Here stockspro link & write up...

Here stockspro link & write up below:


http://www.energymetals.net/userfiles/file/uraniumtext21april08final.pdf

WMT was clearly a uranium stock up until 10th April 2008, when it announced a deal to buy
100% of the Parys Mountain copper-zinc project on Anglesey, off the coast of Wales. WMT
will have a 120 day due diligence period to consider the transaction, which will cost $7.6m in
cash and shares initially, then $21.5m on the completion of a bankable feasibility study or the
expiration of three years, whichever is sooner. WMT estimates that a feasibility study will cost
it $12-15m over the next two years.
Parys was been a sizeable copper producer in the past, yielding more than 300,000 tonnes of
metal before closing about 100 years ago. Modern exploration and development to the value of
$39m has already been performed, and approvals are in place for a 350,000 tpa operation.
In another transaction, WMT has sold its 60% interest in the Zeehan tin project in Tasmania for
shares and cash worth $1.2m, to Stellar Resources. Stellar is planning to spinout its tin assets in
an IPO.
WMT’s main uranium interests continue to be in Tanzania, where it is farming into projects
held by Uranium Resources plc, earning a 60% equity. It is targeting the same formation that
hosts Paladin’s Kayelekera project, which has a resource of 13,360 t. Also, it has a JV to
acquire ground in the USA where it is funding the acquisition to earn 52%, then can Back ino
to 80%.
In August 2007, WMT confirmed sandstone-hosted uranium mineralisation over a 2 km trend
following a 1,648m RC programme at the Mtonya project in Tanzania. This added to the
positive results achieved earlier, from other locations along a 7 km trend. Final assays for the
Phase Two drilling, comprising 40 RC holes, were detailed in the September quarterly report.
Many of the intercepts were narrow (1-2m), and many of these were only 100-200 ppm.
Occasionally there were higher assays, but statistically they probably haven’t lifted the tenor
above low to modest grade status. Separately, trenching of the Grandfather prospect gave
assays as high as 1.2m at 7,723 ppm, 2,393 ppm and 4,773 ppm. At this point is would be fair
to suggest this is selective surface enrichment, but only drilling will confirm or dispute this
view.
Final assays for the 40-hole program on Mtonya were reported in November 2007. Seven of
nine holes returned grades in excess of 100 ppm, and three had grades exceeding 300 ppm.
Intercepts were generally 3-6m. Deeper holes at Moysten returned interval less than 4m but as
high as 1,140 ppm.
Investment Perspective: WMT has proved that it has significant uranium bearing structures in
Tanzania. It is now in the processes of qualifying what it has. Whilst there are some high-grade
zones, the significance of these in a mining situation may not be enough to lift the average
above 500 ppm. By the end of this year we should know better whether there is a consistent
structure that may be mineable, as opposed to ground with plenty of good trench and drill
results. Making it all hang together in a mineable orebody is what it is all about.
The diversification into the copper/zinc project in Wales is likely to see WMT graduate to the status of a legitimate miner faster than one could expect with the Tanzanian uranium projects,
and it requires a different perspective. The Company will now have to demonstrate that
project’s economics to the market, as it will consume all of its cash, and some.