U3O8 Uranium.

[trader10]

http://www.miningnews.net


A-Z Uranium Sector Snapshot (Part Nine – S)

Thursday, March 30, 2006
Michael Vaughan

AS URANIUM passes $US40 per pound, MiningNews.net asks 15 questions of the companies comprising Australia's growing uranium sector. The survey will be published daily for the rest of March.




SCIMITAR RESOURCES
Share price (at March 17): 33c
Market cap (at March 17): $6.62 million

1. Where is your mainstay project located?
Yanrey Uranium Project 80km south east of Onslow, WA

2. When was it discovered?
1978 by CRAE.

3. What is the company's stake in the project?
100%

4. What work programs have been completed at the project? How much drilling has been carried out?
The project has recently been granted (Dec 05), previous drilling totalled 15,000m and the company has a 3,000m drilling program planned for early April 2006. Previous exploration utilised ground gravity and drilling to define the channel sequences. Scimitar intends to utilise Hoist EM to locate and better define additional channels.

5. What style/type of uranium mineralisation is at the project?
Sandstone hosted roll front.

6. What are the dimensions of the mineralisation? What are the levels/tenor/grade of mineralisation?
Drilling has intersected uranium mineralisation over 6km of channel sequences (up to 800m width). There is widespread mineralisation above 0.06% (600ppm) with higher grade zones up to 3.25m at 0.28% and 2.7m at 0.46% uranium oxide equivalent from previous drilling.

7. Is the project essentially a 'greenfields' proposition, or does it have a JORC-compliant resource? If it is not 'greenfields' and if it doesn't have a JORC resource, how much work needs to be done in order to establish one?
The previous results indicate a likely cost and timeframe of $1-$1.5 million and 12-18 months to a JORC resource stage.

8. What is the potential size of the deposit?
The target for the infill and exploration drilling is 3-6,000t of uranium oxide from the Bennet Channel, this is estimated taking into consideration previous results and that the next channel some 15km to the north hosts the Manyingee deposit of 12,000t at 0.08% uranium oxide help by Paladin Resources Ltd.

9. How much cash has the company budgeted to spend on the ground at the project during 2006?
The Company is still reviewing its exploration budget on all projects, it is anticipated approx $400,000 to $600,000 will be spent at Yanrey.

10. What is the company's current cash position?
$1.5 million

11. Which contractors/consultants has the company been/intend using?
Drilling - Wallis Drilling
Assaying - Amdel Laboratories
Tenement management - McMahon Mineral Title Services.
Geophysics - Resource Potentials

12. How is the project located in terms of infrastructure?
N/A

13. How far away is a potential development? What is the potential size and timeline?
N/A

14. What are the potential capital/operating costs of the development? When will you likely know?
N/A

15. What are the main hurdles to reaching a development decision?
N/A


SHERLOCK BAY NICKEL
Share price (at March 17): 5.9c
Market cap (at March 17): $40.17 million

1. Where is your mainstay project located?
Mt Salt is located 80km west of Karratha. Copper Bore Well is located 100km south of Onslow.

2. When was it discovered?
Mt Salt's radioactivity potential was first referenced in geological literature by AG Spence in 1962. Copper Bore Well was a target of ESSO in the 1970's.

3. What is the company's stake in the project?
Both are owned 100% by Sherlock Bay Nickel Corporation and are currently exploration licence applications (ELA's).

4. What work programs have been completed at the project? How much drilling has been carried out?
Mt Salt - Airborne magnetic and radiometric survey, rock chip sampling, scintillometer traverse, geometrics gamma ray spectrometer traverse, geochemical sampling, spectrometer surveys and broad spaced drilling.

5. What style/type of uranium mineralisation is at the project?
T

[trader10]

Yellowcake fever intensifies

Thursday, March 30, 2006
Ben Sharples

THE madness surrounding uranium has continued, with investors keen to feast on anything yellowcake-related, big or small, with A1 Minerals, Monax Mining and Joseph Gutnick's Quantum Resources just some that are reaping the benefits.



Fat Prophets analyst Gavin Wendt told MiningNews.net the demand for uranium stocks is being driven by the uranium price, but labelled the frenzy as "crazy" and "ridiculous".

"When an underlying commodity is performing strongly, obviously there is going to be significant interest in those companies in the sector," Wendt said.

"The only problem is … there is no indication outside of Paladin Resources that any of those other Australian companies will actually have the prospect of mining approvals being granted.

"There is no indication that any new mines will be given the go-ahead, if there is an expansion in uranium mining it is likely it will be related a couple of the existing major operations like Olympic Dam.

