The chances of this being successful were never 20%. and 3 TCF was complete bollocks.
Do your own research. Where they drilled was complete rubbish.
It was ALWAYS A VERY unlikely hole, and the only people they could find to go in as partners were some dumb Australians who had ZERO oil and gas experience.
Look who farmed in to this hole....... It tells you EVERYTHING about this project.
A bunch of total amateurs paying for everything, making the drillers wealthy, and if they hit oil the drillers would have been even more wealthy. What did Paradox cost the drillers? Sweet FA
Always was complete rubbish.
Now the Uranium! Its a horrible Vanadium/Uranium Mine with 100t of uranium. (Vanadium is very toxic) The 100t of uranium that is left in this mine is used to hold up the CEILING.
The whole area had the crap drilled out of it in the last uranium boom, and there is little more to find.
Twinning Holes (drilling right next to where your best hole was recorded in the 70's) does not excite me one bit. Its a waste of money and is used to excite the share market or to raise capital minimising dilution. OR PROPPING UP THE SHARE PRICE SO THE OPTIONS COME IN
There are over 700 Uranium mines in Utah most are extremly small, under current US legislation it will be very difficult to operate a small underground mine.
100t of uranium is currently worth US$28.6M Can you do the drilling, pass the environmental crap, and construct a mine and dewatering dam for that price?
When they find another 900t it just maybe economic.
The days of going down the mine with pick and shovel, and small scale machinery are over.
Ventilation shafts need to be built Dewatering Dam Vanadium Dust and Radiation management. Breathing in Vanadium pentoxide is very very bad for your health. Give me Uranium, Radiation and Radon Gas any day.
GDN Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
