hopefully they get the full impact of the ASX, worst insider...

hopefully they get the full impact of the ASX, worst insider trading ive seen lol


22 January 2007
AUSTRALIAN STOCK EXCHANGE LIMITED
Electronic Lodgement
Dear Sir / Madam
Pocketmail Group Limited (Pocketmail) agrees to acquire 100% of uranium exploration company - Adavale Minerals Pty Ltd (Adavale Minerals)
Highlights
• Pocketmail has reached agreement to acquire 100% of the issued capital of Adavale Minerals, a uranium exploration company, subject to certain conditions being satisfied and shareholder approval.
• Adavale is targeting uranium mineralisation at two projects, Lake Surprise in South Australia and Springvale in Queensland.
• Adavale has identified a number of targets at Lake Surprise which are surficial style uranium deposits and subject to the completion of this transaction is in a position to immediately highgrade and commence drilling those targets.
• As part of the transaction, Pocketmail intends to raise a further $1 million by the issue of 50,000,000 shares at 2 cents each, part of which will be used to fund the further development of the tenements.
Summary of Adavale Minerals
Adavale Minerals has the right to acquire two regional uranium projects, the Lake Surprise project in South Australia and the Springvale Project in Queensland.
The Lake Surprise Project in South Australia consists of 3 leases totalling an area of 2705km2 and is located 550km north of Adelaide. The targets are surficial uranium ore bodies in a number of suitable host rocks, and roll front style ore bodies developed in both Tertiary and Mesozoic host rocks.
The Springvale Project consists of 10 leases (applications) totalling an area of 3000km2 and is located between Boulia and Bedourie in South West Queensland. The targets are tabular style ore bodies developed in and adjacent to the weathered Toolebuc Formation, and in the channel sediments of the Georgina-Hamilton river system. The Toolebuc Formation is enriched in uranium, vanadium, molybdenum and various other metals.
PocketMail Group Limited ABN 91 008 719 015 Level 2, 45 Stirling Highway, Nedlands WA 6009, PO Box 985, Nedlands WA 6909
Tel: +61 8 9389 8799 Fax:+ 61 8 9389 8327 Email: [email protected] Web: www.pocketmail.com.au
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The acquisition of Adavale Minerals is subject to a number of conditions precedent including completion of due diligence, shareholder approval and the completion of a capital raising of
not less than $1,000,000 by the issue of 50,000,000 fully paid ordinary shares at a price of 2 cents each.
The shares to be issued to the shareholders of Adavale Minerals will be subject to a voluntary
escrow period of 12 months from the date of issue.
The relevant tenements are presently controlled by Larca Pty Ltd, a company controlled by
Mr John Risinger (refer below) and Holloman Corporation Inc (Holloman), who will arrange
for the transfer of those tenements into Adavale Minerals prior to settlement.
It is a condition of completion that Mr Risinger and a nominee of Holloman, Mr Mark E.
Stevenson be appointed to the board of Pocketmail.
Summary of John Risinger and Mark E Stevenson
John Risinger
John Risinger has over 35 years experience in the drilling industry and in managing drilling
and operations in mineral exploration he has many years experience at the board level of a
number of listed and unlisted public companies.
Mark E Stevenson
Mark Stevenson is President and CEO of Holloman Holdings Corporation and has over 30
years experience in management, engineering and operations in the upstream Oil and Gas
Industry and holds a B.S. in Constructional Engineering, Texas Tech University, Lubbock,
Texas.
Holloman Corporation is an oil, gas, utility and engineering construction company based in
Odessa, Texas, USA. Holloman Corporation has operated in West Texas for 43 years and is an employee owned company that employs approximately 700 people. Holloman
Corporation is licensed in twenty of the fifty states and is the leading West Texas oil and gas construction company servicing corporations such as Chevron, BP, Kinder Morgan,
MobilExxon, Anadarko and Shell.
