality ISR company in the U.S.” Talking further about the ISR method, he admitted, while dropping a few more clues, “We just don’t have any properties in the U.S. that are ISR. There may be one or two opportunities, but it is not something we specifically are trying to acquire. Of course, through these potential future mergers, we may become a significant ISR producer as well.”