"There is no prospect and there has certainly been no indication by any of the state governments that they intend to change their view.

"Most of these uranium plays are so far removed from production that it is almost ridiculous to try and draw a line between the price of uranium and to try and put a value on those companies."

ANZ Global natural resources analyst Andrew Harrington told MiningNews.net he didn't think the "mania" surrounding uranium stocks was sustainable.

"People are running up the share prices of companies that have uranium prospect in areas that are not even allowed to mine," Harrington said. "It's crazy."

Budding gold producer A1 Minerals is the lastest to jump on the bandwagon, announcing preliminary imagery from a government radiometric survey has indicated the presence of "anomalistic" uranium channel radioactivity on its Narnoo exploration project in Western Australia.

The news sent A1 shares up 6c (20%) to 30c during morning trade, before the stock settled at 27c mid-morning.

Elsewhere, Monax Mining shares peaked at 37c, gaining 8c during morning trade on the back of news that the company had applied for two tenements around its Ambrosia project in South Australia's Gawler Craton.

Monax shares eventually settled at 32c mid-morning.

However, the standout performer was Quantum Resources, which surged more than 200% from 2.8c to 9.4c yesterday on the back of news the company would start exploring for uranium in Western Australia and the Northern Territory, as soon as the tenements were granted.

The stock eventually settled at 6.8c yesterday, with more than 22 million shares changing hands. The stock was off 1c during morning trade at 5.8c.

http://www.miningnews.net

T10

[trader10]

http://www.miningnews.net/premiumarea.asp

Yellowcake for all


Friday, March 31, 2006

URANIUM, uranium, uranium – that is the word on everyone's lips as precious metals reach new highs and copper continues its strong rise on the back of supply problems, while in the courts, lawyers for Fortescue Metals Group boss Andrew Forrest move to have legal action against him thrown out.



Uranium for Ivanhoe in Queensland
Ivanhoe Mines chairman Robert Friedland claims a new Cloncurry prospect containing uranium and called Amethyst Castle has the potential to deliver a "world scale discovery".

CVRD seeks 24% iron ore price hike
With iron ore producers and steel mills locked firmly in annual price negotiations, Brazilian mining giant CVRD has confirmed it is seeking a 24% increase in iron ore prices.

FMG lawyers challenge ASIC action
Lawyers representing Fortescue Metals Group boss Andrew Forrest move to have charges brought against him by corporate regulator ASIC in relation to market disclosure of certain agreements signed in 2004 thrown out, claiming Forrest met all his obligations.

Caterpillar, Mitsubishi to make mining trucks
Construction equipment giant Caterpillar joins forces with Japan's Mitsubishi Electric to produce a new line of AC electric drive mining trucks, reportedly the "largest investment" in mining trucks in Caterpillar's 80-year history.

ConsMin bids for Titan
Consolidated Minerals' hunger to build its nickel business may see it swallow Titan Resources after the diversified miner launches a $A29 million off-market takeover bid for the junior.

FMG gets Citigroup loan injection
Fortescue Metals Group's financial advisor Citigroup arranges a $US200 million ($A279 million) syndicated loan note facility for FMG, which the company says will allow it to keep to its timetable for development of its $2.5 billion iron ore project "without compromising the capital-raising process".

Energy Metals gains a big brother
Canadian interest in the Australian market continues, with uranium producer Denison Mines inking a $A4.5 million strategic alliance with junior explorer Energy Metals.

Kanmantoo study gets green light
Hillgrove Resources gives the green light to a pre-feasibility study at its flagship Kanmantoo copper-gold project in South Australia as it looks to kick a mining operation off by mid-2008.

Grange on the prowl for partners
Grange Resources opens the formal "international tender process" for a joint venture partner, or partners, for its $US1.2 billion ($A1.67 billion) Southdown magnetite project in Western Australia/Malaysia, with the aim of signing on preferred parties in the September quarter.

Niagara in demand
Investors warm to Niagara Mining and its prized Mt Windarra project in Western Australia, with recent drill results pushing the company's shares to a 52-week high.

Matrix closing in on White Range money
Westpac Bank provides Matrix Metals with up to $A40 million for its $59 million White Range copper project in Northern Queensland, with a further $15-25 million of funds hinted to be coming from an imminent off-take deal.

New resources for Summit next quarter
After completing resource definition drilling on five of its Mount Isa uranium deposits, Summit Resources expects the first of the new estimates to be ready by the end of the June quarter, though all of the deposits have yet to be closed off.

Another case of empty rhetoric or a failed bid?
First Quantum Minerals looks like it will have to sacrifice its credibility if it is to acquire Adastra Minerals, following the target company board's rejection of First Quantum's "final" offer.

