 
GPTC has entered into an option agreement to acquire 100% of the Lucky Boy Uranium Project in Gila County, Arizona. GPTC will earn 100% interest in the project in consideration of GPTC incurring $925,000 in exploration and development costs on the Lucky Boy Project during a period of three years from the date of the exercise of the option. GPTC is also to pay property costs totaling $75,000 over three years.
The Lucky Boy Uranium Project consists of 14 BLM claims and an 80 acre State Lease contiguous to the claims. The Lucky Boy Project is a past producer and was one of the first producing uranium mines in the state of Arizona.
The Lucky Boy Uranium Project is at the site of the old Lucky Boy mine. The Lucky Boy mine, using heap leaching and ion exchange recovery, produced about 5,000,000 pounds of uranium ore in the 1950s.
GPTC has retained Ashworth Explorations ("Ashex") to run the work program. Ashex has been in business for over 25 years as a mineral exploration contractor.
In the last two years, the contracted price at which energy companies purchase uranium has more than doubled, as stockpiles and scraps supplies have dried up. On the demand side, more material will be needed to fuel a new wave of environment friendly nuclear power generators. The rift between uranium mining and the needs of nuclear power plants has been stable for the last decade at around 40-45%. According to iNi data, between 1985 and 2003 commercial reserves of uranium in the world diminished by 50%. Only 55% of the uranium consumed in 2003 had been mined that year. However, uranium reserves are being depleted with every passing year.
Fueling nuclear power plants to generate electricity is the most significant commercial use for uranium. Currently, uranium provides 16% of the world's electricity via 440 nuclear reactors operating in 31 countries. Annual uranium demand is 66,000 tonnes, with mining fulfilling only 55% of that need. An additional 30% comes from stockpiles, which are not being replenished due to current production shortfalls, and the remaining 15% is salvaged from recycled weapons, non-renewable resource.
Uranium demand is expected to increase in the coming years as new reactors are built and brought online in developing nations such as China, which plans to build 27 nuclear plants, India with a planned 31 new reactors, and Russia with intentions for an additional 25 reactors. With a current worldwide production shortfall of more than 300 million pounds, demand for uranium is expected to be 11% higher than supply over the next decade.
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