Fueled by rising oil prices, global warming and the current energy crisis, uranium is making a resurgence triggered by skyrocketing prices brought on by global demand for the radioactive material.

On May 8, 2007 Midasco Capital Corp. ("Midasco") announced that it has entered into an option agreement to acquire 100% interest in three uranium projects in Colorado. The projects to be acquired consist of 427 claims in Montrose County and 80 claims in San Miguel County both of which lie along the Uravan mine ral belt in Colorado. The Uravan mineral belt is the oldest uranium mining area in the United States and is historically the most productive uranium and vanadium region in Colorado. The Uravan belt has about 1,200 historic mines that produced over 63 million pounds of uranium and 330 million pounds of vanadium from 1948 to 1978. Colorado ranks third among states for uranium reserves, behind Wyoming and New Mexico

Montrose County lies within the Uravan mineral belt and is the most important producing county in the belt and the state. Production in this county from February 1, 1948 to January 1, 1978 was 7,369,000 tons of ore mined at a grade of 0.25% Uranium producing 36,428,000 lb of Uranium. Of the ore mined 7,321,000 tons were processed for Vanadium, producing 187,104,000 lb of Vanadium at a grade of 1.28%.

The raw material is called yellowcake, a coarse reddish-yellow powder made up of oxidized uranium that is milled from mined ore. Yellowcake contains scant radioactive elements and is put through various milling processes and eventually turned into fuel rods, which are used in nuclear power plants. The milling process separates the uranium and the vanadium from the other minerals. Vanadium is used to harden steel.