Summit's happening.

[sekrub]

Any contributor got a clue why Summit Resources
has plunged, and their website is under reconstruction?

I mean, it seems like after years of "next year in
Jerusalem" it's finally all over Rover.

That's what you get with mining and resource shares,
but I'd love to hear what's going on.

Hold 100,000 SMM, rapidly evaporating.

[paul29]

nice rise in the share price in the last few days .:D

[troyvdh]

Giday Paul29 (of "put your dosh in GRD" fame).Do you recall a few years back when SMM went from .06 odd to .70 odd over news it had discovered gold and uranium in some quantity ....its funny how history repeats itself..(read the SMM reply to the ASX).
Cheers.

[paul29]

Hi troyvdh,
things are getting interesting with this share ..i bought a few when they were trading at under 6c
I had a good look at this company when John Seton became the Chairman he's also a director of zedex


web site www.summitresources.com.au

[sekrub]

I was wondering why the SP had jumped from 6c to 12c
on such low volumes here, until checking SMM on the
Australian Exchange. What do Aussie mining punters know
that we don't?
Still, as someone who has held these "penny dreadfuls"
through thin and thin, this is a most welcome revival.

www.asx.com.au

[paul29]

share price up 66% last trade 15c :D


MINE: SMM: Summit to resume uranium exploration RESOURCE DRILLING AND PREFEASIBILITY STUDIES ON MOUNT ISA URANIUM PROJECT Uranium oxide price soars through US$20 pound and prompts Summit to re-evaluate its uranium assets. The Company is now under taking scoping studies to recommence uranium exploration and prefeasibility studies on its three uranium deposits at Mount Isa This price rise in uranium has sparked renewed interest in Summit's Mount Isauranium assets. Summit controls over 70 million pounds of indicated and inferred uranium oxide resources in three deposits at Mount Isa. With the uranium oxide ("U3O8") price just over US$20 pound, and a bull market in uranium predicted to continue for some time, Summit now plans to recommence drilling on the deposits. Summit is in the process of reviewing its uranium assets and resources at Valhalla, Skal and Andersons in the Mount Isa area. The three deposits contain measured and indicated resources of 50 million pounds of U3O8 and inferred resources of 75 million pounds of uranium. The plan is to double the Company's uranium resource base and recommence prefeasibility studies in preparation for mine development when the change of government in Queensland occurs, or the current government changes its policy on uranium mining. The market spot price for uranium oxide has continued to firm from a low of around US$7.00 a pound in 2000 to, over US$20.00 a pound by October 2004,with most of the price increase in the last nine to twelve months. Increasing demand from an expanding nuclear power industry and, with inventories,stock piles and availability of recycled material all at very low levels,demand is driving the price rise with uranium prices predicted to continue to firm throughout 2004 and 2005. The Valhalla and Skal deposits are located between 25 and 40 kilometres north of Mount Isa. Valhalla has drilled measured and indicated resources of 11.5Mt containing 36.5 million pounds of U3O8 with an inferred resource of over 55 million pounds U3O8. Skal, 10 kilometres east of Valhalla, has a drilled indicated resource of 2.7Mt containing 7.6 million pounds of U3O8 with an inferred resource in the order of 10.0 million pounds U3O8. The Valhalla and Skal deposits are covered by the Isa Uranium Joint VentureAgreement ("IUJV") between Summit (manager) and Resolute Limited (50%contributing participants). The Andersons uranium deposit is centred 15 kilometres east of Mount IsaCity. The EPM covering this deposit, controlled 100% by Summit, is in theprocess of being offered for grant by the DNRM. The Andersons uranium deposit has an indicated resource of 4.5 million pounds, and inferred resources of 10 million pounds, grading 1.67kg/t or 3.67lb/tU3O8 previously drilled by Queensland Mines Ltd. This resource, whilst not sufficient for a stand alone operation, could provide additional open pittable mill feed to a future milling and processing operation at Valhalla. There is potential to significantly increase all three resources by future drilling as all deposits remain open along strike and at depth. Currently the Valhalla resource is the forth largest undeveloped uranium resource in Australia behind Jabiluka in the NT and Yeelirrie and Kintyre in Western Australia. The resource drilling and recommencement of prefeasibility studies is now being budgeted and scoped. The exploration and test work would permitan immediate start to a bankable feasibility study for mine development on a change of government, or policy, in Queensland. Australia's federal government is supportive of uranium mine development andexport. Restrictive Queensland State government policy on the mining and processing of uranium in 1998, along with a then low uranium price, resultedin Summits' Mount Isa uranium projects being mothballed. With pressure now coming from rising energy prices, the need to halt and reduce greenhouse gase missions, environmentalists and green groups worldwide supporting the development of nuclear power, a change in the Queensland's government's uraniu

[Packersoldkidney]

Out the gate. Running to hard to fast. Bad craziness, as Hunter S would say. Now, I wonder who else has similar prospects in the next couple of weeks?!

[troyvdh]

This was always going to happen with increasing interest in uranium.To those 2-3 of us who have held this share for some time-GO SUMMIT GO you little beauty (again) Big question being will surpass the .70 achieved a few years back.

[sekrub]

Talk about deja vu.....finished A19c across the ditch. Must be a lot
of optimism that the Qld government will relent.
This has been a penny dreadful for so long, and now it is like
eight years ago when it passed 70c on the uranium discovery.

I'll just echo Troyvd, go you beauty, go!

Maybe a bit more patience will be really rewarding this time.

[sekrub]

Oooops....spoke too soon....SMM was up to A19c but closed @ 16.5....
should mean a bump up this side of the ditch when trading opens Thursday though.

Let's hope the Qld governmnet gets with the programme!

[roaddog]

sold all my SMM shares last week dudes bought in for 5c made over 200% profit :Dwell be investing in some more MTG shares

[IcedPaladin]

Brace yourself for a snap election in Queensland Beattie under seige

[huds]

Have you tried handing out flyers?

[Sharp737]

Be nice if it was true...