SMM-Summit Resources [Archive]

stolwyk

15-11-2004, 12:32 PM

SMM---SUMMIT RESOURCES LTD

Website: http://www.summitresources.com.au/

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=&freq=

Shares: 150.2 mill. Unlisted options: 12 mill. Current share price: 13.5 cents.

21 Oct: Annual Report:
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=272507

28 Oct: First Quarter Activities & Cashflow Report: Outflow: $0.447 mill. Cash: $0.649 mill.
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=273490

PROJECTS.
1. MT ISA--Uranium.
20 Oct: Summit to resume uranium exploration:
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=272326

Extract:
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 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 Venture Agreement ("IUJV") between Summit (manager) and Resolute Limited (50% contributing participants).

The Andersons uranium deposit is centred 15 kilometres east of Mount Isa City. The EPM covering this deposit, controlled 100% by Summit, is in the process 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"

At the moment, the Queensland Govt does not allow mining of Uranium.
20 Oct. 2004:

"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".

"There is potential to significantly increase all three resources by future drilling as all deposits
remain open along strike and at depth".

2. MT ISA--Copper/gold/base metals.
3 June 2002: Mount Isa Mines Limited Agreement (Farming out to 75%):
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=217291

30 Oct. 2003: First to successfully negotiate Native Title Agreements (NW Queensland):
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=248449

28 July, 2004: Aquires New Mount Isa Tenements & Projects
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=265765

7 Sept, 2004: Mount Isa Drill Results Scorpion & Pipeline Trusts

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

stolwyk

18-11-2004, 06:47 PM

This one has been profitable sofar, ran up to 20 later in Oct, back to 11.5 then up to 21 today and back to 20 cents:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=&freq=

STO= 85.7, so it wasn't pushed and dropped 1 cent of its own accord.

Pays to keep a close eye on this, I think.

__________________________________________

At the moment, the Queensland govt does not allow mining of Uranium.

20 Oct. 2004:
"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".

"There is potential to significantly increase all three resources by future drilling as all deposits
remain open along strike and at depth".

Gerry

Holds SMM
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

stolwyk

19-11-2004, 03:04 PM

MARTIN PLACE SECURITIES INVESTMENT RESEARCH REPORT

"Martin Place Securities has released an Investment Research Report on Summit Resources Limited (“the Company”). Martin Place Securities Pty Limited, a Sydney based Licensed Dealer in Securities (AFSL 247 404), released and distributed copies of the Report on 18 November 2004. The Report is also being made available on Summit Resources Limited’s web site (www.summitresources.com.au).

The Company generally agrees with the Report’s content and conclusions drawn, however the Report is not a Summit Resources Limited document, or release, and the Australian (“ASX”) and New Zealand (“NZX”) Stock Exchanges are being advised of the report by the Company in accordance with the Company’s Corporate Governance principles, in the interests of maintaining a fully informed market and ongoing disclosure requirements".

troyvdh

26-11-2004, 06:58 PM

Stolwyk, thankyou for your contributions.I've been mentioning SMM in the NZ forum.

stolwyk

22-12-2004, 05:18 PM

DRILLING RESULTS:

http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=278792

Extract:

"Summit has experienced delays on gaining drill access to the 10km long Golden Fault gold target at May Downs 40 kilometres west of Mount Isa where 3,000 metres of drilling in 20 RCP holes was due to be drilled.

These holes will now be drilled in early 2005 on the cessation of the current wet season.

The cause of the delays is related to Native Title issues and they have now been resolved".

Alan J Eggers

Summit Resources Limited
PERTH 22 December 2004

stolwyk

11-01-2005, 02:07 PM

Taken from www.minesite.com. (Thanks knuckles).

Minews Story
Date: January 07, 2005

A Political Turnaround On Uranium Would Be A Company Maker For Summit Resources.

By Robert Wallace

Mount Isa in northwest Queensland is one of the world’s premier mining provinces. Xstrata, Rio Tinto, BHP Billiton and Placer Dome are among the world’s leading miners exploiting its prolific deposits of copper, lead, zinc and gold. So it is only natural that a series of junior explorers are attempting to secure a foothold in exploration tenements in the Mount Isa Inlier region which lies around the central Xstrata owned Mount Isa Mines complex.

One of the leading protagonists in this endeavour is Australian listed Summit Resources which now dominates the block with a substantial tenement portfolio totalling of over 5,500 sq km of granted and applied for licences both to the north and south of three of the largest existing mines in the area, the Mount Isa, Hilton and George Fisher mines. The company believes that deep fracture zones, associated with hydrothermal fluid flows and alteration, lie along the major Mount Isa Paroo north-south fault zones and along north-west fault splays.

Summit is currently carrying out a 10,850 m RC and diamond drilling campaign to test several targets for gold, copper and zinc in the Inlier. Its three principal project areas are Isa North with four significant copper/gold anomalies, May Downs to the west of Mount Isa where gold mineralisation along the 12km Golden fault zone is coincident with small historic gold workings and Isa South where visible secondary copper and discovered gold confirms re-interpretation of 1990s BHP magnetic surveys. It also has outlier prospects based at the Constance Range, Eastern Metals and Mount Kelly sites.

The Company recently pegged the Constance Range iron ore deposits located 30 to 80 kilometres northwest of Zinifex’s Century zinc mine. The deposits were originally drilled by BHP in the mid sixties when it defined a resource of several hundred million tonnes but were abandoned by it in favour of developing the Panawannica deposits in northwestern WA. Infrastructure that was missing in the 1960’s is now largely in place with the recent building of the Alice Springs to Darwin rail line, plans to extend the railhead from Mount Isa to Tennent Creek and high voltage power available at the Century mine. Summit is now re-evaluating the potential development of these deposits and looking at the possibility of railing the material to the deep water port of Darwin for export.

However, what is currently exciting Summit’s share price is that it in addition to these many IOGC projects, it and its JV partner Resolute Mining own 50 per cent each of two huge uranium deposits at the Valhalla and Skal sites which together comprise Australia’s fifth-largest uranium resource. Valhalla, some 40 km north of Mount Isa, has an indicated resource of 11.5million tonnes containing 36.5milion lbs of uranium oxide; Skal, 10km east of Valhalla, contains a further indicated 7.6 million lbs. Together with a smaller third deposit nearby at Andersons (100 per cent Summit owned), total resources are 48.5million lbs of uranium oxide indicated and 75 million lbs inferred. An 8,000 metre drill programme in 2005 should increase this resource inventory substantially.

Australia is the world’s largest source of uranium in the word with 28 per cent of global known recoverable resources within its borders, ahead of Kazakhstan with 18 per cent and Canada with 12 per cent. It supplies 25 per cent of the world’s uranium, mainly to the US, Japan and South Korea. Estimates in 2002 showed Australia’s uranium exports were saving the world an annual 290 million tonnes of carbon dioxide emissions.

However, Summit’s world-class deposits have been sidelined for years due to the Queensland state Labor government’s historically restrictive policies on developing uranium mining and low uranium prices. The Australian federal government openly supports uranium mine development but states are fre

stolwyk

19-01-2005, 01:13 PM

Some publicity abour reactors and shortage of uranium to come:

+3 cents to 21.5 cents

stolwyk

28-01-2005, 05:30 PM

QUARTERLY, 31 DEC:
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=280852

Outflow 0.319 mill. Cash 0.594 mill

Extract:
"An 8,000 metre $1.5 million RCP and diamond drill program has now been budgeted to take place at Valhalla and Skal in 2005. In the December quarter Summit completed a review of its uranium assets and resources at Valhalla, Skal and Andersons in the Mount Isa area.

The deposits contain measured and indicated resources of 50 million
pounds of uranium oxide (“U3O8”) and inferred resources of 75 million pounds of uranium. With the U3O8 price now US$21 pound, and predicted to improve further over the coming year, resource drilling, designed to expand the resource base at all three deposits near Mount Isa will be undertaken in 2005.

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 policy, or government, in Queensland occurs".

tracker

07-02-2005, 10:00 PM

u truely are a legend
what should i say
lol
yours sincerely
tracker

Misc

07-02-2005, 11:07 PM

Be careful out there .. Uranium is Gerrys new ASC , or LUM , or NAL or GOLD , or whatever else he has spruiked from the top to the bottom on this and other sites! rgds misc

Miners step up uranium search
Robin Bromby
February 07, 2005
MURCHISON has hired London-based mining specialists SRK Consulting to find projects in three uranium-producing African states – Guinea, Niger and Mali.

A large number of companies are apparently on the hunt for yellowcake targets, here and abroad, as the price for the mineral looks set to rise over the next few years.

Uranium fetched less than $US7 a pound in 2001. Spot prices are now about $US21 ($27.24) a pound.

French uranium giant Cogema is known to be spending more than $3 million a year searching the Northern Territory for profitable deposits.

While analysts are predicting that metals such as iron ore and nickel could see prices come off from 2006 onwards as new mines come into production, uranium is moving into a deficit for several years as global stockpiles run down.

Moreover, uranium is not as sensitive to any economic hiccups as base metals and coal, especially if the Chinese stumble.

Its main use is in nuclear-powered electricity generation – and, as has been shown by the Japanese in the 1990s – consumers still want their airconditioners in summer even in tough economic times.

Far East Capital's Warwick Grigor, who has begun a long-term research project on uranium companies, said the mineral was much harder to find than most metals and Australian companies faced a steep learning curve.

"There are very few geologists here who know anything more about it than carrying a geiger counter around," Mr Grigor said.

Much of the most prospective ground in the Northern Territory was locked up by Aboriginal landowners. "That land is not going to see the sunshine for a very long time," he said.

Uranium is also set apart from other mining by politics.

Exploration companies will be eagerly awaiting the outcome of the state election in Western Australia where the Labor Government has blocked new uranium development.

Queensland's Labor administration has a similar policy, while South Australian and Northern Territory Labor support mining.

Energy Resources of Australia and WMC Resources are the only locally owned and listed producers, although a number of eager newcomers are trying to join their ranks.

The most advanced is Paladin Resources, which is close to developing the large Langer Heinrich deposit.

Murchison, which formerly owned the now closed Renison Bell tin mine in Tasmania, said it was focusing first on Guinea.

Mick100

08-02-2005, 01:22 PM

Agree Gerry - The iron ore and phosphate resource should not be overlooked. These two resources have significant value on there own.

I was a bit late on the scene with this one but did manage to pick some up at 19c a couple of weeks ago. [8D]

Mick

stolwyk

14-02-2005, 10:28 PM

On the back-of-an-envelope:

4 Febr.
I need to look deeper into the resources of SMM but just for now, a very rough job will suffice, I think.

1. ALL ASSETS BUT EXCLUDE URANIUM:
SMM has inferred resources of 200 mill tonnes + of iron ore (FE=51%), 50 mill tonnes of Phosphate rock (All inferred) and an undrilled gold zone of up to 10 km.

It also has a base metals project with some initial promising drilling results.

Capital: 152.9 mill shares, share price 25 cents, a market cap of about $A38.22 mill.

I would say there could be a considerable value in the iron ore for starters.

Assume that all this could be worth investing in at 25 cents a share, and one can then have the Uranium free.

++++++++++++++++++++++++++++++++

2. URANIUM.
There are about 50 mill lbs of indicated and measured U3O8 and 75 mill lbs of inferred U. SMM holds about 70 mill lbs of that

The plan is to double that by drilling. Let us assume that they do manage to expand the resource from 70 mill (Their share) to 120 mill lbs.

Current spot is $US21/lb and contracts about $US25/lb. Price is increasing. By the time they are starting a mine -if they are allowed to- spot could be say $24US or say $A31.16 or say $A31/lb (0.77).

The resource is then worth: $A3.72 Bill. Market Cap is $A38.22 mill (See above), so, per $1 market cap we would get $A97.33, say $95. Nice one, high number!

*NEW* (14 Febr):
Calculating it another way: There could be the equivalent of 8.815 mill ounces of gold bought for a market cap of $A38.22 mill. or $A4.33 per ounce; a nice low number but of course the drilling will need to double the resource;

still, very good without even doubling the resource($A8.66); still good at *half* the current resource ($A17.32), I would say, assuming the Uranium price keeps up: very few reasonable discoveries lately:

Could be looking at a $A1+ , once permission is obtained and doubling up of resource has been achieved? Add to that the 25 cents or more? for the other resources.

IMHO, THE CURRENT SHARE PRICE PRICE ONLY PAYS FOR THE OTHER RESOURCES AND THE IMPORTANT URANIUM RESOURCE IS FREE!

It is important, because if the whole resource (From both partners) is doubled, then it will easily be #3 in Aussie.

Ideally, another 6 months are needed for drilling part of the gold resource; one has to wait till the wet season is over.

This is a speculative stock.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.
Subject to audit.

eel

15-02-2005, 01:48 PM

Hello I have been watching this puppy since Jan $0.20 and may have missed the boat is it better to buy on the ASX or NZX ? is the exchange rate going to play a big part. Is the Queensland Gov likely to change its polacy ? Allready hold NOG/NOGOC/NEO another specky will fit[?]

IcedPaladin

15-02-2005, 03:34 PM

[quote]Originally posted by eel

Hello I have been watching this puppy since Jan $0.20 and may have missed the boat is it better to buy on the ASX or NZX ? is the exchange rate going to play a big part. Is the Queensland Gov likely to change its polacy ? Allready hold NOG/NOGOC/NEO another specky will fit[
There was an interesting article in The Courier Mail a few days ago reguarding Xstratas takeover bid of WMC.
It was stated that the government would not stand in Xstratas way of the takeover.
Xstrata also has mining interests in the north Queensland.
Who knows if Xstrata has the government on side they may well make a bid for Summit with a bit of loose change.
They will pick up a massive resource for very little and I bet they will be prepared to wait.
12,000 shares in NZ @34 cents = $4109 including brokerage
12,000 Shares in A$ @31.5 cents = $4203 including brokerage

HAV up 30 cents today WOW

eel

15-02-2005, 04:26 PM

Has the Change in director's interests had much to do with the SP going up $0.05 or is there more news i have missed

stolwyk

20-02-2005, 08:43 PM

Email to the Queensland Government.

This email expresses my admiration for one of the most intelligent governments in this world. And yes, you may use this.

At the moment, foreigners are buying cheap Aussie SMM shares due to your refusal to allow mining: very clever move!

I suppose you don't need the tax arising from any successful uranium mining; yours must be a lucky State not having to worry about tax income.

Of course once WMR has been taken over, the new owner will make a beeline for SMM's uranium assets. This owner can afford to wait till finally permission is given to mine SMM's U assets.

I suppose you would have thought about this before anyone on HotCopper did? Clever thinking that and what a perception!

I suppose you won't object then to this new (foreign)owner buying the SMM's assets for nothing? You don't?

I always knew that your Govt likes to look after foreigners snapping up your valuable assets. What social thinking!

I assume the world is well aware of your generosity by now? Some say that your Govt is the laughing stock in this world. That is unkind of course.

Should the Central Australian Govt want to override you, I suggest you climb on a horse and tell them to lay off because your Govt's attitude to mining and the controversy is bringing in the tourists.

They are constantly assembling at your Govt's HQ wanting to shake hands with such an intelligent Govt.

And the money they bring in is worth more than all that silly uranium mining!

Gerry

tracker

20-02-2005, 09:03 PM

stolli my man i am sure you opinion counts
lol
tracker

stolwyk

21-02-2005, 07:11 PM

Just having a bit of fun on HC, actually,

SMM rose 20% to 39.5 and is starting to climb Mt Everest. It is no stranger to that action:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=au%3Asmm&draw.x=25&draw.y=8

Very good demand. STO=64

I prefer some sideways trading but it may move North instead and could later top out. When? I don't know.

Got a email from Europe and SMM was discussed. It is clear that foreigners are moving in.

Gerry

davidrob

21-02-2005, 07:44 PM

Simply Superb Stock Selection Gerry.. [^][^]:)

Big Well Done & Super Congrats mate [^][^]:)

Its interesting, and even ODD; that our Threads...and PICKS, rarely connect...

But be assured I do carefully take your selections IN and observe....we must have different criteria and/or tastes,

Certainly cannot & will not ever argue, with your Track Record Though Gerry....really truly Excellentalo !!

By the way put a little note re. your good self on the Senetas thread...

By the way, ............What is your Basic Stock Choosing strategy, criteria or thought-line/insight/guiding force etc....ie: what tends to pique your curiosity??

Picking /Researching/Investigatory all instersting and you've obviously got excellents competencies and skills in this arena which at them end of the day is partly art//feel... and partly statistical logical probability theory AND the science of correctly assessing and ascribing likely Market VALUE and for that reason I guess Valuing is so important, at least as far as I can dimly Tell, from where I sit and ascertain !!!...hmmmm... :);)

Penny for your good thoughts Gerry...

Kind regards,

Robbo:):)

stolwyk

22-02-2005, 01:25 PM

Thanks for your kind thoughts Robbo,
Am very pleased the way MAL is going; there seems to be demand for it. The BSF study not too far away so people get prepared for it, particularly with the latest zircon discovery.

Of course, investment is not a precise action. I believe it is important to get a couple of big ones each year and that compensates adequately for the losses.

