just a reminderWest Australian MetalsA$0.205All eyes on...

just a reminder

West Australian Metals
A$0.205
All eyes on Marenica
13 July 2009

West Australian Metals (WME) has announced an aggressive drilling program at its 80% owned Marenica uranium project in Namibia. The A$5m budget for the next six months is expected to see both a significant increase to the existing 34.4Mlbs U3O8 inferred resource, including the addition of primary mineralisation, and a large part of the current resource converted into indicated resources.
BUY

With new strategic investors including Polo Resources and a new board all added this year; WME has put last year’s corporate issues behind it firmly. With potential partner, Areva just 30km away at Trekkopje and an initial scoping study to be completed by the end of the year, we believe that the next six months will be a very important period for WME. Our current target price of A$0.35 per share represents a 70% premium to the current share price. As a result, we are initiating coverage with a BUY recommendation.