Interestingly, the fact that Crosby HK has taken a position in...

Interestingly, the fact that Crosby HK has taken a position in PKT is very telling. Crosby HK launched a takeover bid for ASX listed uranium miner Marathon at A$0.68 per share, a premium of 23.6% to the previous day's close. By the end of 2006, the Marathon stock price had risen by 236% to A$1.85 per share. On March 9 2007, the offer was increased to AS$3.52 per share, a 6.7% premium to the previous day's closing price. At A$3.52, Marathon has a market capitalisation of approximately US$161 million. Marathon has prospects in South Australia of which the most advanced project is the Mt. Gee uranium deposit which, based on current resource estimates, is one of the 25 largest known uranium deposits in the world.

Crosby must see some value in PKT, given what they saw with Marathon mid last year.

For newbies:

PKT, through its wholly-owned subsidiary Adavale Minerals Pty Ltd, undertakes uranium exploration activities focussing on sedimentary uranium deposits. The focus of exploration activities is currently in the Marree Area, South Australia. Two key areas of interest are the Lake Surprise and the Mumpie Project areas. These two project areas are composed of a tertiary sedimentary basin known as the Clayton Basin (Lake Surprise Project) and further to the east, a series of tertiary paleochannels (Mumpie Project).

An 80 hole reconnaissance drilling programme has been undertaken in the Clayton Basin, which has indicated the presence of uranium in economic grades, mostly at shallow depths of less than 9 metres. Drilling results are currently being analysed. On the whole results are highly encouraging with widespread anomalous radioactivity in both the Lake Surprise and Mumpie Project areas.

Dependent on results from the initial reconnaissance drilling programme, future work will involve detailed drilling and sampling in the Clayton Basin, as well as reconnaissance drilling in the Mumpie Project area.

Pocketmail acquired Adavale Minerals Pty Ltd during the 2007 financial year. In addition to its uranium exploration activities, Pocktemail continues its sale and marketing of the Pocketmail mobile email devices and the provision of the Pocketmail mobile email service.

DYOR