re: Ann: CXU makes new high-grade discovery a...
This company has strange management.
I just listened to http://www.brr.com.au/event/66646/cauldron-energy-limited-terence-topping-canary-events-uranium-investor-forum-june-2010, where the CEO threatened to move CXU's exploration funds to a low grade prospect in Argentina instead of devoting funds to a high grade deposit in Western Australia.
How reassuring is that for investors?
Raises huge concerns about the intelligence of the management.
Anyway, this company disclosed another 2.1 milion pounds today, increasing their resource to 7 million pounds at Yanrey Uranium Project in WA.
[2,500m x 250m x 1.5m x 500ppm x 2204 x 2.4 density factor x 85% recovery = 2.1m lbs]
89m shares on issue @ 27 cents = market cap of $24m
Cashed up.
Currently trading at AUS$3.42/lb.
Exploration target of 25-35m lb at Yanrey Uranium Project in WA
30m lb @ $3/lb values the company at $90m or $1 per share.
DYOR
CXU Price at posting:
27.0¢ Sentiment: LT Buy Disclosure: Held
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