this is from an article called - Silent gold rush misses...

this is from an article called - Silent gold rush misses stocks

http://www.theaustralian.news.com.au/business/story/0,28124,24872095-5005200,00.html

Gutnick's sparkling buy

BACK in May, shares in Uramet Metals (URM) climbed 250 per cent, hitting 26c within a few hours on news of phosphate grab samples. Ah, those were the days -- a rock chip here, a trench dug down a few metres there, and the punters would pile in.

It's a different story now. Uramet is trading at 2.9c and having to flog the very asset that caused such a rush of blood to the head seven months ago. Uramet is turning over that phosphate ground near Mount Isa for a much needed $750,000 to the man with deep pockets, Joseph Gutnick, whose Legend International Holdings trades over the counter in the US.

What wasn't made public was that Gutnick also bought the diamond rights over these tenements. These had been retained until last week by the now delisted Elkedra Diamonds, out of which Uramet was spun back in mid-2007.

But back to Uramet. Bill Hewitt, the MD, makes no bones about why the company sold the phosphate ground. It needs to survive, that's why, and that $750,000 will play a very important role in keeping Uramet's head above the waves.

He reckons it could be as long as five years before investors are ready once again to take a punt on small exploration companies, so he's not expecting to be able to raise money in the near future. Staff have been let go and Uramet will try and attract joint venture interest in its other projects, including a lead-zinc play northeast of Alice Springs.

We've remarked previously on the promise of the zinc-tin-silver-copper Croydon project near the historic northern Queensland gold mining town of that name. But few are listening, with a non-renounceable rights by Croydon's owner, Gold Aura (GOA), pulling in just $153,386 of the target $1.39 million. Another $154,000 has been secured from shareholders -- who have already acquired their allocated shares from the issue -- wanting to buy some of the shortfall.