Say, one gains say 300% net on a stock, then I wouldn't worry too much about say losses of 30% on 3 stocks. Mind you, a person backing those 3 losers but not that big winner, won't be pleased. Still, it is all at her/his risk.

At the moment I have a good run with MAL, SMM, CSM and vacated HAV a week or so ago. MAL is still young but the last 3 have been kind to me. SMM is about 42 cents just now; see how it goes.

There are other slower ones, however there always will be some losses as well.

You made some good picks; I see that SEN moved ahead.

See ya,

Gerry

Revhead

22-02-2005, 01:44 PM

and just when you thought it couldnt get anymore sickening we get the last two posts.

stolwyk

22-02-2005, 02:27 PM

I think the most sickening post from you was when you left and then returned within a week.

If you don't post here anymore why then enter your useless comment.

IcedPaladin

22-02-2005, 04:08 PM

Theres just no stopping Summit this week.
This company knows they have a huge Uranium resource just lying in wait for a change of government or a change in mining policy.
Why then are they drilling more holes and doing a prefeasibility study to determine the worth and establish just how big the resource really is.
Is there a potential buyer waiting in the wings?
I think so.
Buyers are queing to get a bit of the action, about 30% in two days

stolwyk

22-02-2005, 05:48 PM

They want to double the resource, hence drilling more holes later this year.

They could combine both entities, then list it on the TSX. Must contact them soon.

At the moment, it is consolidating to prevent a retrace, I think.

Gerry

miner

22-02-2005, 05:52 PM

Rampers just love shares like SMM as they can wave a BIG juicy carrot in front of the sheep,as in IF? they ever get to dig up there uranium they will be worth squillions,so Gerry and davidrob can do there back of envelope calculations saying they will be worth X etc.

Big buyers coming in from overseas you say Gerry?,when else did you say that ummm LUM that was it,or should that have been big sellers???,seen it all before Gerry.

Play on sheep's greed emotions ay boys,by the way next time you two email each other sort out a better dual ramping system as your current one is a tad obvious[B)].

Gerry the legend over a year late on the uranium boat but now all hands on deck and full steam ahead for the pump and dump voyage[:0][B)][:X].

stolwyk

22-02-2005, 07:33 PM

You are not balanced, Miner.

I told you, you suffer from ramper paranoia. Prices of SMM won't be decided here but HotCopper being 20 times the size of ST has much more dissemination power.

How far you have sunk is shown by by your suggestion that Mick100 and I were homosexuals. The problem is that some who are thinking about this are preoccupied with this notion.

What I am suggesting is that you indirectly were solliciting.

Not me thanks, but you can ask Mick, of course.

Pull yourself together; if you refuse to post here then don't come back writing rubbish nobody cares about.

How silly!

Gerry

22-02-2005, 10:19 PM

Miner you know your old mate Gerry Stolwyk so well.

miner

22-02-2005, 11:02 PM

quote:Originally posted by stolwyk

You are not balanced, Miner.

I told you, you suffer from ramper paranoia. Prices of SMM won't be decided here but HotCopper being 20 times the size of ST has much more dissemination power.

How far you have sunk is shown by by your suggestion that Mick100 and I were homosexuals. The problem is that some who are thinking about this are preoccupied with this notion.

What I am suggesting is that you indirectly were solliciting.

Not me thanks, but you can ask Mick, of course.

Pull yourself together; if you refuse to post here then don't come back writing rubbish nobody cares about.

How silly!

Gerry

So my lustful fantasy of having you as my b*tch will never happen is that what you are saying Gerry[?][?][?],PLEASE reconsider as I promise I would be gentle when I wiped you for being a naughty boy for ramping all day and half the night:( rather than seeing to my every whim[:X][:X][:X][:X][:X].

Mick100

22-02-2005, 11:20 PM

Gerry, don't make refference to myself in your personal squabbles. I'm not surprised you get had up for ramping ocassionally after reading that BS on TYC over the weekend.

Mick

stolwyk

22-02-2005, 11:32 PM

Miner,

Why don't you just disappear as you have been doing and come back with more rubbish when you are ready.

miner

22-02-2005, 11:46 PM

Yep it would be a hell of a lot easier to ramp to the sheep on this site if people didn't pull you up for it ay Gerry[?],not going to happen though,unless you stop ramping[?],I know it's not going to happen,until next time love and kisses sweaty,you hard to get one you:([:X][:X][:X].

stolwyk

23-02-2005, 09:31 AM

A new contract signed by the world's biggest producer of iron ore and Japan, increases iron ore prices by 71.5%.

Part of the increase goes to increased shipping charges.

SMM has iron ore (See this page). Metals are stronger with the US dollar down.

thekiwi

23-02-2005, 10:19 AM

Got to admit tho, the share price is certainly humming along ... especially since mid Nov '04 and the steady volume since Feb is nice.

http://home.infobahn.co.nz/images/asx/smm/20050222_daily.png

tracker

23-02-2005, 10:30 AM

hey rev good to see ya posting mate
and miner well what should i say trying to keep last meal down lol
have a great day
stoll make some money
tracker

stolwyk

23-02-2005, 12:04 PM

For starters, the market refused to side trade and a correction took place to 37.5 cents:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=au%3Asmm&time=8&freq=1

It was climbing Mount Everest anyway, so I don't worry too much about that topping out.
_______________________

The shares ought to be worth more due to 2 items of news to come through overnight:

1. Uranium increased by $US0.65 or A81.86 cents/lb(0.794).

SMM has 70 mill lbs so the extra is worth $A57.30 mill.
It will try to double that resource by drilling this year.

2. The largest iron ore producer managed to get an increase of 71.5%. Say SMM could get 60% on the estimated $US35/ton price, an increase of $US21 or $A26.448/tonne.

SMM has 200+ mill tonnes of ore, so, the In Situ value increases by $52.9 mill.

From above, the total increase IN SITU is $A110.2 mill or $0.72/share. (152.9 mill shares).

So, all this from 2 news items last night!

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

stolwyk

04-03-2005, 04:54 PM

Half year report:

http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=284127

Misc

04-03-2005, 11:57 PM

Should about cover your losses in SIM aye 'Gerry' ??

Misc

stolwyk

05-03-2005, 03:00 AM

You are thinking small again. Picked up about 300% NET from SMM. The problem with you is that you don't study these posts; you merely attack the post writer. Try to think big and contribute in a positive manner.

What about SIM? I paid 25.5 cents and it is now 24.5 cents? Seems you never had any mining shares.

You could have made a lot of cash on SMM; unfortunately, you were concentrating on me instead.

Just stalking and interrupting is not good enough, unfortunately.

stolwyk

07-03-2005, 05:50 PM

ANNOUNCEMENT SUMMIT RESOURCES LIMITED HAS $7.2 MILLION IN CASH CAPITAL RAISING AT 30 CENTS A SHARE

Summit Resources Limited (“Summit”) has completed a placement to a limited number of investors of shares (“Placement Issue”) to raise further working capital and for exploration and drilling operations at Mount Isa.

The Placement Issue of 22,783,000 ordinary fully paid shares was made at an issue price of A$0.30 per share. The Placement Issue raised A$6,834,900 and, with existing company funds, Summit now has $7.2 million in cash. The Appendix 3B application to list the Placement Issue shares will be lodged following bank clearance of the application monies and the allotment of shares.

All Placement Issue shares will rank equally in all respects with the existing ordinary shares of the Company on issue. On allotment immediate application will be made to the ASX and NZX to list the Placement Issue shares on both Stock Exchanges.

The Placement Issue is being made in Australia pursuant to excluded offers for the purposes of section 708 of the Corporations Act 2001. Directors or their associates have not participated in the Placement Issue.

The capital raising reflects major shareholders’ strong support for the Company’s assets and exploration activities. The A$6,834,900 raised will be immediately applied to the Company’s 2005 Mount Isa uranium, copper, gold and base metal drill programs with drilling now anticipated to recommence in April 2005.

The planned drilling will take place over the remainder of 2005 with holes drilled into Valhalla, Skal and Andersons uranium deposits, several Isa North copper gold targets, the May Downs gold and the Red Dingo copper gold targets. In addition we will commence evaluation of our Constance Range iron ore deposits.

Alan J Eggers
Summit Resources Limited

Mick100

07-03-2005, 06:32 PM

That's very good news

Provides additional evidence that this company has legs and is not just a flash in the pan.

Mick

tracker

07-03-2005, 06:36 PM

ok ok who is passing the bucket around, I for one given the short term (i hope ) thoughts in my head well I seriously need a ditraction bout the size of Hiroshima (not that I know what it would hav efelt like and apologies to those personally connected
but WOW
YUK city
stolli that goes to all your posting
tracker

stolwyk

07-03-2005, 07:16 PM

Tracker,

It seems you want to make comments on all my threads.

I am a busy man, so don't expect an answer every time. Courtesy prevails.

stolwyk

08-03-2005, 02:05 PM

Positive reaction: share price 44 cents (+7)

Sharp737

08-03-2005, 08:15 PM

Heck, I sold too early. Lots of steak still left on this bone...Ah well...
Kev

davidrob

08-03-2005, 11:08 PM

Hi Gerry,

Got a querry for ya on the Scimitar (SIM) thread, if ya get the chance, but of course do not break your Boiler...not urgent, just interested in your opinion....

Regards,

Robbo
quote:Originally posted by stolwyk

Positive reaction: share price 44 cents (+7)

stolwyk

10-03-2005, 11:25 AM

Summit extends control in West Block Mt Isa-Glengarry JV
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=284458

stolwyk

31-03-2005, 01:04 PM

Uranium increased by 50 cents to $22.50

Bought some more for 34 cents.

I did some sums on this and reasoned that without Uranium, the share price could be 30 cents. At the current price of 35 cents, that leaves 5 cents/share for the uranium!

They were talking about trying to double their present 70 mill lbs Uranium resources to 140 mill. Drilling to start this year.
Question: If so, will the share price still be 35 cents?

I am going to contact them now and ask them to split the Uranium from the rest, so we have 2 companies. The Uranium company to list in Australia and TSX.

Gerry

combi

31-03-2005, 01:08 PM

They have a U asset sure, but what use is that if you are not allowed to get it out of the ground!!!

Cash flow is king!!!

stolwyk

31-03-2005, 01:25 PM

As Uranium prices move up, asset prices will move with it. I think the TSX will understand the situation. Let them make the money, what a good idea!

Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

Misc

31-03-2005, 03:08 PM

Stolwyk 'did some sums and reckoned the shares were worth 30c without the Uranium ' ??

Not what you posted on HC ol boy! Hehehehehe

Subject re: the w/end aust/inquirer
Posted 27/03/05 17:39 - 125 reads
Posted by stolwyk
IP 203.96.xxx.xxx
Post #553884 - in reply to msg. #553882 - splitview

As mentioned before, the 38.5 cents are for the other interests, SMM has.

The Uranium is entirely free and costs nothing.

It has not been accounted in the share price IMO.

Gerry

Anyone relying on the above errrrm 'advice' is down 12.5% already!
Well done Gerry!
Misc

stolwyk

31-03-2005, 05:37 PM

THe MD has replied:

"Thank you for your email. We do have medium term business plans and they do include a possible "spin off" of some of our assets. However, this will only be done when we have sufficient detailed information and or additional new discoveries or resources to make it worth the cost".

Dazza

26-04-2005, 01:42 PM

taking a keen interest in this now
try my hand at trading this puppy

currently in a downtrend, waiting for it to turn be4 i jump in

stolwyk

29-04-2005, 03:48 PM

Cash on 31 March: $7 mill. To spend this year on drilling $2.5 mill.

It was mentioned that SMM has a number of Uranium Prospects (Only 3 were mentioned before) but sofar they discovered 75 mill lbs(their share) from 3 deposits only. Another 50 mill lbs is owned by Resolute Mining.

SMM will be enlarging this 75 mill lbs by further drilling of these 3 deposits but also by tackling 4 new deposits:

"The Western uranium prospect is located 2 kilometres east of Skal on the Western Fault. Here rock chip sampling has returned anomalous uranium, 1,415ppmU3O8 (3.12lb/tU3O8), copper, 0.22%Cu, and vanadium, 386ppmV2O5 (0.85lb/t V2O5) from a 600 metre long zone of hematite ironstone shale breccias. 1,000 metres of drilling into these iron rich uranium copper breccias is planned for 2005.

Rock chip sampling of hematitic and carbonaceous shale, quartzite and breccias at the Mixabe uranium prospect, returned anomalous uranium, 825ppmU3O8 (1.82lb/tU3O8), copper, 936ppmCu, lead, 2,320ppmPb, and vanadium, 411ppmV2O5 (0.91lb/t V2O5).
The 400 metre long anomaly is along the same fault zone as, and a kilometre south of, the Western prospect and will also be drilled in 2005 with 1,000 metres planned for the anomaly.

The Bikini and Pile uranium prospects are associated with a 600 metre long northwest trending magnetic and radiometric anomaly. Here, recent sampling of hematite altered magnetite bearing iron rich carbonate shales have reported up to 1.26% copper along with anomalous uranium, 236ppmU3O8 (0.52lb/tU3O8) and vanadium, 521ppmV2O5 (1.15lb/t V2O5). These two uranium prospects, 8 kilometres to the southeast of Valhalla, will be the targeted with 1,000 metres of drilling this year.

The Report:
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=288614

Dazza

02-05-2005, 05:40 PM

would u say that SMM has turned? now up to 33cents

maybe i missed the turn around at 28cents?
*was trying to be greedy and buy at the 26 cent mark.

stolwyk

03-05-2005, 12:04 PM

Bought my last lot at 30 and below.

Drilling has started.

stolwyk

04-05-2005, 12:44 PM

Good news: Uranium up $2.25 to $US26.25. The In Situ value of the 75 mill pounds is increased by $168.75 mill or 96 cents per share. (175.7 mill shares).

The total In Situ value of the 75 mill lbs is $US1.96875 bill or $A14.36/share (Forex: 0.78). Current share price 31 cents.

Thus the In Situ value of $A1 share capital is 1/0.31 or $A45.58.

SMM will increase their Uranium holdings and will start drilling shortly.

Gerry

easy money

04-05-2005, 08:12 PM

hello stolwyk....your numbers are starting to go into orbit...i am interested to here from you..are you a long term holder in this stock..or simply speculating

troyvdh

05-05-2005, 11:04 AM

I'm with you stolwyk in having faith in this company.I've been a holder for yonks.The directors hold a majority (?) and with another issue at 30 cents being snapped up a firm price base (again) is being established.I believe folk have yet to realise that nuclear power will play an increasing part in all of our lives.Now if those pesky Queensland politicians could be convinced to change there stance........

stolwyk

05-05-2005, 12:00 PM

Thanks Troyvdh,

You were the originator of this thread and I believe you saying that you have had SMM for a long time.

I have been with them for some time and have been treated very well.

URANIUM IS MOVING TO CENTRE STAGE

And one needs to be aware of it.

Adjustments in U3O8 prices are made during Tuesday nights, so any raise can be picked up here:

http://www.uxc.com/review/uxc_prices.html

Cheers,

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

He ma, look there: the Chinese want to buy the White House! (GS)

stolwyk

06-05-2005, 11:25 AM

Uranium Stocks Jump After Big Surge In Spot Price
May 4, 2005
By Lynne Olver Of DOW JONES NEWSWIRES

VANCOUVER (Dow Jones)--Stocks of Canadian uranium producers and
explorers jumped Wednesday after a consulting firm reported that
prices in the thinly traded uranium spot market surged 9% in the
latest week, a huge increase for a commodity that has been steadily
rising.

Analysts said Ux Consulting's weekly U3O8 spot price jumped US$2.25 to
US$26.25 a pound, while long-term prices remained at US$28 a pound.

In Toronto, shares of producers Cameco Corp. (CCJ) and Denison Mines
Inc. (DEN.T), and shares of junior explorers such as UEX Corp.
(UEX.T), International Uranium Corp. (IUC.T) and Western Prospector
Group Ltd. (WNP.V), closed higher.

Cameco rose 4.3% to C$52.28 on about 909,000; Denison ended up 3.9% at
C$16.89 on about 229,000; UEX gained 9.9% to end at C$1.88 on about
703,000; International Uranium closed up 6.9% at C$4.97; and Western
Prospector finished 11.1% higher at C$3.00.

Toronto-based miner Denison is cited as one reason for the big
commodity price increase. It will be the manager of a new Canadian
corporation that plans to buy and hold uranium for the long term. The
initial public offering of the company, called Uranium Participation
Corp., hasn't yet closed.

Earlier this week, Denison Chief Financial Officer Jim Anderson told
Dow Jones the company had put tenders into the market on behalf of
Uranium Participation for supply of the material, and was evaluating
responses. Actual purchases won't occur until the Uranium
Participation IPO has closed, which is expected later this month. The
final size of the public offering of shares and warrants isn't yet
known, but observers have said it could be up to C$100 million if
underwriters exercise various options.

The jump in spot prices is at least partly due to the new company,
said Haywood Securities analyst Jim Mustard. "The realization that an
C$80-million to C$100-million fund is coming to buy up product to
essentially take it off the market is going to have an impact," both
real and psychological, Mustard told Dow Jones.

