Research, Report & Profiling Services by IPOdesktop.com Bancroft Uranium, Inc. (BCFT.OB) Stock symbol: BCFT.OB….………..….………….…………………………..Ave. Volume 8,323

Stock price 5/22/08: $.88…….…….………..….……….Common shares (4/8/08: 46.2mm est)

52-week price range: $.70 - $2.00………..…….………Equity market capitalization: $40.6mm

Recent News…..Stock Price…..Chart…..SEC Filings

BUSINESS

. An exploration company which intends to develop Uranium assets in North America.

. Bancroft's initial asset, the Monmouth Uranium Project, is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.

RECENT DEVELOPMENTS

in Ontario, Canada properties

2008 exploration program begins on the Elliott Lake, Ontario uranium prospect, May 19, 2008

"The Elliott Lake property is located one half mile from the past producing Pronto mine that over the period from 1955-1960, produced 2,100,000 tons of U3O8 at an average grade of approximately 2.3 pounds per ton.

Monmouth Land Position to be Expanded, May 13, 2008

The initial size of the Monmouth claim block and Bancroft land position of 2,700 acres is being expanded to 4,200 acres. The additional acreage is a reflection of the positive nature of the initial analyses from drill data being compiled from the 2008 spring program.

Bancroft Metallurgical Test Results Show 91.4% Recovery for Uranium, May 5, 2008

Metallurgical tests on samples of the uranium-bearing Monmouth rock were conducted by SGS Mineral Services Laboratory at Lakefield, Ontario. Their report concludes that 91.4% recovery of the uranium can be achieved through simple gravity separation

Bancroft Updates Uranium Exploration and Drilling Progress, April 29, 2008

2008 Drill Program

. A surface diamond drilling program began at Monmouth in February 2008 conducted by an Ontario-based drilling contractor. The Company designed the program to drill uranium bearing rocks that returned the historical drill results from the 1960 program and to expand the tonnage potential of the deposit along strike and at depth.

. BCFT expects to complete over 50 new drill holes on the property during this Phase 1 program. . Bancroft requires this new drilling data in order to accurately assess the validity of the 1960 historical work and bring the results in conjunction with the new 2008 results into modern N.I. Policy 43-101 compliance, a recognized world mining standard.

Address: 8655 East Via De Ventura, Suite G200, Scottsdale, AZ 85258 Telephone: 480-346-1460 CEO: Paul Leslie Hammond Web Site: http://www.bancrofturanium.com/ State or other jurisdiction of incorporation or organization: NV Transfer Agent: Nevada Agency & Trust Company Investor contact: 1-866-860-2995 RECENT MARKET TRENDS

Oil prices traded above $129 a barrel recently after hitting another record high as supply concerns mounted, selling for about twice what they were just a year ago. Prices have been propelled by worries about insufficient supply, soaring global demand and a sliding US dollar that has made oil cheaper for many overseas buyers. Industry observers in recent days have also pointed to especially strong demand for diesel in China, where power plants in some areas are running desperately short of coal and certain earthquake-hit regions are reliant upon diesel generators for power.

BCFT sees a long-term future for the price of uranium as it continues to be one of the most viable alternatives to fossil fuels. Today, there are some 439 nuclear power reactors operating in 30 countries. In 2006 these reactors provided 2658 billion kWh, about 16% of the world's electricity. 34 power reactors are currently being constructed in 11 countries, notably China, South Korea, Japan and Russia. With this scope of on-going construction, supply factors should soon affect the uranium market.

Only 64% of utilities' annual requirements are supplied by mine production with the balance made up from secondary sources or stockpiled uranium held by utilities. These stockpiles are reported to be largely depleted. The perception of imminent scarcity drove the "spot price" for un-contracted sales to over US$135 per pound U3O8 in 2007, but it has settled back to $70-80 as of early 2008. Most uranium however, is supplied under long term contracts and the prices for new contracts have in the past reflected a premium above the spot market.

The long-term view for uranium pricing is dominated by demand fueled by future growth of new power plant requirements and the stagnant state of world mining production which needs to expand significantly. As Canada is a world leader in the safe and efficient production of uranium to meet the world's energy needs, BCFT appears to be poised to become a part of this important industry with the development of the Monmouth Uranium Project

URANIUM PRICES HAVE INCREASED

. Making uranium exploration and development more profitable

. Uranium spot prices have rebounded from $7 to $65 per pound since 2000. As a result, uranium exploration is more attractive and highly viable, especially on land adjacent or nearby to known uranium deposits.

