MUR murchison united nl

see ABY announcement on 18/6 ..on page 22 of the 25 page...

  1. 9,286 Posts.
    see ABY announcement on 18/6 ..on page 22 of the 25 page reportMUR

    14 cent share price.

    Just raised $4m at 11 cents a share.

    372M shares on issue. Market cap of $52M.

    $6M cash. $42M is accumulated losses. No debt.

    Application has also been made to the AIM market of the London Stock Exchange (‘AIM’) for admission to trading of these ordinary shares.

    portfolio of uranium exploration projects comprising some 13,600km2 of highly prospective tenements in
    Mauritania - sample results of up to 9,500ppm U3O8 [looks great!]; and Guinea, West Africa - [sample results low grade]

    • pursuing a planned drilling programme at its Millenium copper project in the Cloncurry region of Queensland, Australia;

    • funding Murchison’s share of the works programme being developed with its joint venture partner, Aditya Birla Minerals, for its interest in the Maroochydore copper project in Western Australia; 0.51 million tonnes of contained copper and 20,000 tonnes contained cobalt equals metal value at current prices of $4.6B and $1.5B or for MUR $3B.

    Maroochydore located 100km south of ABY Nifty mine.
    • Near surface resource of 50Mt @ 1%Cu, oxide and supergene.
    • Drilling for resource confirmation and metallurgical test work
    planned to commence July.
    • No previous systematic regional exploration.

    I just fired off an email to D J Carmichael & Co, asking if they have an analyst report, given they were part of the recent placement with Hartley's.

    In summary, the drilling program is due to start soon on Maroochydore (great location, great open pit near surface prospect).

    ABY are full blown producers and therefore good JV partners, Guinea drill results are at the lab and Mauritania uranium appears very very promising.

    MUR appears to be a strong buy. $52M market cap and $3B current value resource of in-ground metal.

    Chart looks OK. Downside is limited.


    Regards,

    V
 
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