wtf, page-27

As at Nov 06 report & results to come soon:

Gold Fields had previously estimated a palaeo-channel related uranium, resource (non-JORC) of 40Mt at 200ppm eU3O8 containing 8,000 tonnes (around 18 million pounds) of U3O8 following 32,000m of drilling;

Although lower grade than similar deposits (cf Langer Heinrich 32Mt at 700ppm U3O8), the resource demonstrates that significant amounts of uranium mineralisation is present and abundant scope remains to define higher grade zones;

The mineralisation defined to date is similar to the nearby Langer Heinrich deposit. The Project is also prospective for “Rossing” style mineralisation;

Previous exploration has only covered approximately 30% of the Project area and minimal exploration has been carried out on 25km of the main Marenica
Palaeo-channel;

Metallurgical testwork carried out by Gold Fields has indicated that mineralised material from Marenica can be treated using conventional, processing techniques to achieve high uranium recoveries ;

Recent exploration by WA Metals has confirmed the presence of mineralisation previously identified and is assessing the prospectivity of the Project outside of the previously drilled areas;

The Company is looking to undertake its first round of drilling on both previously drilled areas and virgin targets at Marenica within the next three to
six months;

WA Metals have recently employed a highly experienced uranium professional to manage the Company and its on-going exploration programmes;

Political hurdles to production and export should be low as Namibia is a member nation of the International Atomic Energy Agency and currently an exporter of uranium products .
OUTLOOK
WA Metals has been largely overlooked as a serious Uranium player – a majority of the Marenica Project remains untested with excellent potential for the discovery of economic uranium;

Excellent potential exists for the discovery of further mineralisation within 25km of strike of the Marenica Palaeo-channel downstream of the defined resource;

A drilling program by the end of the 1H CY 2007 is likely to provide plenty of speculative interest in the Company;

With a capitalisation of around A$40.0m (fully diluted), RMR consider that WA Metals provides a compelling alternative to the likes of ASX listed Bannerman Resources Limited with a capitalisation of A$188m (fully diluted).