DEMAND/SUPPLY IMBALANCE

. Demand for uranium in the United States, Canada, and Western Europe has increased steadily over the past 35 years, from 18,000,000 pounds per year in 1970, to 160,000,000 pounds in 2005 (figures are approximate). Worldwide production for uranium is in the 90 million pound range.

. Uranium's primary use is to fuel nuclear power plants. One kilogram of uranium produces 12 times the amount of electricity produced from coal, oil or natural gas.

. Natural uranium has less than 1% of the unstable isotope U-235, which must be concentrated to a level of 4% to 5% to make fuel for nuclear power plants. (The concentration required to make nuclear weapons is closer to 90%).

. These numbers are before considering nuclear reactors in the former Soviet bloc, South America or Asia.

. The world is experiencing another wave of new nuclear plants being built: Finland and France are each building one; China alone has ordered four additional plants from Westinghouse and expressed interest in two plants of European design; and further construction is planned in Russia, India, and other nations of Asia

. The seven old-line organizations listed below are unlikely to garner all of the new production that is required to bridge the highly visible supply gap, as the world adds more nuclear power facilities to generate electricity.

OLD LINE SUPPLY SOURCES

. Seven old line organizations control 78% of worldwide uranium production. The four large public companies are Canadian-based Cameco Corp. (CCJ:NYSE), the world's largest publicly traded uranium company and a growing gold producer; Rio Tinto plc (RTP:NYSE), exploration, mining, and processing of mineral resources; BHP Billiton Ltd. (BHP:NYSE), mining, drilling, and processing mineral resources; Areva (Eurodollar investment certificate, AREVA IC), nuclear power generation and electricity transmission and distribution.. The other three uranium producing organizations are in Russia, Kazakhstan and Uzbekistan: KazAtomProm, TVEL, and Navoi Mining & Metallurgical Combine.

. An accident in October, 2006 flooded the Cigar Lake Development Project in Canada, which was scheduled to be the world's largest uranium mine and is operated by Cameco (CCJ:NYSE). That nudged prices for uranium oxide. Cameco says the mishap will delay completion for as long as three years. The mine could eventually supply 17% of the world's uranium demand, Cameco says.

OPPORTUNITIES FOR JUNIORS

. Many junior mining companies are more nimble and quick reacting than the old line majors, especially regarding staking and developing claims nearby or adjacent to currently producing uranium mines. And a number of exploration companies which formerly concentrated on gold exploration and development are now also focusing on uranium exploration and development.

. Exploration techniques and geological understanding have continued to improve, so exploration can now be more precisely directed to prospective areas, and is therefore likely to be more productive than in the past.

. FIve of the larger juniors, with market capitalizations, include Uranium One Inc (UUU.TO) $2.1bb market cap; Laramide Resources (LAM.TO) $185mm market cap; Uranium Resources (URRE.OB) $317mm market cap; Uranerz Energy Corp. (URZ) $119mm; Titan Uranium (TUE.V) $30.

. Three of the more junior uranium exploration and development companies include Mesa Uranium (MZU.V), Pacific Ridge (PEX.V), UREX Energy (URXE.OB)

URANIUM INDUSTRY

. Uranium (U3O8) is one of the more common elements in the Earth's crust—about 40 times more common than silver and 500 times more common than gold.

. It occurs in concentrated deposits called skarns which intrude into the existing rock formations, such as limestone. When it is separated from the surrounding rock, by gravity separation, in situ methods, or otherwise, it can be refined or converted into a more concentrated form known as yellowcake.

. Yellowcake can be processed to make fuel rods which are used by nuclear power plants to make electricity.

MONMOUTH URANIUM DEPOSIT

Overview

Located in Central Ontario Canada, 2 hour drive north of Toronto, Canada’s largest city and a uranium production facility operated by Cameco Corporation at Port Hope and Blind River.

* 1,800,000 lbs Uranium based on historical calculation in limited 1969 work program

* Limited drilling required for 43-101 Compliance – expected in mid Q2 ‘08

* $500,000 2007 program, 19 additional surface trenches, detailed channel saw sampled, 125 miles of cut grid

* 1500 foot strike length of U308 bearing skarn now extended

* Uranium horizon between 15 to 35 feet thick

History

Uranium discovered on this prospect in the early 1950’s when uranium was less than $10.00 per pound

Follow-up drilling of 44 drill holes in the late 1960’s included engineering report by S.W. Evans for the owner at that time, Northern Nuclear, filed as a listing prospectus to the Toronto Stock Exchange in 1968.