It has become a "chicken-and-egg" scenario now, Mustard said, with
parties that have uranium available likely withholding it from sale,
on the expectation that more buyers will emerge, while buyers will
want to be ahead of the curve and buy now, not next month when the
price could be higher.

Uranium spot-market volumes for April were lighter than volumes in
March, but market activity remains strong, RBC Capital analyst Fraser
Phillips said in a note to clients.

"The record-setting jump in spot price is attributable to traders
setting offer prices well above market, and the very visible
solicitation for 3 million pounds of uranium by the newly launched
uranium commodity fund, Uranium Participation Corp.," Phillips wrote.

Denison is to receive a minimum C$400,000 a year fee to manage Uranium
Participation, plus a commission of 1.5% on the purchase and sale of
uranium. The new company has applied to trade under the symbol "U" on
the Toronto Stock Exchange.

On a quarterly conference call Monday, an analyst asked Cameco
President and Chief Executive Jerry Grandey whether the emergence of
Uranium Participation was having an effect on prices in the market.
"Not yet," Grandey replied.

Grandey also said his company wasn't interested in managing a uranium
fund or trust similar to the one Denison will manage. -Lynne Olver,
Dow Jones Newswires; 604-669-1595

stolwyk

10-05-2005, 04:27 PM

LATEST FROM SMM:

"Uranium oxide price is now US$29 pound

Roche Drilling are now drilling the third hole into Summit's Golden Fault gold target 40km west of Mount Isa.

This will be immediately followed by drilling the Valhalla, Skal, Andersons, Bikini, Pile, Mixabe and Western uranium prospects near Mount Isa where the Company already controls inferred resources of over 75 million pounds of uranium oxide.

May 9, 2005*
US$29.00/lb
(+2.75)

* Weekly price delayed

Alan J Eggers

Managing Director

Summit Resources Limited

Dazza

13-05-2005, 11:37 PM

strong gains lately from SMM
reached 36cents nearly!

if one brought at 28cents not so long ago, thats an easy 8 cents gain or nearly 30% :D

*watching closely

Dazza

25-05-2005, 06:47 PM

back down to 29 cents, or a 10% drop today

no news or anything, trading sideways IMO
with the recent cap raising at 30 cents, it shouldnt drop by that much. ie 27 mill

annual report = 150 mill

therefore total of 177 mill shares..

howeva..

(iv) UNLISTED OPTIONS
At the date of this Annual Report the Company has on issue 8,666,668 unlisted options entitling the holder to subscribe
for a fully paid ordinary share in the Company at 10 cents per share on or before 31 August 2005 (“Class A Options”) and
3,333,333 unlisted options entitling the holder to subscribe for a fully paid ordinary share in the Company at 15 cents per
share on or before 31 August 2005 (“Class B Options”). There are 30 Class A Option holders and National Nominees
Limited holds 4,333,333 (50.00%) of the Class A Options and 1,250,000 (37.50%) of the Class B Options and Bear
Stearns Fbo Firebird holds 2,083,333 (62.50%) of the Class B Options.

theres about 10 mill options... to be exercised be4 end of august.. at roughly 10 or 15 cents exercising...

im gonna see alot of Apendix 3b forms being issued.... thats a good 200% gain

i may hold off buying until afta august..

Seneca

19-06-2005, 07:20 PM

It is difficult when reading the SMM story not to be captured by the logic. However when you read the pronouncements of Beattie and Co they seem immune to the stupidity their position -- they take perverse pleasure in the statement " no more uranium " He is very much entrenched in Queensland -- isn't that the end of story

stolwyk

27-06-2005, 08:40 PM

FAR EAST CAPITAL REPORT JUNE 2005.

http://www.summitresources.com.au/

Locate "REPORTS" (On your left)

Extract:

SMM is our preferred Australian-based uranium company, for the following reasons;
1. Compelling Fundamentals: At current uranium prices (US$28/lb), SMM could earn Net Profits of $62m p.a. (35¢ per share) on a 50% share of a 2.5 mtpa operation, producing 2,700 tpa U3O8.

This places the shares on a prospective PE ratio of <1x. The numbers improve with an expansion.

2. The size of the resource: Summit controls one of the largest underveloped oxide uranium resources in Australia. The combined resources of the three orebodies total 35,000 t U3O8, enabling a mine life of 10-20 years.

3. The grade of the resource: at up to 0.127% U3O8, the grade is well in excess of the benchmark
0.1% we see as the cut-off.

4. The style of the geology: as hard rock breccia-style bodies, Valhalla orebodies lend themselves to more conventional style open pit and underground mining (as opposed in In-Situ Leaching, which
involves a longer lead time to commercial scale production).

5. The exploration upside: SMM is currently drilling for extension of the resources. We expect results will begin to be released by early July, with continuing results for a number of months that could significantly expand the resource. SMM has around 20 other uranium prospects to investigate and explore.

6. Long term commitment: SMM is not a “Johnny-come-lately” company seeking to capitalise on the latest hot commodity. Just like Paladin Resources, it has been a committed uranium company for many years. As such it understands the industry and its issues.

7. Institutional appeal: SMM has sufficiently attractive fundamentals to be a preferred uranium stock for institutions. It’s market capitalisation of $57m is large for the punting type private investors, but small by institutional standards, but is starting to get onto the radar screen of institutions. There is plenty of room for re-rating.

8. Market Capitalisation Per Pound of U3O8: At only US$1/lb, it is actually lower than many other companies e.g. Arafura, Deep Yellow, Jindalee, Nova, Omega.

9. Corporate Angle: It would not be surprising to see the Valhalla project rationalised. Resolute has 50% of two of the orebodies, but these do not fit comfortably with its gold division. SMM is in the
box seat to strengthen its position.

10. Non-Uranium Projects: Until the political clouds lift on the future of uranium mining in Australia, it is wise to have projects in other commodities. SMM has a very interesting iron ore project on the
Qld/NT border, as well as extensive holdings around Cloncurry and Mt Isa, prospective for copper and gold.

Disclosure: Given the comments above, it should be no surprise that Far East Capital Ltd and associates own shares in SMM, and it assisted with the placement of shares at 30¢ earlier this year.
__________________________________

Comment: Read the Disclaimer at end of their report.

Dazza

28-06-2005, 10:56 PM

a great surge today for SMM up 17% :D

although i aint touching it just yet....
i see the phat cats still have 8 mill options...

already they are 4 baggers .. or thereabouts..

with exercise date at 30 august , im sure they will take up all their options!

IcedPaladin

29-06-2005, 08:42 AM

The options will further increase their available funds and only slightly dilute the value of the share.
The option holders are the major shareholders who funded much of the last capital raising at 30 cps when only a couple of months prior the share price was single digit.
Surely they deserve some of the credit for the massive hike in share price.

rocket science fiction

29-06-2005, 11:28 AM

quote:Originally posted by Dazza

i see the phat cats still have 8 mill options...

where can i get this info?

stolwyk

29-06-2005, 12:37 PM

Not worthwhile thinking about the options. It is best not to "fish behind the net", me thinks.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

Dazza

29-06-2005, 05:08 PM

quote:Originally posted by rocket science fiction

quote:Originally posted by Dazza

i see the phat cats still have 8 mill options...

where can i get this info?

from their quarterly
check it on their announcements

you are correct there gerry
but ill wait a while :D

if i miss it, there is still MTN and SIM to play with :D

stolwyk

03-07-2005, 07:34 PM

Thanks NightStalker (Source is not given)

"For those holding SMM and others, this could be VERY interesting. Will have to see how it plays out:

----------------------------------------------
"Commonwealth seeks advice on NT uranium ban

The federal Resources Minister says he is seeking written advice on whether he has the power to overrule the Northern Territory Government's ban on new uranium mines.

The Minister, Ian Macfarlane, had said he had no power to intervene if Territory Labor chose to stop uranium mining.

But a legal academic from the Australian National University has since challenged the Minister, saying the Commonwealth does have the power to override the Territory, as it did with the right to die bill in 1996.

The Minister has declined to respond to the comments.

But a spokeswoman says Mr Macfarlane is now seeking further advice."
_____________________________________

Comment: That could be interesting. Need to wait for results. I don't know the relevance to Queensland. It is clear that the Howard Govt is very keen to get the Uranium resources exploited.

Gerry

IcedPaladin

04-07-2005, 09:56 AM

There was mention made some time ago of something happening on July the 6th. Stolwyk can you tell us some more.

stolwyk

04-07-2005, 12:07 PM

Overview of Uranium Price, Supply, and Demand
http://www.uraniumminer.net/

Company confident NT uranium mining will go ahead
http://www.abc.net.au/news/newsitems/200507/s1405390.htm

IcedPaladin

04-07-2005, 03:45 PM

AHHHHHH found it Stolwyk the significance of July 6th in one of your earlier postings. Quote "The present coal ition could have the majority in the senate on July 6th. If so, they will overide the States". Does this still apply?

stolwyk

04-07-2005, 04:28 PM

I must enquire about that. I don't keep up with Aussie elections. One of the H/C discussion leaders was suggesting that. Will ask him.

Gerry

sekrub

06-07-2005, 07:44 PM

Hmmmmm.....closed down 3c in Oz, hope it's just profit-takers,
and not News of a continued ban on mining by Qld State Govt.
But it usually means a drop first thing in NZ, when trading starts Thursday.

Been a darned good trend over the last few months, nevertheless!

IcedPaladin

12-07-2005, 05:38 PM

Very quiet of late.

No news for two months.

Expected announcement early July of recent drilling activity.

High volume just recently with a rising share price 10 cents in a month.

Maybe some good news on the way.

rocket science fiction

15-07-2005, 12:16 PM

huge interest this morning with a lot of momentum behind it
i wonder if some news has leaked:D

stolwyk

15-07-2005, 05:38 PM

Is 48 (+7). Was 49.5

rocket science fiction

15-07-2005, 08:40 PM

a SPECtacular day for SMM after an increidible open it declned in the midle of the day but still managed to finish well up on yesterdays close. blue sky from here:D

stolwyk

16-07-2005, 10:27 PM

From the MD, mr Eggers:

FOLLOWING THE RECOMMENDATION ON SUMMIT IN THE US DINES NEWSLETTER

THE US GOLD REPORT INTERVIEWS JAMES PASSIN

"SUMMIT IS GOING TO INCREASE IN VALUE SIGNIFICANTLY ON A CHANGE IN POLICY"

"I THINK THERE IS SIGNIFICANT UPSIDE IN THE STOCK"

James Passin 14 July 2005

Part of what James had to say is:

"One of the most exciting ways to play uranium is Australian. Australia’s uranium deposits are not as high grade as some of the uranium deposits in Canada, but they are substantial."

"Summit Resources owns a 50% interest in the Valhalla Mine in Queensland, which is a world-class uranium mine with resources of about 70 million pounds."

"There is pressure on Queensland, which is one of the last states of Australia to still have an outright ban on uranium mining, to lift the ban. What’s very ironic is that Queensland is a big coal producer—I find it mind-boggling that it’s fine to mine coal, but uranium mining is not going to be allowed. It’s inevitable that the state of Queensland is going to drop its ban on uranium mining. And the minute that that happens, Summit Resources is going to increase in value significantly."

"I am not an expert on Australian politics. I have the simple view with respect to Summit that if uranium pricing gets high enough, and I think uranium pricing is going to go a lot higher, then the economic consequence of not permitting the mine that will be too much to bear. There will be too much pressure on Queensland to back down. There are articles every day now in major Australian newspapers urging Queensland to abandon its ban on uranium mining. I think it’s destiny. And right now there’s some optimism in the market that the permit will be granted, but there is not conviction in the market that this will happen. I think there is significant upside in a stock."

"And what’s very exciting is Summit has some legacy exploration property near the Valhalla Mine that it never bothered to do any work on. But as soon as the ban is terminated, Summit can do a lot of low-risk exploration that will significantly increase the value of its property. I like Summit a lot more than a lot of other uranium juniors because it has a real tangible asset that’s just waiting for the government to change its ridiculous policy, as opposed to being a pure exploration story."

The full interview with Passin is copied below.

Alan J Eggers

Managing Director

Summit Resources Limited

PERTH 16 July 2005

++++++++++++++++++++++++++++++++++++++

THE COMPLETE GOLD REPORT:
http://www.theaureport.com/cs/user/print/na_u/19?x-layout=20

easy money

17-07-2005, 09:28 AM

i will buy some more smm...would anyone like to lend me 100 million so i can launch a take over bid for this company.....before someone else does

IcedPaladin

17-07-2005, 06:25 PM

I hope your reccomendation proves a better investment then CER or CSG.

This horse has already bolted Easy Money.

easy money

17-07-2005, 06:41 PM

disclosure of interest....smm,dyl,tox.asx.....cer,csg.nzx....how can i lose?

IcedPaladin

17-07-2005, 07:56 PM

Tell me what are your thoughts on the rights to MDSnewsgroup through being a shareholder in CSG.
Appears to me to be a load of BS.
The only ones too do anygood are the organisers and the problem solvers appointed to sort the **** @ CSG.
Its a bloody joke.

easy money

17-07-2005, 08:11 PM

dear IP...let me explain to you that something is better than nothing...csg is a clean shell..with tax losses to boot...i am surprised that no one with a few propsecting rights under there belt has not approached this company....but anyway...mds is a start.....open your mind IP.

stolwyk

17-07-2005, 10:31 PM

The Gold Report (Passin) made a serious error in stating the resources.

There are 125 mill lbs in 3 deposits and SMM owns 75 mill lbs of these. They plan to double that.

Passin thinks that SMM owns 50% of a 70 mill lbs resource ie 35 mill lbs, less than half of what there is now:

"Summit Resources owns a 50% interest in the Valhalla Mine in Queensland, which is a world-class uranium mine with resources of about 70 million pounds."

++++++++++++++++++++++++++++++

Those on overseas chatsites, please make that correction.

Also, please quote:

http://www.summitresources.com.au/

http://stocknessmonster.com/news-history?S=SMM&E=ASX&Year=2005

Gerry

stolwyk

18-07-2005, 02:58 PM

The Dines Letter has SMM now on its watchlist. This letter which has been going for a long time, is widely respected by Wallstreet:

THE DINES LETTER:
http://www.dinesletter.com/index_full.html

Price: 53 cents (+6)

Gerry

davidrob

18-07-2005, 03:12 PM

Hi ya Gerry,

Yep. [^]

Agree 98% myself Gerry; with most of what Dines says...

Sure is one Smart hombre ...(and his research crew...) that Dines ;)

Regards,

Robbo:)

diesel

18-07-2005, 03:15 PM

Yes I also hear Mr Dines does not like his watchlist being disclosed to the public. For paid subscribers only or so he says. Nice one. [V]

stolwyk

18-07-2005, 03:50 PM

Hit 56 cents

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=&freq=

STO=82 There is a gap at 44 cents

Looks steep and could go for a retracement very soon. Fortunately, STO is not too high (82)

Needs to consolidate now.

donner

19-07-2005, 12:48 PM

Well done Stolwyk. Hope you made a motza.;)

Misc

20-07-2005, 01:33 AM

Watch Out!

http://www.miningnews.net/storyview.asp?storyid=42715§ionsource=s0

Federal Government fights for uranium

Tuesday, July 19, 2005

AUSTRALIAN Resources Minister Ian Macfarlane has revealed the Federal Government has sought legal advice on its options for overruling state government legislation banning uranium mining, as it attempts to finalise a uranium export deal with China within 12 months.

Speaking with Melbourne paper the Herald Sun, Macfarlane said the Government had all but given up on both Western Australia and Queensland, but was still considering its options in the Northern Territory.

Macfarlane said South Australia was now the only state with the required uranium resources to meet the demand needed for the Chinese export market, and as such, he would be meeting with BHP Billiton next month to discuss the proposed $5 billion expansion of its massive Olympic Dam mine. Under the expansion plan, uranium production from the mine is flagged to more than triple from 4500 tonnes to around 15,000t per year.

misc

IcedPaladin

20-07-2005, 09:49 AM

No state government will last forever.

The Uranium will always be lying in wait.

stolwyk

20-07-2005, 01:15 PM

Thanks Donner.
Yes, I came in at a low price and it is one of my heaviest investments.

Previously, a warning was given that a retracement could take place and it corrected from 57 cents down to 50.5 cents.

It rose again to 52 and is now 55 cents (Up 3 cents sofar today):

ttp://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=&freq=

STO=83 and the chart looks good.

Where to from here?

It is possible that the missed consolidation will now take place-much depends on foreign interest.

It may well produce a staircase with slowly moving increments, whatever,

SMM said that new drilling results (Uranium, Gold) will be out by the end of this month (July 31), not that long to wait.

Gerry

stolwyk

21-07-2005, 04:27 PM

SMM mentioned drilling results to come before Sat. next week.

