A recent space.com video provides a nice overview why many people think in situ lunar resources are plentiful and could provide resources to support a lunar base or even a lunar economy. In particular, it speculates that the detection of hydrogen in permanently shadowed craters near the lunar poles could be due to the presence of water. The LCROSS mission is just 44 days away from its planned impact with one of these craters to see if any water is really there. That is, if it doesn't run out of fuel first.
It's been a few years since I kept current on the latest research in this area, but I'm hoping that taking an Extraterrestrial Resources course this semester will help me learn more about the state-of-the-art on the subject. Classes start this week, and I'm looking forward to another stimulating semester in the UND Space Studies program.