Geology

. Previous operators estimated a resource of 2 million tons containing 0.045% or 0.9 pounds per ton which would equal 1,800,000 pounds U3O8.

. The deposit is open along strike to the northeast and southwest and down dip to the southeast. Company has 2,700 acres under lease on Monmouth Project.

. Additional claims totaling 6,300 acres under lease regionally. Total acreage under lease: 9,000 acres.

. Uranium crystals are disseminated in an altered limestone (skarn) with a thickness 15-60 feet

. Skarn horizon mapped for a length of 6000 feet. 1500 feet of the strike length has been explored to some detail.

. All drill holes cut uranium mineralization ranging from 1/10 pound to over 6 pounds of uranium per ton.

Development

Mining advantages

* Proximity to population

* Location in a historic mining district

* Open pit mining

* CAMECO facilities in either Port Hope or Blind River, Ontario are potential puchasers for uranium.

Metallurgical advantages

* 10 ton bulk sample metallurgy indicated:

* Low cost grinding due to limestone host

* 87% recovery of uranium by simple, low cost gravity concentration

Pilot Plant

. Bancroft’s Monmouth deposit is modeled as a potential low cost mining operation due to proximity to infrastructure combined with historic metallurgical tests showing 87% recovery by simple gravity separation, demonstrates a potential for a reliable low cost producing Uranium deposit.

. The pilot plant for the bulk sample and metallurgical work will be conducted at Lakefield Research, a world class facility owned by SGS Laboratories, a 30 min drive from project.

ADDITIONAL PROPERTIES

. The Company currently has staked two additional properties in Ontario, at Long Lac and in the prolific Elliot Lake Uranium camp.

. The Elliot Lake property is located approx ½ mile to the west of the past producing Pronto Mine. Between 1955-59 it produced 2.1 million tons averaging approximately 2.3 lbs/ton U308.