These will be attributed to:

1. Upgrading inferred U resources to measured.

2. Drilling of a new U Deposit

3. Drilling of the "Golden Fault", a new project.

4. Perrhaps one or two Copper/Gold targets.

Third Quarter Activities & Cashflow Report will be due next week as well.
_____________________________

31 March quarterly report:
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=288614

Extract:

"Summit recommences uranium exploration on its Mount Isa uranium project where the Company controls over 75 million pounds of uranium oxide resources in three deposits along with a number of advanced uranium copper prospects

• 2% copper in metallurgical samples from the 4.2 million tonne Skal uranium deposit were recorded by Queensland Mines Ltd in 1960’s. Recent sampling by Summit from along the Skal structure confirmed this with copper, uranium and vanadium values in rock chips up to 7.01% copper, 4.42lb/t U3O8, 1.55lb/tV2O5 and anomalous 0.20ppmAu

• Recent sampling of the Andersons uranium deposit also confirmed the presence of copper with assays up to 2.35%Cu along with 3.25lb/tU3O8, and 4.01lb/tV2O5 in rock chips.

• Samples from the Western uranium prospect, 2 kilometres east of Skal, have returned anomalous uranium at 3.12lb/tU3O8, 0.22%Cu, and 0.85lb/tV2O5 from a 600 metre long zone of hematite ironstone shale breccias

• Anomalous uranium, copper and vanadium samples from the Mixabe (1.82lb/tU3O8, 936ppmCu, 2,320ppmPb and 0.91lb/tV2O5), the Bikini and Pile (1.26%Cu, 0.52lb/tU3O8 and 1.15lb/tV2O5) prospects also confirm their potential

• Access has been cleared to commence drilling the 20 RCP holes along the Golden Fault gold target at May Downs. Rock chip samples along this structure for over 10 kilometres strike have assayed up to 33.0ppm gold

• All Summit’s seven uranium copper deposits and prospects at Mount Isa, the Golden Fault gold and a number of copper gold targets at Isa North and Isa South will be drilled in 2005"
________________

So, we can expect much more activity from SMM from now on.

Gerry

caktus

21-07-2005, 05:09 PM

Gerry - am a bit green on the TA.Could you explain STO please.Am interested in your best indicators in your opinion cheers

stolwyk

22-07-2005, 01:43 PM

Price 59 cents. There may have been a leak as to results coming out soon as mentioned before?

Graph:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=8&freq=1

CAKTUS: Call up the Graph. Once settled down, click on MACD (On your left, well down the page). Click on SLOW STOCHASTIC (Stochastic=STO)

Look at the graph and you wil see that.

Place the cursor very, very carefully on the last price reading and look at the STO=79.0 That could change. Just now Price is 59 cents.

Normally, if STO is close to 100 (shares are close to being overbought or are overbought) and the graph is very steep, expect a retrace. Sometimes the price can still rise another day, but don't wait for the top if you want to sell.

Occasionally, when DEMAND is exceptionally high, it may consolidate instead. I find that in those conditions, consolidation still mostly occurs after a retrace: others have charts too.

It pays to go back to the graph which predicts a retrace: STO does not have to be 100 before a retrace starts.

Suggest you follow this thread just in case more graphs appear.

STO: http://www.investorwords.com/4723/stochastic.html

(A very handy site to have).

I am not a TA person but do appreciate good TA.

Gerry

nelehdine

22-07-2005, 03:19 PM

60c bid ... this is getting very interesting.

Disc: Bgt yesterday at 53.5 ( thanks Gerry, you analysed me into it !! )

nelehdine

22-07-2005, 03:34 PM

62c trading ... ASX speeding ticket shortly ???

stolwyk

22-07-2005, 04:43 PM

Thanks NEL,

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=8&freq=1

STO=78.5

Needs to consolidate again.

I don't like to see it rise much further just now till the drilling results come out next week.

Gerry

IcedPaladin

22-07-2005, 06:21 PM

By election in Queensland, will see how entrenched the goverment is.

stolwyk

25-07-2005, 11:21 AM

23 JULY

Huge profits have been made sofar but many have missed out as well.

The downrampers don't realize that much of this has been driven by the Dines Newsletter.

But, I have always said that IMHO, the "other resources" were worth some 38 cents/ share, the share price was 38 cents then, so, the 75 mill lbs (more to come) uranium had no value according to the market:

It was a ridiculous situation and I got in early. Anybody with some sense could have known that those Uranium deposits would be worth more than $Azero more so when the U price rose at a high rate.

I warned investors then that as the price of U rose, the share price should rise also. Some listened and bought. Good luck to them. Current price: 62 cents.

Even now, at the value of other resources at 38 cents, the uranium is worth still only 24 cents per share or $42.7 mill market cap against in soil value of about $A2.91 bill or after extraction (-20%): $A2.33 Bill., or per $A1 market cap: $A54.56, a high number, never encountered before.

There are 3 items detractors do not take into account:

1. Laramide rose about 40 US cents when it became known that this small US company bought a U deposit in Queensland. The value of this deposit is a great deal less than that of the SMM's U deposits.

At this stage, sleepy investors should have taken note but they didn't.

2. It was not until the widely respected and highly influential US Dines Letter caught on and put it on the watch list, that the price took off.

3. Instead of waiting for next week's drilling results, detractors wade in now. These results will have the first drilling from the "Golden Fault", virgin territory and from other resources apart from Uranium.

As to U results, these will include the first drilling of a new U deposit as well (They have 4 new deposits to drill and hope to double the 75 mill lbs U resource).

SUMMARY: If approval to mine were given now, mining could proceed in 2007. NB: The Queensland Govt won't give this approval.

US investors appreciate U values and potential U prices. The share price will be driven by the world's investors (Dines Newsletter is widely distributed)

It is regrettable that many have missed out. Some of these criticize current share prices.

Every time the share price went too high for the time being, investors were warned but after the last correction, demand was again massive. I suggested that the market consolidate again so, when the drilling results come out within a few days, it would be fresh again.

Take note that every time the Dines Letter appears, there could be fresh buying. Of course this Letter will keep in touch with SMM so when the drilling results do come, be assured that some reference will be made in that Letter.

Good Luck to the Holders.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

diesel

25-07-2005, 11:48 AM

Gerry, you are a clown. Dines recommendations are for subscribers only and not for public distribution. Look at the last page of his newsletter! Obviously you dont really care about IP property rights, your ramping is much more important!

As Dines says "Those is the low state of stealing will find a way to lose all there gains".

Nuff said!

stolwyk

25-07-2005, 12:04 PM

Diesel, you never learn.

SMM got the contents and they emailed it to shareholders. It became public. Presumably they got approval from Dines, it was about SMM after all. It was posted on H/C.

So, you missed out on SMM and now you are trying to take it out on me.

Why don't you make a worthwhile contribution for once? All you are doing is monotoring.

After that episode on the Gold thread and now this; you are very aggressive aren't you? Who is "Diesel": Registered in Febr., 38 posts, no manners.

Please be more courteous next time.

Gerry

Mick100

25-07-2005, 12:13 PM

So you missed out on SMM did you deisel

Bad luck mate

Then again, I thought that I may have missed the boat when I bought at 19c

So maybe it's not too late to get on board
Who knows?

Good call on U and SUMMIT Gerry

diesel

25-07-2005, 12:16 PM

Give me a break. You quoted off his watchlist which is for subscribers only.

I may have missed out on SMM but there are better uraniums out there than this one. PDN & MTN for example, not the political risk of having projects in Queensland.

PDN, from 2c to 160c says it all really. Doug Casey who IMO is a better stock picker than Dines thinks that Queensland Uraniums are ahead of themselves which I agree with! When you get approval to mine uranium from the Queensland government I will concede but not before then.

stolwyk

25-07-2005, 12:27 PM

Diesel, again you are trying to evade the problem. You should have apologized. Why are you on these threads anyway because you produce nothing.

So, only 38 posts sofar/ Been posting on H/C or posted here before?

When you call someone a clown, then you don't deserve a break, Diesel.

I also think your knowledge about PTD or other stocks is limited.

So, you thought, you had a good case, called me a clown and fell into the drink?

I won't be posting to you in the future, it is counter productive. In any case, you don't have any manners. So, why post?

Gerry

diesel

25-07-2005, 12:38 PM

ROFL!

Why should I appologise to you. You quoted off a watchlist not off a press release. You are the one in the wrong and it is you who should appologise and edit your posts regarding Dines Letter.

I only just joined this site, therefore the 38 posts, while you have been posting rubbish everyday hence your post total. By the way its about quality not quantity.

I think my record to date backs my ability to buy stocks. In DYL at 4.7c and out at 15.5c. In PDN at 79c and in MTN at 20c.

Sigh, I have no interest in replying to you either anymore. So long Gerry!

[:o)]

stolwyk

25-07-2005, 12:59 PM

As I said, you posted here before you joined ST. Your remarks say as much.

And yes, you haven't made any worthwhile contribution so far.

You can quote all sorts of numbers, who will believe you?

Here is the evidence that the MD of SMM distributed this material. If you don't believe me, get on the email list:

+++++++++++++++++++++++++++++++++++++++++++++++

SMM: From the MD, mr Eggers:

FOLLOWING THE RECOMMENDATION ON SUMMIT IN THE US DINES NEWSLETTER

THE US GOLD REPORT INTERVIEWS JAMES PASSIN

"SUMMIT IS GOING TO INCREASE IN VALUE SIGNIFICANTLY ON A CHANGE IN POLICY"

"I THINK THERE IS SIGNIFICANT UPSIDE IN THE STOCK"

James Passin 14 July 2005

Part of what James had to say is:

"One of the most exciting ways to play uranium is Australian. Australia’s uranium deposits are not as high grade as some of the uranium deposits in Canada, but they are substantial."

"Summit Resources owns a 50% interest in the Valhalla Mine in Queensland, which is a world-class uranium mine with resources of about 70 million pounds."

"There is pressure on Queensland, which is one of the last states of Australia to still have an outright ban on uranium mining, to lift the ban. What’s very ironic is that Queensland is a big coal producer—I find it mind-boggling that it’s fine to mine coal, but uranium mining is not going to be allowed. It’s inevitable that the state of Queensland is going to drop its ban on uranium mining. And the minute that that happens, Summit Resources is going to increase in value significantly."

"I am not an expert on Australian politics. I have the simple view with respect to Summit that if uranium pricing gets high enough, and I think uranium pricing is going to go a lot higher, then the economic consequence of not permitting the mine that will be too much to bear. There will be too much pressure on Queensland to back down. There are articles every day now in major Australian newspapers urging Queensland to abandon its ban on uranium mining. I think it’s destiny. And right now there’s some optimism in the market that the permit will be granted, but there is not conviction in the market that this will happen. I think there is significant upside in a stock."

"And what’s very exciting is Summit has some legacy exploration property near the Valhalla Mine that it never bothered to do any work on. But as soon as the ban is terminated, Summit can do a lot of low-risk exploration that will significantly increase the value of its property. I like Summit a lot more than a lot of other uranium juniors because it has a real tangible asset that’s just waiting for the government to change its ridiculous policy, as opposed to being a pure exploration story."

The full interview with Passin is copied below.

Alan J Eggers

Managing Director

Summit Resources Limited

PERTH 16 July 2005

+++++++++++++++++++++++++++++++++++++++++

Comment: That full lengthy interview is not included.

stolwyk

25-07-2005, 01:44 PM

Post of 25 July, time 11.21, page 6, continued:

24 July:

SMM and PDN

1. SMM.
The value of the U resource (after deduction of 20%) is about $A54.56 per $A1 market cap.

The content of U =1.87 lbs/tonne.
Because some 9 mill options will be converted this year, I am going to adjust the $A54.56 to 176/185*$A54.56= $A 51.9 per $A1 market cap.

2. PDN
Heinrich:
36.5 mill tonnes @ 1.54 lbs/tonne=56.21 mill lbs U
Kayelekera:
12.5 mill tonnes @1.98 lbs/tonne=24.75 mill lbs U

Total: 80.96 mill lbs; deduct 20% (See SMM), leaving 64.76 mill lbs U, worth 64.76 mill *US29.5/0.77=$A2481 mill. (U=$29.5; $A=$US0.77).

There are 400 mill shares and 33.5 mill options. Forget the options.

Martket Cap: 400*$1.58=$A632 mill.

Per $1 market cap, the value is 2481/632=$A3.93 compared with SMM's $A51.9

_________

Notes:
PDN.
Is located in 2 African countries. I am not sure if any want royalties or want to participate.

Each deposit requires a separate plant.

They are well advanced with their activities and are ahead of SMM.
They will add some extra resources given time.

SMM
Doen't have the approval to mine.
Has 3 proven deposits which can be served by one plant.
Is now drilling another 4 deposits and is trying to double production.

Both SMM and PDN are relying on increased Uranium prices.

Both are supported by International investors.

To be audited.

Gerry

+++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++

SMM:

I should add that previously, I allowed 38 cents per share for "other" resources.

A drilling report wil be due within a few days.

If these "other" resources were not allocated any value at all, then the SMM market cap rises to $A109.12 mill.

Then, based on previously calculated net value of $A2.33 Bill, the value per $A1 market cap will change from $A51.9 to $A21.35, about 5.43 times PDN's $3.93 value.

Please bear in mind that PDN has been marketed for quite some time while SMM's share price commenced upgrading a week or so ago.

Subject to audit.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

Share price: A69 cents (+7)

Seneca

25-07-2005, 08:32 PM

I would like to say thanks Stolwyk -- you drew us into this and it sure feels good at the moment. In the past 2 weeks more than 20% of SMM shares have changed hands -- does anyone have a thought as to any major player's involvement

Kookaburra

26-07-2005, 10:48 AM

I bought into this at 25c a share after considering Stolwyk's thoughts over quite a period promoting the future of Uranium. No regrets and my thanks to the oft abused contributor! The challenge now is when to sell. This is speculative buying and it will be a long time before production and profits start. There will likely be a call for further funds for development. THe price is bound to go down before going up again.

stolwyk

26-07-2005, 11:39 AM

Thanks for that.

What matters now is the drill report to come this week.

There is a lot of talk about U, but SMM has other resources as well.

And this week's report will therefore be very important.

It is the International investor who is primarily driving the price of SMM. The original calculations are performed on H/C.

Oh, BTW, I don't get abused on H/C. They got rid of most trouble makers, stalkers and hoons while I was a moderator there. Any new "problem" is now swiftly being dealt with.

Gerry

IcedPaladin

26-07-2005, 12:49 PM

Stolwyk, can you please tell me more about H/C is it a chatroom? If so whats the addy. Thanks

ASXIOU

26-07-2005, 12:52 PM

www.hotcopper.com.au
be vary wary of anything u read as is absolutley teaming with daytraders ramping the **** out of their stocks. Sharetrader is better for discussion and research.
regards

stolwyk

26-07-2005, 01:08 PM

Sharetrader is a relative small site. It borrows much from bigger sites although some posters won't admit it.

H/C is well known for its mining expertise and tracks a lot of companies. Research is relatively good. Good ideas are spawned there.

Sometimes, some posters go adrift of course, after all it is a big site.

It is worthwhile to post there as well as you will then get the best of both worlds.

It is a fast moving site (About 1700 posts/day in total).

But immature trouble makers shouldn't go there.If may take a few days to find them but the end is swift.

Gerry

davidrob

26-07-2005, 02:33 PM

Summitt (SMM)

Great Call on Summitt (SMM) Gerry. [^][^]

Yep.

One Big Cuban Cigaaaar for you, my friend. [:p]

Huge Win: .... So ...... a Big very very Well Done, on your excellent intuition and Research.

By the way Gerry,.... tell me; if you do not mind, .....honestly, which one was it more of... Gerry ??

....Was it more: (a) Research.... OR...... (b) "Gut feel"-- ie: that experienced Share professional operator//Man's instinct; when you could just honestly really say:.... re: Summit (SMM) : "I JUST REALLY DO NOW KNOW IT IN MY BONES....." ...yep, that Summitt -- (SMM) ...is a going to be a huge winner !! ???

Penny for your thoughts for your reflections, re this, Gerry....

Regards,

Robbo :)

mentat

26-07-2005, 04:33 PM

just sold my SMM at 70c today, realised the profit. Now not sure what the heck to put my cash back into, I'm definetly bullish on Uranium though.. Any suggestions? thinking I could also possibly diversify on some gold stocks, where's gold heading anyway?

stolwyk

26-07-2005, 05:14 PM

Thanks Robbo,

How are you getting on?

As to SMM, I thought it was grossly undervalued; did some work on it and got in at 10.5 cents. First page of this thread:

20/10/2004 : 3:08:07 PM

Bought some for 10.5 cents.

SUMMIT TO RESUME URANIUM EXPLORATION
RESOURCE DRILLING AND PREFEASIBILITY STUDIES ON MOUNT ISA URANIUM
PROJECT
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=272326
_______________________________

Bought some more up to 20 cents later on. Got a good exposure.

++++++++++++++++++++++++++++++++++++++++++++

H/C 11.44 am:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=&freq=

One can't expect a share price to rise every day of course.

I had expected a consolidation some time ago but instead it carried on. The graph is quite vertical actually but the demand is excellent. STO=88

Ideally, I would like a consolidation now prior to the drilling results coming this week. I would therefore prefer some sideways trading for a couple of days.

SMM does need a rest and the drilling results are important.

Not long to go,

Gerry

IcedPaladin

26-07-2005, 06:56 PM

And another byelection in queensland, thats two in a week.

Stolwyk, you never responded to that article on July the 6th.

stolwyk

26-07-2005, 09:54 PM

Sorry,

I had to ask an Aussie about that as he had made the statement and is one of the main posters. Unfortunately he was not available for a few days.

