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u3o8 hits the boards running http://www.miningnews.net/storyview.asp?storyid=58465§ionsource=s0

U3O8 hits the boards running

Ben Sharples
Tuesday, May 09, 2006

THE aptly-named uranium explorer U3O8 has proven there is still a buzz about yellowcake, debuting at a 250% premium to its issue price before settling slightly down.



Opening at 70.5c, shares in U3O8 surged to an intraday high of 81.5c before settling just below its opening price at 68c. The company raised $A5 million though its initial public offering, issuing shares at 20c each.

Spun-off from Giralia Resources, U3O8 has a portfolio of 10 projects over three states: Western Australia, Queensland and South Australia. The immediate focus for the company will be the Dawson-Hinkler Well project near Wiluna and the Wabli Creek project in the Gascoyne.

According to U3O8, the Dawson-Hinkler Well project has around 20km of strike of known uranium mineralisation in a calcrete-hosted carnotite deposit and is located around 40km north of the Yeelirrie deposit.

Making up the board is corporate lawyer Philip Lucas as chairman, current Giralia director Stan Macdonald and the current head of Mines and Resources Australia, Stephen Mann.

Other companies that have recently opted for the spin-off route include Agincourt (Nova Energy), Jindalee Resources (Energy Metals), Resolute Mining (Valhalla Uranium), Goldstream Mining (Uranex), and Oxiana and Minotaur Exploration (Toro Energy).


http://www.miningnews.net/storyview.asp?storyid=58465§ionsource=s0


T10:))