+ starting thread number 2 +, page-12

re: + quarterlyactiv and cash 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"