Seems he got confused about that. Someone corrected him later. I should have got back to you earlier.

Gerry

IcedPaladin

27-07-2005, 11:42 AM

Stolwyk can you help? I got to the H/C web site, where to from there for a sharemarket forum chatroom? Is it cfdtraders .com?

stolwyk

27-07-2005, 01:16 PM

First:

http://www.hotcopper.com.au/

You can't enter without registration. On the left, you ought to find the word register.

When you do so, you need to enter your ISP, not Yahoo or Hotmail.

(BTW, once you got H/C, look for the topbar left and you see "100 posts"; click on that and yes you can read the latest 100 posts).

Gerry

mentat

27-07-2005, 02:46 PM

signed up with my gmail but never got a confirmation/activation email, so tried with my orcon isp account, no activation email either and can't sign in yet?

stolwyk

27-07-2005, 03:07 PM

Suggest you email to:

info@hotcopper.com.au

And tell them about your problem.

Gerry

TerryA

27-07-2005, 03:20 PM

Mentat,

>>signed up with my gmail but never got a confirmation/activation email<<

You may have to wait 24 -48 hours as I did.

Best wishes,

stolwyk

28-07-2005, 04:16 PM

Mt Isa Drill Results
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=295072

nelehdine

28-07-2005, 04:23 PM

I take it they ain't too flash ... rapid sell-off back to 61

Dazza

28-07-2005, 10:18 PM

if everyone would see...

not that over 4 mill options were exercised yesturday @ 10 cents or 15cents

quickly sold off.. for like a 600% gain...

and then today the announcemtn...

insider trading?
maybe.....

stolwyk

29-07-2005, 02:32 PM

Fourth Quarter Activities & Cashflow Report
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=295266

Outflow $0.713 mill Cash: $6.27 mill

stolwyk

13-08-2005, 06:51 PM

NATIONAL URANIUM MINING POLICY INITIATIVE

AUSTRALIA'S FEDERAL MINISTER FOR RESOURCES

HON. IAN MACFARLANE

ESTABLISHES GOVERNMENTAL, SCIENTIFIC, INDUSTRY, INDIGENOUS AND COMMUNITY

WORKING GROUP TO REDUCE IMPEDIMENTS TO URANIUM MINING AND ENSURE A CONSISTENT AND EFFICIENT REGULATORY REGIME

Australian uranium policy addressed.

Development of a national uranium policy for Australia has been initiated by the Industry Minister: "Australia is currently the world?s second largest producer of uranium, but there are significant challenges facing the industry in this country while, globally, there are concerns about future supply," he said. "The Uranium Industry Framework will examine all sides of the issue through a science-based approach developed in partnership with relevant State and Territory governments, industry, indigenous and community stakeholders." Principal aims are to reduce impediments to exploration and mining and ensure a consistent and efficient regulatory regime.

I. Macfarlane 11/8/05. Reported by UIC 12 August 2005

Summit Resources Limited has been invited onto the Industry Working Group to work with the Federal Government to achieve the National Regulatory Regime

Alan J Eggers

Summit Resources Limited

PERTH 13 August 2005

troyvdh

15-08-2005, 05:42 PM

A BIG day today and BIG dollars.Gee I dont know if I will sleep tonight.

Seneca

15-08-2005, 07:06 PM

Along with Stolwyck's post a further push has come from the AFR --they had an article on Saturday conected with the Miners gathering last week. The article commented on how well the big miners were doing and, along with a warning about risk, tried to identify minow companies that were worth a punt. They covered various minerals but under uranium they mentioned only one company -- SMM. They said that given a go ahead for their uranium resource their share price would triple overnight and that the momentum was in their favour

stolwyk

15-08-2005, 07:18 PM

Thanks Seneca.
Also received this on Saturday:

AUSTRALIAN SENATE VOTES 54 TO 8 IN FAVOUR OF URANIUM MINING

6 ENVIRONMENT—URANIUM MINING
Senator Milne, pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 203—That the Senate—

(a) notes the Federal Government's intention to override the Northern Territory Government in pursuit of expanding uranium mining, announced on the eve of the 60th anniversary of the United States of America dropping the first atomic bomb, killing approximately 140 000 people in the Japanese city of Hiroshima;

(b) rejects the expansion of uranium mining because of its potential to cause grave harm to people and the environment, and the risk of Australian uranium being diverted to the production of nuclear weapons; and

(c) calls on the Federal Government to abandon the expansion of uranium mining and instead support the expansion of energy efficiency and renewable energy to address the challenge of climate change.

Question put.

The Senate divided—

AYES,8
Senators—
Allison Brown Murray Siewert (Teller)
Bartlett Milne Nettle Stott Despoja

NOES, 54
Senators—
Adams Ellison Kirk Polley
Barnett Faulkner Lightfoot Ronaldson
Bishop Ferguson Ludwig Santoro
Boswell Ferris (Teller) Marshall Scullion
Brandis Fierravanti-Wells Mason Sherry
Calvert Fifield McEwen Stephens
Campbell, George Forshaw McGauran Sterle
Campbell, Ian Heffernan Minchin Troeth
Carr Hogg Moore Trood
Chapman Humphries Nash Watson
Colbeck Hutchins O'Brien Webber
Conroy Johnston Parry Wortley
Coonan Joyce Patterson
Eggleston Kemp Payne

The 54 senators to vote against the motion, and favour of uranium mining, include Liberal and National senators as well as all the Labor senators

Alan J Eggers

Summit Resources Limited

+++++++++++++++++++++++++++++++++++++++

Comment: yes, all the Senate Labour Members seem to favour Uranium but Beatty's Queensland Labour Govt does not.

Today: SMM rose to 82 cents, then came down to 79 cents, up 18.8%.

Gerry

donner

16-08-2005, 06:03 PM

I bet this beats the pants of Apple computers eh Stolwyk? Sure wish I was in on this one.

IcedPaladin

16-08-2005, 06:25 PM

Is that really an issue of 2 odd million shares @15 cents to James Passins trust.

stolwyk

30-08-2005, 04:27 PM

Thanks Donner-

MOUNT ISA DRILL RESULTS

MOUNT ISA URANIUM COPPER PROJECT

http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=297800

Extract:

"Wide intersections with grades of over 9 pounds per tonne uranium oxide, 7 pounds per tonne vanadium pentoxide and 1.95% copper intersected in Summit’s latest drill holes at Mount Isa.

Results from Summit Resources Limited’s (“Summit”) ongoing drill program at Mount Isa in northwest Queensland have returned further wide high grade uranium vanadium intersections from Valhalla and Skal, confirmed the copper credits at Skal and identified IOCG hematite alteration systems and the presence of uranium vanadium mineralisation at a number of Summit’s satellite targets including Bikini, Pile and Red Alpha (see attached Plan).

IOCG style uranium vanadium copper hematite breccias intersected in the latest round of drilling at Valhalla, Skal, Bikini and Pile deposits and targets near Mount Isa with grades up to 9.05lb/t uranium oxide, 7.83lb/t vanadium oxide and 1.98% copper over metre intervals.

At Valhalla drilling intersected a 106 metre mineralised breccia (equivalent to true width of 75 metres) from 204 metres depth that included 10 metres of 6.07lb/t uranium oxide (“U3O8”) and 4.85lb/t vanadium pentoxide (“V2O5”) followed down hole by 53 metres of 2.52lb/tU3O8 and 1.83lb/tV2O5.

These mineralised breccias have returned uranium grades up to 9.05lb/tU3O8, vanadium up to 7.83lb/tV2O5 and copper up to 0.54%Cu over metre intervals.

Skal drilling intersected a 30 metre mineralised breccia that included 5 metres of 1.54lb/tU3O8, 2.26lb/tV2O5 and 0.73%Cu; 8 metres of 1.71lb/tU3O8, 0.93lb/tV2O5 and 0.45%Cu and 6 metres of 2.59lb/tU3O8 and 3.02lb/tV2O5.

These Skal breccias have returned uranium grades up to 5.12lb/tU3O8, vanadium up to 6.89lb/tV2O5 and copper up to 1.98%Cu over metre intervals".

Map on page 6.

++++++++++++++++++++++++++++++++++++++++

Comment:

Both SMM and PNN only have one drill and this can cause problems as in house expenditure is the same whether 1 drill or 3 drills are used.

Also, with 2 drills, chances increase that something good wil be shown up.

The map on page 6 shows that one Plant can service all projects, thus no project needs to be of massive size.

It is early days yet as far as the new projects is concerned, but with the second drill coming in mid Sept, operations wil be speeded up.

There are quite a few projects there, thus there never will be a surplus of drills.

Sofar, the area has been partially explored only.

SMM, THE HOME OF URANIUM

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

stolwyk

15-09-2005, 03:20 PM

14 Sept: PRESENTATION-Mining Journal 20:20 Uranium Day (LONDON):

PRESENTATION (8.65 MB-Plenty of colour, 78 pages):

http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=299203

There are some interesting important pages:

PAGE 48:
Assume SMM starts mining then, in the first 3 years, they are to produce 6 mill lbs Uranium with a Surplus of $A480 mill. and Export Revenue of $845 mill.(U=$US35/lb in the first 3 years, $US40/lb thereafter). Current U price: $US30.75.

Year 3-6: produce 9 mill lbs with a Surplus of $1.33 Bill and Export revenue of $1.78 Bill.

Note: this includes some income from VANADIUM.

+++++++++++++++++++++++++++++++++++

PAGES 60,61:

"NATIONAL INTEREST":

THE COMMONWEALTH HAS THE POWER TO OVERRIDE THE STATES AND GRANT ALL NECESSARY APPROVAL FOR A URANIUM MINE, WHERE:

1. Instances of States not acting in the "National Interest" occur.

2. Export Income and Contribution to Balance of Payments is significant (>$1 Bill) and is being blocked by the State.

3. Fed Govt is under obligation by way of Treaty, FTA or OTHER COMMITMENT to a foreign State or International Authority to allow the activity or Industry to proceed.

______________________________

Comment:

The Fed Govt is handling this delicate issue in stages:

Raising consciousness of the Australian public.

"Takeover" of the U operations in NT.

While all the time observing the political fallout, it could apply the "National Interest" clauses at some time, IMHO.

SMM has prepared this PRESENTATION to be shown to interested parties in the UK.

I can't predict the outcome of political manoeuvring in Aussie.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

huds

15-09-2005, 03:41 PM

Still looks a long shot to me, better prospects elsewhere. Checkout Mr Robbs Marathon(mtn) thread for one.

huds

15-09-2005, 06:20 PM

SMM & GGY?

Shall we add them to your previous hot picks?

PNN - down 30% in a week
RDM - flat as a pancake

tapman

15-09-2005, 07:06 PM

"Old holes indicate that there is a rich uranium deposit"
You've posted on numerous occasions in regard to MTN that old holes and using them as indicators means squat. At least be consistant in your analysis Rupert otherwise we might suspect bias.:D:D

stolwyk

15-09-2005, 10:40 PM

I do believe that little purpose is served referring to Investing habits of posters. That is not what this thread is about, IMHO.

Gerry

tapman

16-09-2005, 09:39 AM

To claim that you have never made comments rubbishing MTN's claims of deposits based on analysis of old holes is pure BS Rupert.
For some reason you continue to show bias against Mtn. I don't care. Just show consistancy when you do so. Mt Gee is but one resource Mtn may or may not have.
Do you have a holiday home on or near Mt Gee ? or maybe you're one of these caring peope who likes to guide everyone down the correct path. Come on over to NZ and vote for the 'Greens'. Cheers
Enjoy your weekend.

huds

16-09-2005, 12:27 PM

0 for 2 rupert. Are you sure you want to be giving us more predictions?? Pre-announcement mtn was high 30's. It’s currently sitting 25-30% higher.

If you look back over the marathon thread you stared rubbishing them well before the announcement, so warning us of some cheap trick doesn't wash with me, so I think you might need to re-work your argument.

Or maybe you should quit while your behind? The "TECH WRECK STOCK" (as rupert calls it) picks aren't looking too flash .

tapman

16-09-2005, 01:11 PM

Never said you were a fool Rupert, but don't take the rest of who are trying to get a balanced perspective of Mtn as fools in return.
Goldstream and Bonanza Gold have been covered on this forum and as expected there are reasonable explanations FOR and AGAINST their histories.
I'm happy to wait for future announcements and be rewarded or not, and I'm always interested in all the posts on MTN and SMM including your perspective. Why the reason for your rabidness?

stolwyk

16-09-2005, 02:41 PM

Guys,

Why not use the MTN thread for MTN discussions?

huds

16-09-2005, 04:42 PM

Your pretty handy there with google rupert, I'll give you that.

But I notice what triggered your latest little assault on mtn was yesterdays comment I made regarding [u]Robbo</u> and his thread[?]

SO maybe you have a little axe to grind with certain somebody[?][}:)]

tapman

16-09-2005, 08:50 PM

Why keep shifting the goal posts Rupert? You shift from drilling history and it's analysis depending on the exploration co you support to environmental concerns whenever an alternative argument is raised
If we're getting in to comparisons. Mt Egmont is now called Mt Taranaki. Taranaki is NZ's primary fuel resource (gas and oil) with on going exploration a main source of income for the province. Exploration and production is occurring within kilometres of the mountain with full backing of local Maori, local inhabitants, and government.
In fact the NZ government has just announced incentives for exploration to increase in the area.
Another area of geographical importance to mining in NZ is the Coromandal Peninsula on the east coast of the North Island. This area is held in paticular fondness by the 'Greenies' of NZ and it is beautiful country with spectacular native fauna and wonderful scenary . Resource consent has been given in the last month to further increase goldmining activity in the area as long as activity stays within the boundaries set down to protect the environment!
As you say we will be proven right or wrong by Mtn's announcements over the next few months and the markets reaction to those announcements.

stolwyk

20-09-2005, 09:11 PM

India unveils safest thorium reactor (Thanks Katy28)

http://www.hindustantimes.com/news/181_1471875,00040006.htm

TEXT:
New Delhi, August 25, 2005

India on Thursday unveiled before the international community its revolutionary design of "A Thorium Breeder Reactor (ATBR)" that can produce 600 MW of electricity for two years "with no refuelling and practically no control manoeuvres."

Designed by scientists of Mumbai-based Bhabha Atomic Research Centre (BARC), ATBR is claimed to be far more economical and safer than any power reactor in the world.

Most significantly for India, ATBR does not require natural or enriched uranium which the country is finding difficult to import. It uses thorium -- which India has in plenty -- and only requires plutonium as "seed" to ignite the reactor core initially.

Eventually, ATBR can be running entirely with thorium and fissile uranium-233 bred inside the reactor (or obtained externally by converting fertile thorium into fissile Uranium-233 by neutron bombardment).

BARC scientists V Jagannathan and Usha Pal revealed the ATBR design in their paper presented on Thursday at the week-long "international conference on emerging nuclear energy systems" in Brussels. The design has been in the making for over seven years.

According to the scientists, the ATBR while annually consuming 880 kg of plutonium for energy production from "seed" rods, converts 1100 kg of thorium into fissionable uranium-233. "This differential gain in fissile formation makes ATBR a kind of thorium breeder."

The uniqueness of the ATBR design is that there is almost a perfect "balance" between fissile depletion and production that allows in-bred U-233 to take part in energy generation thereby extending the core life to two years.

This does not happen in the present-day power reactors because the fissile depletion takes place much faster than production of new fissile ones.

BARC scientists say that "ATBR with plutonium feed can be regarded as plutonium incinerator and it produces the intrinsically proliferation resistant U-233 for sustenance of future reactor programme."

They say that long fuel cycle length of two years with no external absorber management or control manoeuvres "does not exist in any operating reactor."

The ATBR annually requires 2.2 tonnes of plutonium as "seed." Although India has facilities to recover plutonium by reprocessing spent fuel, it requires plutonium for its Fast Breeder Reactor programme as well. Nuclear analysts say that it may be possible for India to obtain plutonium from friendly countries wanting to dismantle their weapons or dispose of their stockpiled plutonium.

++++++++++++++++++++++++++++++++++++++++

Some time ago, send a message to the MD of SMM saying sooner or later Beattie( Qland) will be left with a lot of Uranium while the demand wil be for cheaper Thorium.

Share price 87.5 cents.

Gerry

stolwyk

26-09-2005, 05:33 PM

And this is the Solar Hydrogen System:

Public release date: 24-Aug-2004
[ Print Article | E-mail Article | Close Window ]

Contact: Mary O'Malley
m.omalley@unsw.edu.au
61-2-4388-81124
University of New South Wales

Vast new energy source almost here
Solar hydrogen fuel dream will soon be a reality
Australian scientists predict that a revolutionary new way to harness the power of the sun to extract clean and almost unlimited energy supplies from water will be a reality within seven years.
Using special titanium oxide ceramics that harvest sunlight and split water to produce hydrogen fuel, the researchers say it will then be a simple engineering exercise to make an energy-harvesting device with no moving parts and emitting no greenhouse gases or pollutants.

It would be the cheapest, cleanest and most abundant energy source ever developed: the main by-products would be oxygen and water.

