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As promised in the newsletter on Friday, I called Anglo-Canadian Uranium hoping to have a quick chat with their Investor Relations person what this company is all about.

Surprisingly, they don’t have an IR person yet. Instead, I had the chance to speak directly with Len Harris, their President and CEO. (I actually prefer it this way anyway.)

I talked to Len for about 15 minutes and here’s what I got from him:

First of all, I asked him about their cash/debt situation. Len replied that they have no debt and around $1.2 million in cash.

They have indeed completed their recent financing so now they have around 21 million shares outstanding (not fully diluted though).

One particular question that I wanted to ask most was about the so called “closely held” shares that are referred to in the presentation on their website.

Len explained that closely held doesn’t necessarily mean insider holdings. He said that he has some friends part of Investor groups in the “US” and in the “East” who each own between 3 and 4 million shares. These groups have 12-14 people in them and they pool their money together to invest in promising companies. I guess they think Anglo-Canadian will hit it big.

Len told me they have been right before investing in his previous endeavor, Consolidated Viscount. This company went from $0.35 to $8.00 under Len’s control with the investor’s backing. Unfortunately, then came the Bre-X fiasco that killed the market for mining juniors in Canada. Consolidated had a good nickel property in Newfoundland but they started having problems with the government and Indians on the property so they eventually dropped their claims and delisted the company.

I then asked what will be new in 2006. Len said that near-term they will be focusing on drilling their Gold properties with their flow-through financing. Their Skoonka uranium property will also have drilling done shortly, weather permitting. The Stirrup claim will also be drilled once the snow melts. They have found many solid Chevron defined drill targets.

Regarding acquisitions, Len said they are trying to finalize the deal for the Uranium property in Niger, Africa. He also said they are going to be focusing on acquiring properties in the 4 corners zone. I had no idea what this was. Len explained that it is the area between Colorado, Utah, New Mexico and Nevada.

There are many good uranium claims in this area but the so called “Old-Timers” are staking their claims right now. Anglo-Canadian is working with these men to buy/lease some of their claims.

The American government was very negative about uranium mining and exploration inside its border ever since the Three Mile Island accident. However their current thirst for energy is changing policies that benefit uranium exploration.

The Utah property that Anglo-Canadian has will also be drilled to see if it is suitable for development.

Now the most exciting piece of news that Len told me during the whole conversation was that Anglo-Canadian Uranium is planning a spin off that will hold/explore all their Gold properties. ACU investors would get spin off shares.

Len said he is currently negotiating with several shell companies that are currently trading. There is a chance that the properties could be simply rolled into a shell and continue trading.

Len said the share price is being held down a little by people exercising options and warrants. He called this “cleaning the paper out”. However, when this is done, the stock will be in a good position to move up unhindered.

So to close the conversation I asked if everything is looking good for the future. Len said he’s selling all his shares tomorrow and leaving the country. Then we started laughing. Of course everything is fine and he said he thinks that ACU has much better properties and potential than some other uranium juniors that are flying high right now.

Len admitted that the company might be a year behind some of the other uranium juniors but I think that is a good opportunity for us because we can profit from ACU’s share price increase. The website is almost done and future news will be submitted to broader networks.

So that’s what you need to know about Anglo-Canadian Uranium for now.

I think with their Gold spin-off, it will unlock hidden value from the company and we should be able to pocket huge returns from their share price trying to catch up with other uranium junior high-flyers!