Seems like Bradley has run out of IDEAS!!!!Reefton chairman...

Seems like Bradley has run out of IDEAS!!!!


Reefton chairman Bradley Moore told MiningNews.net it was unknown whether the company had now exhausted all its avenues with respect to uranium prospecting at Erongo.

"It is there formal and official ruling. To get that ruling in a three line letter is something that we are not terribly happy with hence our letter to the Mining Commissioner seeking further explanation for their decision," Moore said.

The saga began in April when the company revealed its licence renewal applications were yet to be approved with the chief executive at the time, Simon Gilbert, initially telling MiningNews.net he hoped the issue would be resolved within a couple of days.

However three months and three directors later, that optimism has proved misplaced.

Still, Moore was remaining up-beat about the news, saying he believes the company was in a good position particularly considering the recently completed $3 million capital raising and prospectivity of both its Skeleton Coast and Erongo projects.

"We are in a more fortunate position than many other companies if they put out that type of announcement because they would have no where to go to. We have still got the Skeleton Coast mineral sands-diamond project to focus on and the obvious Erongo poly-metallic interest," he said.

"Unlike a number of listed companies we have still got good treasury – we have still got $3.6 million in the bank and a senior former executive of Iluka joining the team – we have got a lot still to focus on and a lot of value to add I believe."

The prospectivity of its Erongo project for uranium was responsible for a massive surge in Reefton's share price in March when the company released results indicating the presence of four uranium anomalies. The company's share price jumped more than 100% in the week following the news to a 52-week high of 17c.

The company had initially applied for four licence renewals of which three were approved last month including two licences covering its Skeleton diamond project in Namibia and one over Erongo.

Moore was also reluctant to rule out any future return to the uranium sector and added the company was not necessarily turned off from operating in Namibia as a result of the ruling.

"We will still be looking at acquisitions, we never take our eye off the ball. Whether or not it be uranium or any other commodity, as long as it makes sense and has got good fundamentals, we will still continue to pursue other opportunities," he said.

"We have had very good experiences in Namibia, this is an unfortunate one – just because we have been turned down on this does not necessarily mean we will be turned down on other acquisition opportunities."