Fox inks Jinchuan deal
Nickel producer Fox Resources secures $A4 million in financing and inks a binding off-take agreement with China's Jinchuan Group for all copper concentrate sales from its West Whundo copper-zinc project in Western Australia.

Helix to spin off platinum assets

[trader10]

http://www.miningnews.net

A-Z Uranium Sector Snapshot (Part Ten - T/U/W)

Friday, March 31, 2006
Michael Vaughan

AS URANIUM passes $US40 per pound, MiningNews.net asks 15 questions of the companies comprising Australia's growing uranium sector. Today is the final part of the snapshot.




TORO ENERGY
Recent listing
$18 million IPO

1. Where is your mainstay project located?
Large tenement package assembled in the in the Gawler and Curnamona Cratons - 42 properties 26,069 sq km.

2. When was it discovered?
The Toro Energy projects are at exploration stage only. Historical exploration has been undertaken on some of the properties.

3. What is the company's stake in the project?
Toro has rights to explore for uranium minerals on leases held by Oxiana, Minotaur Resources and associated joint venture partners over a suite of tenements in South Australia

4. What work programs have been completed at the project? How much drilling has been carried out?
Varying amounts of historical exploration drilling has been undertaken on the tenement package the past. Uranium specific exploration will commence on listing. Recently some drilling has been completed at the Warrior prospect and extended the known palaeochannel by some 4km.

5. What style/type of uranium mineralisation is at the project?
Roll-front uranium mineralisation in Tertiary paleochannels.
Roll-from uranium mineralisation in Permian paleochannels.
Roll-front uranium mineralisation at the Mesoproterozoic unconformity.
Uranium mineralisation within the Paleoproterozioic basement.

6. What are the dimensions of the mineralisation? What are the levels/tenor/grade of mineralisation?
Exploration stage only.

7. Is the project essentially a 'greenfields' proposition, or does it have a JORC-compliant resource? If it is not 'greenfields' and if it doesn't have a JORC resource, how much work needs to be done in order to establish one?
Two years exploration is proposed with expenditure of $4 million per year as per the Toro Energy prospectus.

8. What is the potential size of the deposit?
Different styles of mineralsation are being targeted including styles which generally occur as smaller higher grade and those which are larger lower grade deposits.

9. How much cash has the company budgeted to spend on the ground at the project during 2006?
$4 million.

10. What is the company's current cash position?
On floating cash position would be ~ $18million

11. Which contractors/consultants has the company been/intend using?
No specific contracts have been entered into at this stage.

12. How is the project located in terms of infrastructure?
N/A

13. How far away is a potential development? What is the potential size and timeline?
N/A

14. What are the potential capital/operating costs of the development? When will you likely know?
N/A

15. What are the main hurdles to reaching a development decision?
N/A



THUNDELARRA EXPLORATION
Share price (at March 17): 17.5c
Market cap (at March 17): $13.46 million

Thundelarra holds the Spinifex uranium project in Western Australia. The company failed to respond to the survey.
U3O8
$5 million IPO

1. Where is your mainstay project located?
Ten projects in WA, SA and QLD, most advanced is Dawson Well near Wiluna in WA.

2. When was it discovered?
Late 1970's (near Yeelirrie).

3. What is the company's stake in the project?
100%

4. What work programs have been completed at the project? How much drilling has been carried out?
In 1970's WMC and Carpentaria drilled 822 holes over 20km strike.

5. What style/type of uranium mineralisation is at the project?
Calcrete hosted (Yeelirrie type).

6. What are the dimensions of the mineralisation? What are the levels/tenor/grade of mineralisation?
Two zones of better grade within 20km of anomalous uranium, Dawson Well west 2km long greater than 0.04% uranium oxide, and Hinkler Well, small deposit at greater than 0.06% uranium oxide.

7. Is the project essentially a 'greenfields' propos

[Packersoldkidney]

I don't think it takes a brain surgeon's intelligence to know that U stocks will be firing up again next week.

[tapman]

Agreed, although I'm only a plumber. [8D]

[peter_s]

Well I agree to. But I'm a law student and have about 10 posts on here...haha. Here's to a profitable next week!

[Packersoldkidney]

A kidney, a plumber, and a law student walk into a bar. The barman says: "this isn't a bar, its actually an internet forum called sharetrader, and I'm not a barman, I'm actually a brain surgeon. The bar is next door, you three look like the type to go for the Stella on tap. By the way, uranium stocks will probably go well again next week. No joke"

[peter_s]

Lol. I got a good laugh out of that! Have a nice weekend mate!

[Packersoldkidney]