ANDY HOFFMAN

Globe and Mail Update

February 11, 2009 at 7:14 PM EST

They've got the cash, so how are they going to spend it ?

With the price of gold approaching $950 (U.S.) an ounce, the big bullion producers have been aggressively tapping the equity markets and loading up the war chest to go after beaten-down juniors miners.

There are plenty of bargains to be found, according to analysts at Canaccord Adams. The brokerage has compiled a list of some of the top takeout candidates and is also speculating on who might be doing the buying....

Hathor Exploration Ltd.

Gold companies aren't the only miners drawing takeover speculation. Hathor, [HAT-X] which controls a slew of uranium properties in and around the Athabasca Basin in Saskatchewan and Alberta, is also cited as a target.

Canaccord's Eric Zaunscherb says French uranium giant Areva Group, Toronto's Denison Mines Inc. and Saskatoon's Cameco Corp., the world's largest producer of the metal used to make fuel for nuclear reactors, might all be interested in Hathor.

One of the company's most significant discoveries is within 15 kilometres of Areva's underutilized McLean Lake mill. Denison also owns a 22.5-per-cent stake in McLean Lake. The mill is being expanded to accommodate ore from Cameco and Areva's Cigar Lake mine. However, Cigar Lake has flooded and is likely facing significant delays that will leave the mill needing another source of feed....