Yo!Something is definitely up and my guess is that that...

Yo!

Something is definitely up and my guess is that that something is definitely down - hot rock energy.

The SP has been going up for some weeks on no news and little volume. Sellers have virtually dried up, creating a vaccume into which the SP is slowly being sucked.

It seems to me that most GUL shareholders have been with the company for years and years. They are a longstanding and patient little bunch. Is their collective perseverance about to be rewarded?

Enough of my speculation - here is the article in the Advocate.

NW a hot spot for geothermal energy
BY SEAN FORD
15/09/2009 10:59:00 AM
SOME of the key figures behind the Avebury nickel mine will hunt for sources of a new clean energy in the North-West and West.
Sydney-based Gullewa Ltd is set to gain an exploration licence for "geothermal substances" or hot rocks in a large swathe of the region stretching from not far south of Devonport to the Zeehan area.


Gullewa's chairman is David Deitz, who was a director and the chief financial officer of Allegiance Mining, which developed Avebury from idea to mine before it was taken over by Zinifex, which later sold it to MMG.


Hot rocks energy involves pumping water towards hot rocks deep underground and using the steam produced to generate electricity.


"Deep hot rock geothermal energy has an attractive commercial future because of its environmental benefits," Gullewa said in its June quarterly report.


"It has zero emission of greenhouse gases, no toxic waste products, small surface footprint and is potentially sustainable and renewable."


Also involved is former Allegiance head of exploration Lindsay Newnham and ex-Allegiance and now Gullewa director Eddie Lee.


Director of Mines Tony Brown intends to recommend to the State Government an exploration licence be granted to Gullewa Geothermal Pty Ltd - a subsidiary of Gullewa Ltd - over the 3028sqkm area.


Gullewa Geothermal successfully tendered for a special prospecting licence for the area to explore for deep rock geothermal energy.


The rocks involved are special granites several kilometres below the surface.


"The process of generating geothermal power involves drilling large diameter holes down into the heat sources, developing a reservoir of fractures in the hot rocks, pumping water from surface down into this hot reservoir and extracting the heated water back to surface up adjacent drill holes," the company report said.


"Once the licence is granted, Gullewa Geothermal plans to identify areas of favourable geology and high geothermal gradients by conducting surveys down existing drill holes and on existing drill cores, ahead of a program for medium length drill holes designed to identify hot spots for more focused deeper test drilling."


25 cents by Christmas?

With Lindsay Newnham on the case, the guy to whom I attribute the discovery of Avebury .....?