"This is potentially huge, with a market the size of all the existing markets for coal, oil and gas combined," says Professor Janusz Nowotny, who with Professor Chris Sorrell is leading a solar hydrogen research project at the University of New South Wales (UNSW) Centre for Materials and Energy Conversion. The team is thought to be the most advanced in developing the cheap, light-sensitive materials that will be the basis of the technology.

"Based on our research results, we know we are on the right track and with the right support we now estimate that we can deliver a new material within seven years," says Nowotny.

Sorrell says Australia is ideally placed to take advantage of the enormous potential of this new technology: "We have abundant sunlight, huge reserves of titanium and we're close to the burgeoning energy markets of the Asia-Pacific region. But this technology could be used anywhere in the world. It's been the dream of many people for a long time to develop it and it's exciting to know that it is now within such close reach."

The results of the team's work will be presented in Sydney on 27 August to delegates from Japan, Germany, the United States and Australia at a one-day International Conference on Materials for Hydrogen Energy at UNSW.

Among them will be the inventors of the solar hydrogen process, Professors Akira Fujishima and Kenichi Honda. Both are frontrunners for the Nobel Prize in chemistry and are the laureates of the 2004 Japan Prize.

Since the Japanese researchers' 1971 discoveries, science has made major advances in achieving one of the ultimate goals of science and technology – the design of materials required to split water using solar light.

The UNSW team opted to use titania ceramic photoelectrodes because they have the right semiconducting properties and the highest resistance to water corrosion.

Solar hydrogen, Professor Sorrell argues, is not incompatible with coal. It can be used to produce solar methanol, which produces less carbon dioxide than conventional methods. "As a mid-term energy carrier it has a lot to say for it," he says.
--------------------------------

Comment: This article as well as that referring to India's Thorium reactor were sent to SMM. Very powerful arguments when used at Qland's elections! or supplied to the Commonwealth.

There are at least 2 clauses where the Commonwealth can override Queensland:

Where exports of a Company exceeding $A1 Bill, are blocked by a State.

Where the State is acting against the "National Interest".

My opinion is that both can be used against Queensland.

However, the Govt may take political considerations into account as well and would rather put Beattie in such a position that he will have to agree.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

stolwyk

03-10-2005, 02:23 PM

The political manoeuvres are slowly coming to an end. The WA Liberals are now supporting mining.

It was reported in the "Miningnews.net that the following statement was made:

"AUSTRALIAN Resources Minister Ian Macfarlane has revealed the Federal Government has sought legal advice on its options for overruling state government legislation banning uranium mining, as it attempts to finalise a uranium export deal with China within 12 months."

That ties in well with previous page 8, post of 15 Sept, time 3.20 pm.

Gerry

vjp24

04-10-2005, 01:18 PM

Any ideas as to why this stock is plummeting. Is this the best time to quit or is there still hope of recovery???

Seneca

04-10-2005, 08:31 PM

I doubt if there is a hidden reason for the current weakness. This is a highly speculative stock because of the political impasse. It is hot because the story is getting more widespread and mining permission makes common sense, and their uranium resource is worth plenty. However in the absence of progress the punters start to wobble and there is a lot of hot money in here. We are seeing the effect of a lack of news -- the story is still the same - and I think worth the punt

Seneca

15-10-2005, 10:09 AM

SMM presentations at the Uranium Conference this week have been posted on their web site - " Why Australia should change its 3 mines policy " makes great reading -- a wonderful cartoon from Nickolson ?? shows Beazley saying " We can keep the 3 mine policy -- just increase it to 33 ! One day the Australian Labor Movement's position on this will have to be taught in logic and ethics classes. Bob Hawke yes and how ! Kim Beazley yes and no . Martin Ferguson yes but not till 2007. Bob Carr yes. Mike Rann yes but his party passes a binding remit to say no. Queenslands AWU Secretary yes . Beatty gets the prize though for his no -- because it might stop Queenslands coal sales -- the world's nuclear power industry brought to its knees by one Aussie battler.

stolwyk

18-10-2005, 10:08 PM

FOR:

Upside information brochure as despatched to shareholders

4:27 pm Notice of Annual General Meeting

4:26 pm Annual Report

THIS WEBSITE:

http://stocknessmonster.com/stock-quote?S=SMM&E=ASX

stolwyk

31-10-2005, 05:05 PM

QUARTERLY REPORT
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=304067

Cash $8.177 mill

Outflow $1.116 mill

Extract:
"Eight uranium copper prospects are currently being drilled at Mount Isa. Resource definition drilling on the Valhalla, Skal and Andersons deposits is due for completion by early 2006.

Holes have also been drilled on a number of Summit’s other known uranium occurrences around Mount Isa, including King George, Bikini, Pile, Woomera and Western.

Six other uranium prospects, Mixabe, Drum, Warwai, Tjilpa, Hero and Red Alpha, will now be drilled in 2006. Drilling results reported to date in 2005 confirm Summit’s reported uranium oxide resource grades at Valhalla and Skal and identifies the potential for significant copper credits within the mineralised system at Skal.

The Company now controls combined measured, indicated and inferred resources of over 75 million pounds (35,000 tonnes) of uranium oxide (“U3O8”) in the Valhalla, Skal and Anderson’s deposit.

Drilling is about to start at Isa South, 35 kilometres south of Mount Isa city, where three copper, gold and zinc targets have been defined. Geochemical and geophysical anomalies, rock chip samples to 10.70%Cu and 0.31ppmAu and previous drilling with 46 metres at 0.20%Cu (maximum of 0.80%Cu), and 16 metres at 0.66%Zn (maximum of 3.60%Zn), define the Apex, Apogee and Red Bull targets. Further highlights for the September 2005 Quarter include:

• Release of high grade drill results including over 9 pounds per tonne U3O8, 7 pounds per tonne vanadium pentoxide (“V2O5”) and 1.95% copper from Valhalla, Skal, Bikini and Pile (see ASX NZX release 30 August 2005)

• At Valhalla drilling intersected a 106 metres from 204 metres depth that included 10 metres of 6.07lb/tU3O8 and 4.85lb/tV2O5 followed down hole by 53 metres of 2.52lb/tU3O8 and 1.83lb/tV2O5

• Skal drilling intersected a 30 metres of breccia that included 5 metres of 1.54lb/tU3O8, 2.26lb/tV2O5 and 0.73%Cu; 8 metres of 1.71lb/tU3O8, 0.93lb/tV2O5 and 0.45%Cu and 6 metres of 2.59lb/tU3O8 and 3.02lb/tV2O5

• Drilling commences at Andersons uranium deposit, 15 kilometres east of Mount Isa city

• The first scout holes into Bikini returned grades up to 1.68lb/tU3O8 and 1.57lb/tV2O5 and 500ppmCu and, at Pile up to 0.34lb/tU3O8, 1.81lb/tV2O5 and 580ppmCu over metre intervals

• Uranium (1.69lb/tU3O8) has been identified in the massive Hero copper gossan, the largest radiometric anomaly in the district located 35 kilometres north of Mount Isa.

• Drilling is underway at the Western and Woomera uranium prospects •

Uranium oxide price continues to improve and is now US$33.00 a pound"

IcedPaladin

14-11-2005, 01:16 PM

Reported in the business section Sunday Star Times November 13th.
Trading Post.
Acorn Capital purchased 1,420,899 shares on 8/11/05 for $2,134,338.
Average price around $1.50

Mick100

08-12-2005, 01:22 PM

Seneca

10-12-2005, 10:20 AM

This is an attempt to get back to the one thread on smm - this is an expanded version of a post I made during the week on a new ( and incorrect ) smm heading.
Its interesting to apply the recent uranium price to SMM sp -- in the past week SMM's resource rose in potential export value by $A75 million or 40c per share. In the past month the potential has gone up by $1.50 per share. Earlier in the year this thread posted a quote from the Dines report saying that it was " destiny " that the smm uranium resource would be mined. The Labor party is due to vote on expanding uranium mining in Feb 2007, 14 months away. There is a lot of support for more mining in the Labor movement and there will be plenty in the press as the debate starts to build -- this will start to happen in earnest by about mid 2006 - say 7 months away. In the meantime we have the Parliamentary Select Committee - I thought they had finished their hearings but there is another on the 8/12. There will be plenty of debate when their report is tabled - perhaps even a move by the Federal Government to force a nationwide mining regime - that is the tone of a lot of the submissions being made and they have done it with industrial relations.
In the meantime the uranium debate worldwide is heating up with the general energy debate and Australians seem to be moving in polls towards more acceptance. To me this explains the underpinning of the smm sp at 60c. There is no doubt plenty of risk but it is not hard to build a case for increasing interest in this stock as we go into 2006.

Seneca

21-12-2005, 03:23 PM

Re uranium price - in the past 5 weeks the export potential of smm's uranium has gone up by a theoretical $2 per share. Perhaps they could offer to pay Mr Beatty a special tax in return for permission to mine

IcedPaladin

26-01-2006, 04:55 PM

Help. Can someone have a look at uraniumminer.net and tell me what the article about Summit posted on the 25th is all about my pc wont open it. TY

IcedPaladin

26-01-2006, 04:58 PM

Help. Can someone have a look at uraniumminer.net and tell me what the article about Summit posted on the 25th is all about my pc wont open it. TY

Mick100

26-01-2006, 05:16 PM

Minews Story Date: January 25, 2006

Summit Resources Claims To Have Defined A New Uranium Province In Northwest Queensland

Last year ASX listed Summit Resources was one of the leaders in the uranium stampede that took place in Australia despite the fact that there has, as yet, been no change in the "three mines policy" that has brought uranium exploration to a halt over the past thirty years. Now there are signs that the politicians may be coming to their senses and Alan Eggers, chief executive of Summit, is running a one-man PR campaign to make sure that they do not slip back again. Every statement that looks positive about uranium from any Australian politician, no matter how exalted or obscure, is winged around the world by Mr Eggers to all potential opinion formers. It is a very effective strategy as all politicians love publicity and a pro-uranium stance ensures that they get it. The resignation of Geoff Gallop as Labor Premier of Western Australia was seized on as a sign that his Party is coming under increasing pressure, but no drastic changes in policy can be expected before the Labor Party conference in spring 2007.

A lot of Australian companies climbed on the uranium bandwagon in recent months, but Summit tends to stand apart as it has a large tenement position in the highly-rated ground near Mt Isa in Queensland. Included among its extensive holdings are the Valhalla and Skal projects, which are part of the Isa Uranium JV with Resolute Mining and have a history tracing back to the last great Australian uranium boom of the 1950s and into early 1970s. Investors with long memories might even remember that both these projects belonged to Queensland Mines as was. Valhalla is said to have been discovered back in 1954, and “ore reserves” were put at 3,810 tonnes of uranium, plus an additional resource of 1,633 tonnes. That historic data indicates that it has well over A$500 million worth of uranium in the ground, especially now that the price has advanced to US$37/lb in the past week.

Values in the ground are fine, but it is more pertinent that Summit can now claim that it has defined a new uranium province in NorthWest Queensland. The latest drilling report from the company shows that it has intersected uranium mineralization in drill cores from eight deposits and prospects near Mount Isa which are all wholly owned by the company and not part of the JV. At Andersons uranium target, which is only 15 kms east of Mt Isa City, all three holes intersected mineralised sediments and conglomerates with up to 33 metres assaying 3.15 lb/tonne U3O8 and V2O5 in altered greywacke and conglomerate. The Bikini uranium target is close to the Isa JV and here a hole was drilling into the hanging wall shear and intersected 1 metre of 3.59% copper and 0.16 ppm gold which confirms the association between copper gold and uranium.

On then to the Woomera target which is just north of Bikini. Here four holes were drilled and only one failed to hit a mineralised zone. Two others intersected narrow zone of around 1 metre, but the most successful intersected 11 metres at a depth of 55 metres in haematite felspar breccia. Just to the south of Bikina is the Mirrioola target where Queensland Mines drilled a number of holes back in the ‘60s. Grades were reported to be as high as 4.03 U3O8lbs/tonne over 16 metres and two mineralised shoots were defined which will be followed up with more drilling this year to establish a resource. Roughly the same story holds true for the Tjilpa target which is also south of Bikini and again follow-up drilling is scheduled for this year.

Nearly 30 kms north of Bikini is the Warwai target where Queensland mines carried out costeaning and drilled some holes in the ‘60s. It was then taken over by Agip who drilled some more holes and calculated a uranium resource in the early ‘70s. More drilling will be carried out this year to confirm the resource. A similar story holds for the Watta uranium target which is just to the northwest of Warwai. The only major difference is that Mary Kathleen Ura

Seneca

25-02-2006, 01:56 PM

The transcipt from the most recent Government hearing into the Australian resource industry has been posted -- evidence from Silex -- an Australian company developing ( amongst other things ) uranium enrichment technology - a sympathetic hearing to an opportunity for Australia to develop an industry for the modern world . Plenty of implied criticism of the anti uranium people denying Australia this chance freely taken up by France and the US.If Silex is successful the best they can hope for under the current regime is to licence the technology to other countries. It seems to me, looking at the various hearings, that this committee will come out with a very clear pro uranium report and will influence SMM sp. Don't know how far away that is but it will be part of the mix when Labor starts debating the 3 mines policy and Martin Ferguson is on the committee. SMM contiues to report encouraging drill results and is working on a drilling program to allow them to restate their resource from the current indicated 75mil lb . Going by the drill results out so far it should be a big increase - in last years annual report they stated an objective of doubling it. In the meantime uranium goes up and up -- over A$50 lb as of last Wednesday

stolwyk

22-03-2006, 03:50 PM

I had a marvellous run first time starting with 12-25 cents. Unfortunately, I had to sell out thanks to a few dummies in QL.

Decided to get back in a few days ago:

1. The increasing uranium prices will result in a much higher SMM Insitu value. I would'nt be surprised if LT term prices hovered around US80 in a year's time.

No matter if mining is still some distance away, these increases in uranium prices must result in higher Share prices, Beattie or no Beattie.

2. At that time it will be criminal not to proceed with mining IMHO because of too much value going to waste.

The current share price has 3 components:
A. The basic one due to them coming increasingly closer to a BFS. We know, the assets are there with some v. g. grades in places.

B. Arising from continuous increases in Uranium prices.

C. The increasing probability that sooner or later, Beattie has to cave in, if he doesn't, he will be treated like a prize moron.

So, I do believe that the reward risk ratio is good and I have reinforced my holding.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

troyvdh

22-03-2006, 08:58 PM

S.....my thoughts exactly....did you spot the article in the Economist re waste....

stolwyk

22-03-2006, 11:48 PM

No, have you got it please?

Gerry

cujodog

23-03-2006, 12:20 AM

quote:Originally posted by stolwyk

I had a marvellous run first time starting with 12-25 cents. Unfortunately, I had to sell out thanks to a few dummies in QL.

Decided to get back in a few days ago:

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

Gee Stolwyk you seem to have investments in nearly every share on this forum. I find that quite hard to believe. Seems you must enjoy playing monopoly.

stolwyk

23-03-2006, 12:39 PM

Seems you have missed out on this one. SMM is no stranger to me.

Gerry

troyvdh

23-03-2006, 01:01 PM

Gerry,I went back to the Economist for that article but access is now limited to being a subscriber..I am a free loader .However the article may reappear later ...basically some Japanese scientists may have solved the issue of N waste disposal..

cant see why there has been a huge jump today (on top of yesterdays)...it could the steady increase in uranium,perhaps Queensland are relenting about exporting the stuff overseas...

like you, I have had the stock for yonks....topped up nicely at 5-6 cents....when does one sell !!!!!!!!!!!!!!!!!!!!!!

stolwyk

23-03-2006, 08:42 PM

Interesting Report from Far East Capital (6 March 2006).

http://www.summitresources.com.au/

(Look for Reports).

Note that their latest calculations are based on a Uranium price=US$40. I mentioned that by the time mining would proceed, the U price would be closer to US$80 IMHO. That would double the E/S and halve the given P/E.

Extract:

"In June 2005, we released a research note listing the reasons why SMM at 32.5¢ was our preferred uranium stock, pointing to a number of fundamental features that made the Company stand out head and shoulders above other Australian uranium companies. This list is repeated in Appendix A, attached to this note.

Since that report there have been a number of significant achievements which seem to have gone unnoticed in the market place and these deserve some focus:
1. Exploration Expanding Resource Base: The official resource a year ago was 35,000 t U3O8 in three orebodies (SMM’s share), enough for a mine life of 10-20 years. Since then an aggressive $6m drilling programme on an additional 8 deposits has completed approximately 12,000m in 60 holes. Assays have been released for some of these. Although it is to early to guarantee results, reasonable speculation would suggest that there is the potential to double the resources at the completion of the program.

2. Open Pit Life Could Be Much Greater: The earlier estimates assumed an open pit life of three years, but the proving of the additional orebodies could increase the open pit life to a minimum of 10 years, and maybe even 15, at higher mining rates.

3. Throughput Could Scale Up to 4 mtpa: While SMM is still considering a start-up rate of 2.5 mtpa, it is considering boosting this to 4 mtpa after three years.

