Uranium explorer SUMMIT RESOURCES (SMM) has provided investors with thrills and spills this year, fuelled by a string of announcements on exploration results. The activity is increasing with Summit on Friday announcing it has applied for a further 16 exploration permits covering 12,000 sq kms near Mount Isa. Summit has secured a $5 million funding agreement with NEWLAND RESOURCES (NLD) under which Newland will sole-fund the first $1 million of exploration expenditure and then has the right to sole-fund a total $5 million expenditure for a 50 per cent interest. Summit shares fell 1c to $1.59 on Friday. The stock, which was 57c a year ago, peaked at $1.78 on April 27 and then fell as low as 85c on June 14.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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