daytrade diaries... june 12, page-28

LNC announcement out regarding their Galille Tenement exploration program commencing. Not sure if this will be regarded as good news or bad news for the following reasons:

1. They confirmed good initial results from 4 holes already drilled, with initial resource estimates good. The market will like this, however,
2. Why are they exploring Galillee in the first place. They announced on 21 April that the Galilee tenement had been included in their now exclusive discussions regarding coal tenement sales with one party. Does this mean that Galilee is now off the table? These discussions have been going on for so long now that the market may get spooked that the original $1.5bil odd sale price first mentioned last year when discussions commenced, may now be slipping away, although one would have to think that with the resurgence in the mining sector, better prices could now be commanded on the prospect of improving coal prices.

Either way, this will provide a good trading opportunity.

ALso watch TOE- just announced another increase in Uranium Resource of 38% or so. Going on the market reaction to their last announcement of an increased reserve on the 10'th, the share may not move too much but will be worth keeping an eye on.