4. Earnings Estimate to Be Higher on Uranium Prices: Our previous number used a uranium price of US$28/lb. Long term contract prices have recently been as high as US$40/lb, 40% higher than when we last released a note. We previously estimated $62m p.a. net profit to SMM. The latest numbers estimate a net profit of $95m p.a. to SMM, placing the shares on a prospective PE of less than 2x (assuming 100% debt finance). An expansion to 4 mtpa in year four could see net profits to SMM of $155m p.a. (82¢ ps).

5. Numbers Include Doubling of Capex, and Treatment Costs up by 50%: The estimates have assumed an increase of capital expenditure from $140m to $250m (up 80%), and treatment costs have increased from $10 pt to $15 pt".

++++++++++++++++++++++++++++

COMMENT: As mentioned, based on a throughput of 2.5 mill tonnes, and US$80 U-price, the given P/E becomes about half of the given 2, ie :1. (based on the March 6 report price of 75 cents)

+ + + At a P/E of 15 and 20, the SMM share price becomes A$ 11.25 and A$15. Current share price: A$1.04 + + +

If approval of mining is given, we are likely to see a takeover proposal quite quickly IMHO.

Refer to Item 5: "An expansion to 4 mtpa in year four could see net profits to SMM of $155m p.a. (82¢ ps)".
Comment: If Uranium were to be US$80 instead of US$40, this report is based on, then the profit could be A$2.13/ per share. You can then calcuilate the P/E=15 or 20.

The latter are astronomical numbers. The Report is based on 100% bank finance. In practice there will be some share dilution, I think.

I think that such a high quality project deserves a P/E of at least 15 in the beginning of mining followed by 20 later on.

Whatever, it seems to me that taking into account some dilution caused by infrastructure, we could be looking at a share price of some $8 once it is running properly and perhaps $20 once the expansion to 4 mill tonnes per annum is running successfully IMHO.

Current share price: 1.04/05. See how the reward/risk ratio pans out.

Subject to audit,

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

stolwyk

24-03-2006, 01:56 PM

Valhalla & Skal Drilling Results

http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=317854

IcedPaladin

26-03-2006, 02:01 PM

quote:Originally posted by stolwyk

Valhalla & Skal Drilling Results

http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=317854
Any idea what the updated presentation was all about after 7pm on Friday?

stolwyk

26-03-2006, 03:25 PM

Updated Presentation #1: About 17 MB!

Updated Presentation #2, about 13 MB!

http://stocknessmonster.com/stock-quote?T=zYUnTxzc29B58iH2wEw6nC&S=SMM&E=ASX

Sharp737

26-03-2006, 04:18 PM

Heck Stowyk, that is some estimations you given above - Thanks. Just incredible if it even comes half true....

What I have left, I sure don't want to sell unless a little bit of trading looks obvious...but even that could be extremely dangerous!

What about the big fish in the Resources in Oz? Surely Companies like BHP, Rio etc must be looking in Summits direction? How could they possibly continue to ignore Summit now? Or even now is one of them starting to build a stake?

And it truely does look like Summit has a Uranium Province as reported recently in the Mt Isa area. My goodness, double there resources of 75million lbs (in Valhalla, Skaal) might be a big light in a years time... And the big thing is that Summits other prospects apart from Valhalla and Skaal, are 100% owned.

From those few people who jumped in at around 6c, and some people who jumped in say about 8 years ago at that price, what's the possibility of going to say $6 in the next year? Who knows, as this share could well be the "stunner" in the Oz market in the near future? If so, to $6 would be 100 times the original investment.... $10,000 becomes....$1M. Like a dream come true for some...and in years to come, IF it ever hits $20, that's approaching $3.4M! Break out the Bunderberg!!! (Ginger beer that is.. ) Love that stuff :-)

Kiwi Kev - Love those Aussie Resources!

stolwyk

26-03-2006, 05:15 PM

Thanks Sharp.

I transferred my item below from the U thread:

20 March: U Increase 50 cts to US$40.50 Lately there have been weekly price rises.

From page 1 of U thread: Price $20.50 on 5 Dec 2004.

So, it has risen exactly $20 or 97.5%, Or say 102.4% if there is another $1 to 5 April 2006, a period of 16 months.

That is an increase of 6.4% per month should there be an equal increase per month: price increases of Uranium are important.

To get to US$80/lb, one may need some 31/32 months from now on, however, I do think that as demand for nuclear power stations and armaments increase, this period could be shorter, say 2.5 years or less.

I have used these conclusions in my post of 23 March, this page, time 8.42 pm: "Report from Far East Capital".

Gerry

cujodog

26-03-2006, 06:25 PM

You guys must be in ga ga land if you think this share will go to $6.

Take a deep breath and come back to reality.

Mick100

26-03-2006, 07:22 PM

When they get the green light to mine this share is going to double or triple in price over night
Seems some smart people are getting into position now.

I suggest that you buy more CAZ cujo
This one's not for you - this one is for those people who are pepared to wait for a big return, not neccessarily an inatant return.
,

cujodog

26-03-2006, 07:24 PM

And when they don't get the green light you are going to lose all your money.

Sharp737

26-03-2006, 07:38 PM

Not if a person got in early and then say you sell half for a very, very good profit and keep the rest :-)

Of course buying in now will be riskier... A calculated risk. But then again, the resources now found and are being found are perhaps bordering on the "staggering" side? Time will tell.

Kiwi Kev

stolwyk

26-03-2006, 07:43 PM

The U price keeps going up, so the Insitu resource becomes more and more valuable. That can't be really ignored.

troyvdh

26-03-2006, 08:47 PM

cujodog.....good on yah.....cheers.

Sharp737

27-03-2006, 12:40 PM

Heck....Summit hit a new high of $1.14 this morning...

stolwyk

27-03-2006, 02:15 PM

Not too many know about this ST post of 15 Sept 2005:

14 Sept: PRESENTATION-Mining Journal 20:20 Uranium Day (LONDON):
PRESENTATION (8.65 MB-Plenty of colour, 78 pages):
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=299203

There are some interesting important pages:
PAGE 48:
Assume SMM starts mining then, in the first 3 years, they are to produce 6 mill lbs Uranium with a Surplus of $A480 mill. and Export Revenue of $845 mill.(U=$US35/lb in the first 3 years, $US40/lb thereafter). Current U price: $US30.75.

Year 3-6: produce 9 mill lbs with a Surplus of $1.33 Bill and Export revenue of $1.78 Bill.

Note: this includes some income from VANADIUM.

+++++++++++++++++++++++++++++++++++

PAGES 60,61:

"NATIONAL INTEREST":

THE COMMONWEALTH HAS THE POWER TO OVERRIDE THE STATES AND GRANT ALL NECESSARY APPROVAL FOR A URANIUM MINE, WHERE:

1. Instances of States not acting in the "National Interest" occur.

2. Export Income and Contribution to Balance of Payments is significant (>$1 Bill) and is being blocked by the State.

3. Fed Govt is under obligation by way of Treaty, FTA or OTHER COMMITMENT to a foreign State or International Authority to allow the activity or Industry to proceed.

______________________________

Comment:

The Fed Govt is handling this delicate issue in stages:

Raising consciousness of the Australian public.

"Takeover" of the U operations in NT.

While all the time observing the political fallout, it could apply the "National Interest" clauses at some time, IMHO.

SMM has prepared this PRESENTATION to be shown to interested parties in the UK.

I can't predict the outcome of political manoeuvring in Aussie.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

---------------------------------------------------------------------
Edited by - stolwyk on 15/09/2005 3:21:38 PM

Sharp737

27-03-2006, 03:10 PM

Great stuff Gerry. And the more the Uranium goes up (around US$40 now and climbing), and the more Summit increases its Uranium resources (becoming Gi-Normus it would appear), the more the pressure is exerted until something has to go...

I see Summit just hit a new high ever... $1.20!

Sharp737

27-03-2006, 03:13 PM

Correction.... $1.23!!

Sharp737

29-03-2006, 02:23 PM

And now $1.38...

stolwyk

01-04-2006, 05:37 PM

Melbourne Herald Sun
April 1

By-election unwinnable: Beattie

01apr06

QUEENSLAND Premier Peter Beattie says today's Gaven by-election on the Gold Coast is unwinnable for his government and defeat would threaten his leadership.

Mr Beattie has predicted during the three week campaign that a landslide loss was inevitable for the government after controversial Labor MP Robert Poole resigned and forced the by-election.
The government fears that the 30,000 Gold Coast residents voting in the by-election today will opt to punish Labor over health issues and their "absentee MP".

Mr Beattie told the ABC he thinks the odds have improved slightly but he will not say if it is because of his cyclone relief efforts in north Queensland in the past two weeks.

"I've simply done my job, but I will never take advantage of someone's hardship for political purposes," he told the ABC.

Labor lost Redcliffe and Chatsworth to the Liberals last year and Mr Beattie says he will be under pressure if it is "strike three".

"If we lose three by-elections in a row, of course, it puts pressure on my leadership and I'd be dishonest if I said otherwise," he said.

"But I do intend to soldier on and I do intend to take the party into the next election, it just makes my job more difficult."

stolwyk

02-04-2006, 09:18 AM

National won the seat.

U up 40 cents to $41.0

cujodog

02-04-2006, 07:38 PM

quote:Originally posted by stolwyk

National won the seat.

U up 40 cents to $41.0

My god that's a 1% increase. Break out the champagne - you will never see an increase that big again!:D

Robbie-G

03-04-2006, 09:57 AM

Seems to me Cujo if you cant contribute sensibly dont contribute at all.
Im with you Gerry. apprecaite your views/analysis. Common sense must prevail at some stage in Australian politics

troyvdh

03-04-2006, 11:07 AM

Robbie-G...you stole my thunder...

cujodog....whats your point....we are on this site to make dosh...fairly simple really....

besides I thought you had packed up your toys and gone home long ago.

IcedPaladin

05-04-2006, 02:22 AM

Beattie has said his party would be guided by any change to the Federal Labour Partys uranium mining policy which will be reviewed next year.
By Barbara Adam and Matt Chambers Dow Jones news wires

stolwyk

06-04-2006, 06:17 PM

QUEENSLAND PREMIER PETER BEATTIE U TURNS ON URANIUM

UNIONS AND COAL INDUSTRY COME OUT IN SUPPORT OF SUMMIT

FEDERAL TREASURER PETER COSTELLO HINTS THAT THE FEDERAL GOVERNMENT COULD OVERRIDE THE LABOR STATES IF THEY DO NOT APPROVE NEW URANIUM MINES

FEDERAL RESOURCES MINISTER IAN MACFARLANE SAYS SUMMIT COULD BE SHIPPING URANIUM TO CHINA WITHIN FOUR YEARS IF THE LABOR POLICY WAS TO CHANGE

See today's Courier Mail report below.

ALAN J EGGERS

SUMMIT RESOURCES LIMITED

PERTH 5 APRIL 2006

+++++++++++++++++++++++++++++++

Beattie's uranium U-turn

Matthew Franklin and Emma Chalmers

April 05, 2006

THE Beattie Government has softened its opposition to uranium mining amid fresh Commonwealth threats of a legal challenge to override its long-standing ban.

Premier Peter Beattie yesterday ordered bureaucrats to study whether mining uranium would damage Queensland's coal industry.

His move represents a significant shift from his previous outright hostility to uranium mining on the basis of party policy obliging Labor governments to block all new mine proposals.

The change is after the clinching of a deal on Monday for uranium exports to China and threats by Prime Minister John Howard to seek legal means to
sideline state governments from the approval process.

It also came as Labor federal vice-president and Australian Workers Union leader Bill Ludwig called his party's no-new-mines uranium policy unsustainable and predicted it would be scotched at next year's Labor
national conference.

Mr Beattie refused to state his personal position, but said he would support any change in federal Labor policy.

"I'll be asking my department to do some work on that prior to the ALP national conference and my position on the floor . . . will be determined on
the outcome of that," he said.

He added that he might support uranium mining in Queensland if it was demonstrated there would be sufficient demand from China and India to
sustain uranium and coal exports.

"I need to be satisfied, in terms of my position, just leaving aside the environmental debates, that the capacity for expansion of the coal industry
in Queensland . . . is not going to be diminished by the expansion of the uranium market," Mr Beattie said.

Mr Ludwig said the no-new-mines policy was no longer sustainable because the international community had applied stringent safety requirements to the
operation of nuclear power plants.

"There's 450 plants around the world now and another 120 planned in South-East Asia in the next 15 years," Mr Ludwig said. "That can't be ignored. We are in a good position economically and geographically to
provide this resource."

Labor trade spokesman Kevin Rudd also appeared to back pedal, telling a press conference there was room to expand exports in a manner consistent with the Non-Proliferation Treaty.

But Opposition Leader Kim Beazley continued to urge caution, triggering accusations of weakness from the Government.

Mr Beazley said there was enough uranium to meet demand in existing mines in South Australia and the Northern Territory and that Labor should be more
concerned about proliferation of nuclear weapons.

"We have the time and the opportunity to hasten slowly and get it right," he said. "I will not be pressured by John Howard's fake urgency on this."

Treasurer Peter Costello ridiculed Mr Beazley as unable to show leadership.

"Uranium is either all bad, in which case there should be no mines, or it's acceptable, in which case there should be such number of mines as are commercial. But there's no logic in saying it's good at three mines and bad
everywhere else."

Mr Costello refused to explain the detailed process by which the Commonwealth might launch a constitutional challenge to state governments.

But he said: "It may be argued that under our trade and commerce power, and it may be argued under our external affairs power, that the Commonwealth has
the ability to facilitate the trade and commerce of uranium and the export of ur

IcedPaladin

06-04-2006, 07:25 PM

Help! What is the latest article published about Summit on uraniumminer.net?

stolwyk

11-04-2006, 07:57 PM

H/C: 14.46 pm (Sydney time):

WA and QLD are boxed in.

Instead if the Govt enacting the legislation which enables them to declare that mining can proceed, they preferred for political reasons to keep threatening, while watching the opposition disintegrate, bit by bit.

Now Beattie is doing a study to see if export of Uranium will be bad for export of coal (It is'nt because most is used overseas for making steel). The Coal industry is supporting mining of Uranium anyway.

The Greenies have painted themselves in the corner, by suggesting that treatment of nuclear waste will be a problem but forgot to mention that Australia won't have nuclear power stations for some time. (Export does'nt create nuclear waste).

They forgot that China could have got their U from Canada instead of Australia but most don't take these commercial considerations into account.

Meanwhile I have increased my investment in SMM.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

stolwyk

12-04-2006, 10:34 AM

SOME PRELIMINARY VALUATION NUMBERS

Last year they hoped to double their resource to 150 mill lbs; if so, at US$41/lb and A$=0.74, we get a total of $A 8,310,810,810 (About $A8.31 bill) InSitu.

However, the U price is increasing.

1. INSITU VALUE PER SHARE.
There are 188 mill shares. thus the inSitu value per share is A$44.20 and rising.

That is excellent IMHO with a premium for increasing U prices.

2. MARKET VALUE PER A$.
The share price is $1.49 or total market value=A$280.12 mill. or per A$ spent: A$29.66. another nice number.

GOLD VALUE: 10.25 mill ounces. Cost Per Ounce $27.32, an excellent low number.

3. Simple InSitu value/tonne:
Assuming a grade of 1.7 lbs/tonne, that will be $A94.1 /tonne, another excellent number and rising. (That is about 4 times the adequate minimum needed)

Summary: Assuming approval to mine is given, there is plenty of "slack" in the current share price for it to rise:

Re item 2, the Market Cap per share is A$29.66 but A$15 would have been sufficient. The price per share then changes to 29.66/15*$1.49=$2.95 but that would be an initial price with adjustments and added premiums later on, once approval to mine was given IMHO.

I need to get data re thoughput and costs, but the situation looks good.

I am familiar with SMM, having first bought in for 12 cents/ share on 20 Oct 2004, but had to sell most last year due to stupidity of the QLd Govt. Bought back for 87 cents and hoping to stay with it.

That is my opinion,

Subject to audit,

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

stolwyk

20-04-2006, 01:54 PM

14 Sept, 2005: PRESENTATION-Mining Journal 20:20 Uranium Day (LONDON):
PRESENTATION (8.65 MB-Plenty of colour, 78 pages):
http://stocknessmonster.com/news-item?S=SMM&E=ASX&N=299203

There are some interesting important pages:
PAGE 48:
Assume SMM starts mining then, in the first 3 years, they are to produce 6 mill lbs Uranium with a Surplus of $A480 mill. and Export Revenue of $845 mill.(U=$US35/lb in the first 3 years, $US40/lb thereafter). Current U price: $US30.75.

Year 3-6: produce 9 mill lbs with a Surplus of $1.33 Bill and Export revenue of $1.78 Bill.

Note: this includes some income from VANADIUM.

+++++++++++++++++++++++++++++++++++

PAGES 60,61:

"NATIONAL INTEREST":

THE COMMONWEALTH HAS THE POWER TO OVERRIDE THE STATES AND GRANT ALL NECESSARY APPROVAL FOR A URANIUM MINE, WHERE:

1. Instances of States not acting in the "National Interest" occur.

2. Export Income and Contribution to Balance of Payments is significant (>$1 Bill) and is being blocked by the State.

3. Fed Govt is under obligation by way of Treaty, FTA or OTHER COMMITMENT to a foreign State or International Authority to allow the activity or Industry to proceed.

