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another day for uranium http://www.miningnews.net

Another day for uranium

Michael Quinn
Tuesday, March 07, 2006

GLOBE Resources enjoyed another stunning day on the ASX, with the uranium hopeful posting a 71% jump in its share price after rising 31% yesterday. Meantime, the rest of the resources sector was relatively soft as per base metals prices (and a slide in the gold price), while the All-Ords fell 0.49%.

Growth company Oxiana was a clear highlight at the big end of town, though those who attribute the interest to the heavily over-subscribed Toro Energy IPO appear to be overlooking Minotaur Exploration. While both companies hold a 25% stake in Toro, Minotaur closed unchanged at 64c.

Gold stocks were mainly down as the precious metal dropped around $US11 per ounce to $US550/oz, with Agincourt Resources the only miner in positive territory. Elsewhere, a Sydney fund manager told Dow Jones a large shareholder is seeking bids from institutional investors for around $A20 million of Bendigo Mining at $2.30 per share.

There wasn't much selling in Globe shares though, with managing director Mark Sumich unlikely to be feeling the –2C in Toronto at the moment as he travels between the PDAC gabfest and his hotel.

Globe's new project in Malawi is clearly a hook for investors and traders who only have to look at Paladin Resources' share chart to get some inspiration.

Other uranium stocks enjoying buying interest included Acclaim Exploration (up 12.5%), Arafura Resources (8.7%), Mindax (7.69%), Scimitar Resources (6.25%), Valhalla Resources (5.36%) and Uranium Exploration (5%). In terms of trading in the days ahead, the cautious may note that many of the bigger performers in the uranium sector yesterday (ex-Globe), gave back at least some of the gains today.

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Globe Uranium focuses on Malawi

Michael Vaughan
Tuesday, March 07, 2006

GLOBE Uranium will spend at least the rest of the March quarter reinterpreting historic data for the ground it recently acquired in Malawi – just 90km south-east of Paladin Resources' Kayelekera uranium project – in preparation for its own groundwork campaign.



Malawi's flag

Speaking to MiningNews.net from the Prospectors and Developers Association of Canada (PDAC) conference in Toronto, Globe managing director Mark Sumich said the company could "potentially" be drilling at the two projects – Livingstonia and Simelemba – this year.

Sumich wouldn't be drawn on the company's exploration budget.

He said the company would like to get a better understanding of the information it has for the two projects before commencing geological mapping, sampling and ground radiometric traversing.

Livingstonia covers 330 square kilometres of ground. Globe says both the Livingstonia and Kayelekera projects exhibit similar Karoo sandstone geology.

Livingstonia has reportedly seen very little exploration, though a sample collected from 1950s drill core at a depth of 135m assayed 0.73% uranium oxide.

Simelemba lies in Central Malawi and covers 598sq.km. It contains a "significant airborne radiometric anomaly" found in the 1980s that has not seen follow-up work.

Meanwhile, Sumich said uranium was one of the hot commodities at PDAC 2006, though he said in the current "all round bull market" gold, zinc and base metals were all being heavily pushed.

"For a company like us (PDAC) serves a purpose, namely to aggregate a whole lot of explorers, suppliers, contacts, networks – it's very useful," Sumich said.

Shares in Globe Uranium climbed an impressive 9c (31.03%) in yesterday's trade to close at 38c. The stock was off 1c (2.63%) at 37c in midday trade.

The company listed in December last year after raising $A2.7 million via an initial public offering at 20c per share.

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