Reefton decision imminentJesse RiseboroughFriday, May 20,...

Reefton decision imminent


Jesse Riseborough


Friday, May 20, 2005
SHARES in Reefton Mining rallied today after the company said a decision from the Namibian Ministry of Mines and Energy regarding the renewal of uranium prospecting licences at its Erongo and Skeleton projects was "imminent."

Reefton shares were trading up 29% at 7.5c in mid-afternoon trade before closing at 6.6c after opening the day at 5.8c. A recent string of bad news for the company, including the resignation of two chief executives in the space of three weeks, saw investors drop the stock not long after it reached a 52-week high of 17c in March on the back of exploration news from its Erongo uranium deposit.

The company first broke the news of significant delays in renewing its prospecting licence's in Namibia early in April saying it had engaged the government in legal counsel over the matter. The news resulted in the trading of more than 200 million Reefton shares for the day and the company's share price plummeting 32.5% to 8.1c.

MiningNews.net was unable to contact current Reefton chairman Bradley Moore.