______________________________

Comment:

The Fed Govt is handling this delicate issue in stages:

Raising consciousness of the Australian public.

"Takeover" of the U operations in NT.

While all the time observing the political fallout, it could apply the "National Interest" clauses at some time, IMHO.

SMM has prepared this PRESENTATION to be shown to interested parties in the UK.

I can't predict the outcome of political manoeuvring in Aussie.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

stolwyk

20-04-2006, 02:00 PM

Valuation of smm? / some preliminary numbers

Date 12 April:
I am familiar with SMM, having first bought in for 12 cents/ share on 20 Oct 2004, but had to sell most last year due to stupidity of the QLd Govt. Bought back for 87 cents and hoping to stay with it.

Last year BSG hoped to double their resourse to 150 mill lbs; if so, at US$41/lb and A$=0.74, we get a total of $A 8,310,810,810 (About $A8.31 bill) InSitu.

However, the U price is increasing.

1. INSITU VALUE PER SHARE.
There are 188 mill shares. thus the InSitu value per share is A$44.20 and rising.

That is excellent IMHO with a premium for increasing U prices.

2. MARKET VALUE PER A$.
The share price is $1.49 or total market value=A$280.12 mill. or per A$ spent: A$29.66. another nice number.

GOLD VALUE: 10.25 mill ounces. Cost Per Ounce $27.32, an excellent low number.

3. Simple InSitu value/tonne:
Assuming a grade of 1.7 lbs/tonne, that will be $A94.1 /tonne, another excellent number and rising. (That is about 4 times the adequate minimum needed)

Summary: Assuming approval to mine is given, there is plenty of "slack" in the current share price for it to rise:

Re item 2, the Market Cap per share is A$29.66 but A$15 would have been sufficient. The price per share then changes to 29.66/15*$1.49=$2.95 but that would be an initial price with adjustments and added premiums later on, once approval to mine was given IMHO.

I need to get data re thoughput and costs, but the situation looks good.

That is my opinion,

Subject to audit,

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

Current price: 176 cents after rising almost daily.

davidrob

20-04-2006, 02:32 PM

SMM Summitt

Hi ya-- Gerry,

Agree that Beattie come acrross as a self serving will do anything for a vote polly.....Will not affirm U in QLD till atfter the Election , then will flip like a Pancake to the affirmative.

Gerry, Been quietly enjoying your posts and various missives enormously of late....

Thank You muchly Gerry.

btw Gerry, 2 quickie questions re Summitt.

(1) How many tonnes of Uranium are you basing your assesments and numbers on; in your last post, as per your valuation of Summitt?

(2) When do they feel they (SMM) will be able/ready to Mine and go into exportable produciton???

(a) Best Case Sceanario ??

(b) Conservative Scenario??

Any thoughts.

Say that the United Kingdom's Tony Blair, reiterated and came out to affirm the pressing critical necessary need for MORE Nuclear Energy requirment for Britain to meet Base level Energy requiremnts, over the next 20 years.

Comments made by Blair, day before yesterday by the way

Kindest Regards,

Robbo:)

stolwyk

20-04-2006, 04:16 PM

Hi Robbo,

SMM has a steep graph and this means that not too many cents can be added every day:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3ASMM&time=&freq=

STO=88.

150 mill lbs of U=68181 tonnes.

They are still drilling and want to produce a jorc estimate of more resources:
http://sa.iguana2.com/cache/4574824b2357498d18a438c7d2807ec6/ASX-SMM-311764.pdf

I can't give you a timescale. Once approval is given by possibly the FED Govt. SMM will supply more info.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

stolwyk

24-04-2006, 02:19 PM

Mt Isa Uranium Copper Project - Bikini Drill Results

http://sa.iguana2.com/cache/b99fe6d1008cad19aa549643d7a09081/ASX-SMM-320452.pdf

$1.74

stolwyk

28-04-2006, 12:48 AM

INTERVIEW WITH THE CEO OF SMM:

http://www.wallstreetreporter.com/linked.php?id=17109

stolwyk

28-04-2006, 03:32 PM

Third Quarter Activities & Cashflow Reports
http://sa.iguana2.com/cache/c16b3770b8eaee2b52adc365bcb904d3/ASX-SMM-321070.pdf

Outflow: 1.44 mill Cash 5.06 mill

Activities:
Extract:

RESOURCE DRILLING FOR THREE URANIUM DEPOSITS REPORTED RESOURCE DRILLING AND EVALUATION PROGRESSING ON EIGHT URANIUM DEPOSITS AT MOUNT ISA COPPER EXPLORATION AND DRILLING COMMENCED SOUTH OF MOUNT

ISA Summit Resources Limited (“Summit”) now has uranium mineralisation intersected in drill core from ten separate deposits and prospects at Mount Isa in northwest Queensland. Substantial widths and high grade uranium oxide (“U3O8”) and vanadium pentoxide (“V2O5”) intersections, and a copper intersection, are reported from the latest drilling results at Valhalla, Skal and Bikini for the March 2006 Quarter. S

Resource definition drilling and sampling is now in progress on eight of the Company’s uranium deposits at Mount Isa (see attached plan).

Sufficient drilling has now been completed at Valhalla, Andersons, Skal, Bikini and Mirrioola to commence, when combined with previous drilling results, calculating new resource estimates.

Drilling is now underway at Tjilpa, Warwai and Watta. The objective is to have sufficient density of drilling and sampling in each deposit and, on receipt of all drill assays, calculate JORC compliant resource estimates for each of the eight deposits in 2006.

Summit also has a further fifteen uranium mineralised prospects within its tenements at Mount Isa. These prospects are Red Alpha, Western, Mixabe, Crowbar, Mirrioola North, Mirrioola South, Pile, Hero, Woomera, Rich John, Drum, Calton, Narpajin, Bull Frog and Ecotte (see attached plan).

Each of the prospects will be progressively explored and drill tested as rigs become available".

Comment: This is followed by a large number of results.

stolwyk

02-05-2006, 10:27 AM

Scott Wright: Uranium Bull 2:

http://www.gold-eagle.com/gold_digest_05/wright042806.html

stolwyk

03-05-2006, 08:23 PM

Mt Isa Uranium Copper Project

http://sa.iguana2.com/cache/6369a84cac32bd3b5823c418ba93474f/ASX-SMM-321859.pdf

Sharp737

03-05-2006, 10:10 PM

That's a good speal on the Uranium BULL 2 article Gerry. Very good and shows that the price of uranium is only just starting!

And the drilling results coming in like this last one are just stunning. But not only that, with another 15 prospects on top of the 8 existing is just plain exciting.

It is only a matter of time....and probably not too much of that left either before the approval to mine in Queensland comes. Quite exciting really and worth the wait.

stolwyk

10-05-2006, 11:37 PM

INCREASES in INSITU VALUES

Assuming they can get 150 mill lbs in a year's time (And they are well on the way),

then the deposit Insitu value will be Aus$8181.8 mill (US$42/lb and A=0.77) or based on their 188 mill shares, $A43.52 /share, a nice value but *not* incorporating Uranium price increases during the year.

+ + + What is forgotten that the Uranium price increases during the year could be good enough to hold the shares for, while waiting for approval.

One could get a 50 cents/week increase in the U price in the next 12 months or say US$26.

That gives a massive *increase* in value of the Insitu deposit of 150 mill lbs or more or $AU5.064 billion or $AUS26.94/share. Current share price is $A1.51.

+ + + Assume we have an Insitu 150 mill lbs U in 12 months time, and the U price will be the current US$42+26=US$68 or $A88.31/lb, or a sum total of 13246.5 mill or based on 188 mill shares:$A70.47/share.

Of course I am talking about Insitu values, but rest assured there will be enough left after production.

SMM could be one of the most valuable stocks to have ($1.51/share), assuming uranium is getting more expensive as it is, sofar.

Subject to audit,

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

backtobasics

18-05-2006, 02:30 PM

This one has gone to the dogs quickly - pity the people who bought at $1.75 last month

bronson

19-05-2006, 12:43 AM

Are people still bullish about the prospects of this share over the next couple of years?

IcedPaladin

19-05-2006, 05:27 AM

quote:Originally posted by bronson

Are people still bullish about the prospects of this share over the next couple of years?
YEH I AM with the value of uranium constantly increasing Summit has an egg in the nest only a fool would assume their asset base could be eroded by negative publicity.

Just wait for the JORC consents:)

IcedPaladin

19-05-2006, 05:29 AM

quote:Originally posted by IcedPaladin

quote:Originally posted by bronson

Are people still bullish about the prospects of this share over the next couple of years?
YEH I AM with the value of uranium constantly increasing Summit has an egg in the nest only a fool would assume their asset base could be eroded by negative publicity.

Just wait for the JORC consents:)

backtobasics

22-05-2006, 03:37 PM

R.I.P Summit - It was nice knowing you.

easy money

22-05-2006, 06:17 PM

WITH YELLOWCAKE at $43.....i dont think so sunshine

clearasmud

22-05-2006, 06:19 PM

I agree smm is only retreating.

Sharp737

23-05-2006, 01:08 PM

Had to after such a run...

troyvdh

23-05-2006, 04:22 PM

Agreed.Whats actually happened apart from what the share is selling for.
The news aint changed.If anything its probably more positive than ever.
As before keep an eye on who is buying.

easy money

23-05-2006, 07:59 PM

WELL...i believe the selling is just about done..could see a bounce tomorrow..

easy money

24-05-2006, 07:59 AM

AND i see that even Kim Beazely is now talking about dumping labour's three mines policy. next year...the tide has now turned on yellowcake mining in oz....Do i see a new bull market in uranium stocks just aruond the corner....remind me to top up my holding in smm ...before someone else beats me to it

troyvdh

24-05-2006, 02:28 PM

...............easy money.....easy money......

IcedPaladin

24-05-2006, 04:54 PM

Dont forget too top up on CER as well Easy money.

What did they have to say ar agm?

peter_s

24-05-2006, 06:30 PM

Great day for SMM. Many more to come hopefully :)

IcedPaladin

01-06-2006, 04:38 PM

Beattie said today from Western Queensland he plans to spend $10 billion on energy in rural queensland. He also said $36 billion would be spent on infrastructure. Further details in next weeks budget.Quoted from the Courier Mail.

IcedPaladin

01-06-2006, 09:28 PM

[quote]Originally posted by easy money

AND i see that even Kim Beazely is now talking about dumping labour's three mines policy. next year...the tide has now turned on yellowcake mining in oz....Do i see a new bull market in uranium stocks just aruond the corner....remind me to top up my holding in smm ...before someone else beats me to
Not sure whether to keep averaging down my CER holdings with such huge sell volumes. Your thoughts Easy Money

And MDS news whats happening there EM

stolwyk

02-06-2006, 04:26 PM

Carmichael has issued a report, which I received per email.

It is also on the website under "Reports". Unfortunately, it can't be opened. I have let them know.

Here is an extract from page 1:

"Summit Resources Ltd (SMM)
INITIATING COVERAGE & VALUATION OF SMM S
URANIUM DEPOSITS + EXPLORATION POTENTIAL

KEY POINTS
77m/lb (35,000t) U3O8 Resource
largest outside Rio Tinto & BHP Billiton
Controls 7,000km2 of the Western Succession of the Mount Isa Inlier
Assumed production by FY2010 A$420m capex for 4Mt pa plant
Existing infrastructure and potential workforce nearby at Mt Isa
Conservative valuation of A$853m or A$3.65ps fully diluted
SMM are one year in a two year, seven million dollar, 30,000 metre drill-program targeting a number of advanced uranium projects with existing resources (e.g. Valhalla) as well as advanced exploration targets (e.g. Mirrioola). With recent drilling there is now sufficient information to commence geological modelling and to calculate a new resource estimate on the Valhalla, Andersons, Skal, Bikini and Mirrioola uranium deposits.

The SMM valuation is based on projected net cash-flows from a total minable resource of 69,250t of U3O8. Each JORC-compliant deposit (e.g. Valhalla, Skal & Andersons) wasincreased by 50% to account for extensional drilling success. Furthermore, three other Skaltype tonnage and grade deposits were included to account for the likelihood of a number of advanced projects into viable resources. Although this may seem a large increase in minable resources, we contend that based on our observations, this increase in estimation is still conservative with little meaningful uranium exploration occurring since the mid to late 1960 s.

SMM has control over a whole, well-endowed uranium province.
The main risks to the company are in fact more political rather than financial. The uranium project appears to be relatively robust, with a five percent variation either in the U3O8 price, the exchange rate or the metallurgical recovery - having only a nine percent variance on the companies NPV.

The project is, however, subject to regulatory approval from the Queensland Labor Party. Recent comments by various Labor Party leaders (e.g. Kim Beazley, Martin Ferguson, Mike Rann) strongly suggest that the policy banning future uranium projects will be reversed.

We have assumed that there will be a change in Labor Party policy at the next bi-annual conference in April 2007, with the Queensland Labor Party taking a further six months to ratify the decision. Construction of a 4Mt per annum (pa) plant is estimated to take 18 months after that decision, with a two-year production ramp-up to design capacity.

Production estimated to be 2.5Mt pa (FY10), 3.25Mt pa (FY11) rising to an eventual 4Mt pa (FY12).

Production is estimated to continue at 4Mt pa until FY22, dropping to 1.65Mt pa in FY23, ceasing completely at the end of FY26.

Based on a 4Mt pa operation, for an extractable resource of 69,250t we have valued SMM at an after-tax NPV12% of A$797m or A$3.35ps fully diluted.

Incorporating an exploration
coupon for controlling 7,000km2 of the most prospective base-metal province in Australia, a further A$56m or A$0.30ps fully diluted results in a final appraised value of A$3.65ps".

davidrob

02-06-2006, 04:40 PM

HI Gerry,

That is the first time I've ever seen a reversed Discounted Cash Flow Valuation analysis by the your quoted fromk "independenent Analyst" -- !!

....Wow ... ( I like the Boy !! )....

Fancy actuallly[:0] "Adding" -- [:0]... as an arbitary figure, of, a nice lazy 50% ..... onto, and in addition to the modelling .... over an above ..... the still not all Indicated and Confirmed proven JORC resource .... and thus extrapolating some nice Rounded up Numbers from that juncture ..... I like it !!

By the way G, did she/he discount for political risk as well ?

Surely they are a tad being on conservative side ... !!

While in an effusive mood, why did they not add say another 30%, on top of the 50% ..... and then add another zero, just to be fair ...!! ;);).... What a Cracker !!

Have-a-great weekend Gerry !!

Kindest Regards,

Robbo :)

OneUp

02-06-2006, 04:50 PM

From what I have read recently the ALP leader has decided against uranium mining and will make it a political issue at the next election.

SMM seems very high risk until the political position is decidely in favour of development.

backtobasics

02-06-2006, 05:26 PM

quote:Originally posted by OneUp

From what I have read recently the ALP leader has decided against uranium mining and will make it a political issue at the next election.

SMM seems very high risk until the political position is decidely in favour of development.

Agreed. There is no way that the Labor party will change their mind on this. They stick to their beliefs unlike the coalition. This share is probably the riskiest on the market.

stolwyk

02-06-2006, 07:43 PM

CARMICHAEL RESEARCH REPORT:

http://www.summitresources.com.au/

Look under "REPORTS"

Onthemoney

02-06-2006, 10:41 PM

Hey Gerry still going strong I knew I could find you clogging a thread somewhere

Onthemoney

02-06-2006, 10:42 PM

Buyer beware they say

stolwyk

14-06-2006, 12:26 PM

Uranium price: $45 (+1)

backtobasics

14-06-2006, 12:47 PM

quote:Originally posted by stolwyk

Uranium price: $45 (+1)

Why is this share crashing then? - it doesn't make sense.

Sharp737

14-06-2006, 03:10 PM

Ssssssshhhhhh

;)

bushbasher

14-06-2006, 03:16 PM

quote:Originally posted by backtobasics

quote:Originally posted by stolwyk

Uranium price: $45 (+1)

Why is this share crashing then? - it doesn't make sense.
A bird in the hand is worth two in the bush. SMM fundamentals look great but at the end of the day its just a play on a piece of ground which will one day have to be dug out. People I imagine are just taking advantage of big run-up in stock price over last few months to take profits out. It's getting back to levels where if I had a bunch of spare cash lying around I would buy some more.

port hills

15-06-2006, 01:16 PM

I'm in these too now, I hope New Zealand doesn't suffer a nuclear attack, I'd hate to be killed by someone using uranium that I sold em.
Wouldn't I feel stupid then! [xx(]

stolwyk

16-06-2006, 06:13 PM

1.20 (+16.5 cents)

From date 10 May, page 11:

"then the deposit Insitu value will be Aus$8181.8 mill (US$42/lb and A=0.77) or based on their 188 mill shares, $A43.52 /share, a nice value but *not* incorporating Uranium price increases during the year.

+ + + What is forgotten that the Uranium price increases during the year could be good enough to hold the shares for, while waiting for approval.

One could get a 50 cents/week increase in the U price in the next 12 months or say US$26".
____________________________________________

Comment: A month later and the U price increased by $3 to US$45 or US$36 per year based on that month.

It seems we ought to get the abovementioned US$26 per year increase.

See what happens.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.