re: major alert..uranium results due Saying short term target of...

re: major alert..uranium results due Saying short term target of 10c, some big buying hitting the screen

Sydney - Wednesday - Nov 15: (RWE Australian Business News) -
MKY Corporation Ltd (ASX code: MKY) has agreed to buy Queensland
Uranium, a uranium explorer with tenements covering 335 sq km west and
northwest of Cairns near the historic Palmer River Goldfields area.
Results from previous surface sampling have given uranium assays
with values as high as 2.5% U3O8 down to 0.04% U3O8 being recorded for
14 of 35 samples collected.
Consideration for the acquisition, subject to shareholder
approval, is the issue of 80 million MKY shares and 40 million options,
exercisable at 2.5c each on or before December 31 2008.
MKY has also agreed to issue 100 million "performance shares".
The company intends to place 30 million shares at 1.5c each to
raise $450,000, less issue costs.
These funds are to be applied towards the exploration program.
Mr Alan Fitzpatrick, former global operations director -
engineering and construction of Newmont Mining Corporation and a former
senior BHP engineer, has agreed to join the MKY board as an executive
director and Mr Allan Blood, founder and chairman of Australian Energy
Company Ltd, has agreed to be appointed non-executive chairman.
MKY shares were reinstated this morning and last sold at 2.1c.
ENDS