Crosshair Energy Corporation is preparing to start looking for uranium in the Postville area of Labrador.
The move comes after the Nunatsiavut government lifted a three-year ban on uranium mining on Inuit land in December 2011.
"There's been some things that have happened that have scared people off of uranium and so it's just a matter of overcoming those things," said Doris Fox, Crosshair's project manager in Labrador.
"The tsunami in Japan, for instance, has a lot of people questioning nuclear power, but the demand is still there for the energy that it produces."
Crosshair Energy was exploring for uranium in Labrador before the ban was established in 2008.
Labrador's Nunatsiavut government narrowly passed a controversial bill to put the moratorium in place in April 2008. It passed in the Nunatsiavut assembly by a vote of 8-7.
The amendment to the Labrador Inuit Lands Act that imposed the moratorium required a review of the decision be conducted after March 31, 2011.
After a review, a decision to lift the moratorium was made unanimously last December.
The mining industry has been pushing Nunatsiavut to drop the moratorium, saying there would be significant potential economic benefits if development proceeds.
Uranium exploration in Newfoundland and Labrador plunged during the moratorium, from $58.1 million in 2008 to $3.2 million in 2010, according to federal figures.