COMPARE & CONSTRAST

Small Junior Uranium -- ranked by market cap
Symbol	Name	Mrkt	Qtr	Qtr	Book	Stock
		Cap	Reve	Loss	Value	Price
		($mm)	($mm)	($mm)	($mm)
UEC	Uranium Energy	$96		-5	8.2	2.42
BAY.V	Bayswater Uranium	$50		-0.8		0.41
CVVUF	Canalaska Uranium	$38		-1	n/a	0.3
BCFT.OB	Bancroft Uranium	$40		-2	1.3	0.75
UUL.V	Universal Uranium	$15		n/a	n/a	0.35
TEL.V	Trigon Uranium	$12		n/a	n/a	0.17
URST.OB	Uranium Star	$11		-1.9	n/a	0.15
CAUI.OB	Canam Uranium	$1		-0.8	1.2	0.01
Mid-sized Junior Uranium -- ranked by market cap
Symbol	Name	Mrkt	Qtr	Qtr	Book	Stock
		Cap	Reve	Loss	Value	Price
		($mm)	($mm)	($mm)	($mm)
UUU.TO	Uranium One	$2,186	22.5	-10	3316	4.68
LAM.TO	Laramide Resources	$255	221	75	94	4.39
URRE.OB	Uranium Resources	$250	5.7	-1.8	42	4.78
URZ	Uranerz Energy	$141	n/a	-28	5.5	3.12
WUC.V	Western Uranium	$113		-0.75	70	1.91
Valuations near & above BCFT
Name & ticker; geography, acres
Uranium Energy (UEC) : TX, WY, NM, AZ, CO, UT; 19,000; 12,900,000 potential pounds
Bayswater Uranium (BAY.V): Canada, Africa 8 sites; 8,000,000
Canalaska Uranium (CVVUF): Athabasca Basin Saskatchewan 19 areas; 2,304,000
GROWTH PLAN
BCFT focuses on properties in the Ontario provide of Canada, and has made demonstrable, milestone progress this year. Consider the following:
Exploration began on the Elliott Lake, Ontario uranium prospect, May 19, 2008. "The Elliott Lake property is located one half mile from the past producing Pronto mine that over the period from 1955-1960, produced 2,100,000 tons of U3O8 at an average grade of approximately 2.3 pounds per ton.
The Monmouth (Ontario, Canada) Land Position is expected be expanded. The initial size of the Monmouth claim block and Bancroft land position of 2,700 acres is being expanded to 4,200 acres, based on a reflection of the positive nature of the initial analyses from drill data being compiled from the 2008 spring program.
Metallurgical Test Results show 91.4% recovery for uranium on samples of the uranium-bearing Monmouth rock. The tests were conducted by SGS Mineral Services Laboratory at Lakefield, Ontario. Their report concludes that 91.4% recovery of the uranium can be achieved through simple gravity separation
A surface diamond drilling program began at Monmouth in February 2008 conducted by an Ontario-based drilling contractor. BCFT designed the program to drill uranium bearing rocks that returned the historical drill results from the 1960 program and to expand the tonnage potential of the deposit along strike and at depth.
BCFT expects to complete over 50 new drill holes on the property during this Phase 1 program. . Bancroft requires this new drilling data in order to accurately assess the validity of the 1960 historical work and bring the results in conjunction with the new 2008 results into modern N.I. Policy 43-101 compliance, a recognized world mining standard.
POTENTIAL MARKET CAPITALIZATION
We believe that the high price of oil will encourage the construction & use of more nuclear power plants, worldwide, which will increase long term demand for uranium
Discussion
Based on achievement of the above BCFT milestones achieved to-date in 2008 – which are focused on exploration & development of uranium deposits located near formerly production mines
And based on the 91.4% uranium recovery sample from the recent metallurgical test,
It appears that BCFT has a relatively high likelihood change of discovering uranium deposits that are economically recoverable at today’s relatively high uranium prices
In the category of junior uranium mining stocks, all junior uranium exploration & development companies lose money as they search for viable, mineable uranium deposits.
And in that context it seems that BCFT is achieving more significant positive milestones than the juniors with lower valuations.
Assumption summary & potential market capitalization
Given that BCFT has a very high recovery rate from a recent sampling program, is expanding is Monmouth acreage by 50% (to 4200 acres from 2700), and is embarking on a program to drill 50 new, strategically placed exploration holes on the Monmouth property
It seems reasonable to the stock could have a market cap in the $90 to 92mm range as further positive exploration milestones are achieved.
At a $92mm market cap, the stock could approach $2.00
As a group, stock prices of most uranium exploration & development companies are significantly off their highs, so this may be an opportune time to begin to participate in the industry.
FINANCING THE GROWTH PLAN
Convertible Debenture
On December 5, 2007, the Company issued $3,750,000 secured convertible debentures to three private financing companies. The convertible debentures bear interest at a rate of 8% per annum payable monthly and the principal is due and payable in full on December 5, 2009. Under the terms of the agreement, $250,000 of the funding was held back by the financing company pending recording of security interests in the Company’s mining properties on behalf of the holders of the Company's debentures. Subsequent to year end, these interests were recorded and the cash was received by the Company. The costs associated with securing financing of $1,080,000 was recorded as debt issuance costs and are amortized to interest expense over the term of the debenture. The debentures are convertible at the holder’s option into the Company’s common shares at a rate of $0.25 per share
From the 10K filed May 14, 2008
"Our continued operation is therefore dependent upon our ability to secure additional cash through financing within the next 90 to 120 days.
" We would like to spend up to $5,000,000 to $6,000,000 over the next 12-36 months on exploration and extraction related to our mineral properties. We would spend significantly more money that this developing those mineral properties at the moment that our full scale extraction operation were to commence."
MANAGEMENT
Paul Leslie Hammond, B.A., C.A., CEO & President
. Les Hammond has had extensive experience in international corporate finance related to mergers and acquisitions and has dealt with the major capital markets in New York, London and Toronto. He is a graduate of Simon Fraser University and a Chartered Accountant. He has held Chairman, Director, President and Chief Executive Officer positions in various companies, some of which were listed on NASDAQ and the Toronto Stock Exchange. He has held senior executive operating positions in telecommunications, computer retailing, real estate development, financial services, brewery operations, transportation and mining. These projects were conducted in Europe, North and Central America, the United Kingdom, Western Africa, New Zealand, South East Asia and China.
. For the past 15 years he has acted as an investment banker assisting companies with acquisitions, financing, sales and distribution, turnarounds, improvement of management depth, corporate governance and reporting and compliance issues.
David Naylor, CFO, & Secretary Treasurer
. David Naylor is a financial management professional with extensive accounting expertise and a highly analytical ability to improve management practices. His career includes eleven years leading a large media publishing company through a period of change. Subsequently, he has held the position of CFO and/or Secretary Treasurer for varied natural resource juniors as well as technology sector companies.
. Mr. Naylor is a Certified Management Accountant (CMA) with over twenty years of experience.
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