Prospectivity
Lake Surprise
Exploration was carried out between 1969 and 1972 by Pechiney (Australia) Exploration Pty Ltd who explored the area between Murnpeowie and George Creek, an area mostly within the project. Pechiney’s work confirmed the prospectivity and results included:
• 41 radiometric anomalies identified;
• several areas registered high radiometric anomalies (1,000 to 2,000 counts per second)
from the air; • widely scattered concentrations of radioactive minerals in the silicified Tertiary sequence; and
• the uranium mineral Tyuyamunite (the calcium analogue of Carnotite) identified in surface rocks at several locations.
Recent petrographic analysis has confirmed the presence of the uranium mineral Carnotite in
the system. Economically, carnotite is the most important mineral in surficial uranium
deposits.
There are three primary sources of uranium in the project area. The uraniferous rocks of the northern Flinders ranges, the uraniferous basement rocks and the mound springs that lie on deep seated fracture systems and form part of the hydrothermal activity that acts to mobilise
and concentrate uranium.
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Springvale
Exploration within the project area has been limited to nine stratigraphic holes drilled to test
radiometric anomalies in the Springvale area in 1972. The holes intersected the Toolebuc
Formation and gamma ray logs were well off the scale. Samples recently taken from the Geoscience Australia library core at intervals showing high gamma counts were found to contain significant uranium.
The prospectivity of the project is confirmed by:
• the presence of significant concentrations of both vanadium and uranium in the
Toolebuc Formation and in Tertiary calcrete;
• the large area (600kmP
2
P) with a strong uranium radiometric signature;
• the strong radiometric anomalies seen in bore holes;
• the presence of either shallow Toolebuc Formation or suitable trap sites close to large
areas where the Toolebuc Formation has been eroded; and
• the large amounts of uranium and vanadium that have been eroded and moved
through the Hamilton – Georgina River system.
There are three sources of the uranium in the project area. The Toolebuc oil shale, the uranium carried by the waters and sediments of the Georgina and Hamilton rivers which drain
the uranium rich Mt Isa block and both the alkaline artesian water and the plutonic waters from the basement of the great artesian basin. Rocks of Mt Isa Block form the basement in the project area are known to be enriched in uranium. Proposed Exploration
The proposed exploration program includes reviewing existing data, air photo interpretation, radiometrics and drilling. Initial exploration at Lake Surprise will focus on the surficial style
of deposit and at Springvale the targets are located at the redox interface of the Toolebuc
Formation.
Targets at both projects are shallow. Reconnaissance can be quick and relatively cheap allowing an exploration strategy of rapid evaluation and exploration focus. The exploration
effort is very cost effective. Adavale Minerals has the relevant technical disciplines in place
that allow for a continuous exploration program.
Professional Staff
The persons who will form part of the Adavale Minerals technical team include:
John Risinger – Drilling contractor, company director.
Byron Deveson – Geochemist.
Phillip McClelland – Geophysicist.
Roy Whiting – Geologist, Geophysicist.
Drago Panich – Mining Engineer, Geologist.
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Placement and Capital Structure
As referred to above, PocketMail will place 50,000,000 shares at 2 cents each to raise
$1,000,000, less the costs of issue. It is intended that part of these funds will be applied
towards the exploration program referred to in this announcement.
The Company’s cash position on completion of the placement will be approximately $2,000,000.
Capital Structure on Completion of the Acquisition and Placement
Number of Shares 2 Cent Options 4 Cent Options
Existing Issued Capital 277,538,555 60,000,000 -
New Capital Raising 50,000,000 - -
Issue of Shares to Adavale
Shareholders
75,000,000* - -
Grant of Options to
Consultants, Directors and Broker
- - 30,000,000*
Post Acquisition Structure 402,538,555 60,000,000 30,000,000
Performance Based Shares 35,000,000* - -
* These shares and options are subject to voluntary restrictions for 12 months from the date
of issue.
Shareholder Approval
A notice of meeting is in the process of being prepared and a meeting of shareholders will be convened shortly to seek approval for the transaction.
For further enquiries please contact David McArthur on (08) 9389 8799.
Yours faithfully
POCKETMAIL GROUP LIMITED
DAVID McARTHUR
Company Secretary