Hi,I need a little help here. Although much of the recent...

Hi,

I need a little help here. Although much of the recent excitement relates to the Tanzanian assets, I was wondering if I had missed something with respect to the Thatcher Soak tenements. Please bear with me as I trace through ASX announcements over the past year or so. All quotes are taken directly from the press-releases, although anything in capitals is my own emphasis on things:

30 June 2008
Uranex Announces Initial U308 Resource Estimates at Thatcher Soak and Bahi

“These estimates and the high level of detailed technical investigation and analysis that supports them not only confirms the quality of Uranex exploration assets...What must be kept in clear focus is the extremely shallow depths of these resources of less than 20 m, and the positive implications this, together with the largely unconsolidated nature of the host material, has for future production...URANEX'S FOCUS IN THE CURRENT EXPLORATION SEASON IS TO increase the confidence level in both resource estimates, and ACCELERATE CURRENT SCHEDULED SCOPING STUDY WORK ON BOTH PROJECTS.”

17 September 2008
THATCHER SOAK PROJECT –SCOPING STUDY COMMENCEMENT

“Given the Election outcome over the weekend in Western Australia, Uranex’s shallow calcrete deposit at Thatcher Soak RECLAIMS ITS IMPORTANCE WITHIN THE COMPANY'S PORTFOLIO OF NEAR TERM URANIUM PRODUCTION ASSETS, AND WE INTEND TO PROGRESS OUR EVALUATION OF THE PROJECT WITH RENEWED VIGOUR.”

19 November 2008
Thatcher Soak Focus Highlighted by
Lifting of WA Uranium Mining Ban

"Uranex NL is very encouraged by the Western Australian Government’s lifting of the ban on uranium mining in the State. The early decision underpins the Company’s move to commence the current Scoping Study on its Thatcher Soak Project within the ‘calcrete uranium province’ in Western Australia. A Pre-Feasibility Study is planned immediately following detailed review of the Scoping Study results and is currently expected to commence in the second calendar quarter 2009."

13 March 2009
Move to Project Development Focus

"Thatcher Soak Scoping Study TARGETED FOR COMPLETION IN THE MARCH 2009 QUARTER with continuation of work towards commencement of a Bankable Feasibility Study within the next 2 years."

29 April 2009
REPORT FOR THE QUARTER ENDED 31st March 2009

"The Thatcher Soak scoping study continued to progress during the Quarter."

4 August 2009
Uranex Consolidates South Boulder Mines Tenement

"This acquisition provides Uranex NL with the welcome opportunity to wholly consolidate, within the Company’s Thatcher Soak asset and resource base, all of the ground it explored as part of the former joint venture."

From what I can discern:
1) News in 2H08 was favourable to UNX to the point that the company was highly focused on pushing forward its scoping studies, and in mid-March 2009, the scoping studies of the Thatcher Soak tenement were due for completion in that same March quarter, a mere two weeks later.
2) Since then, there has been no June-end quarterly report, there has been no release of the scoping studies and in August 2009, UNX has bought out the tenement of South Boulder Mines, indicating, "This acquisition provides Uranex with the welcome opportunity to wholly consolidate, within the Company’s Thatcher Soak asset and resource base, all of the ground it explored as part of the former joint venture."

And there the trail goes blank...Have I missed something? I rationalise (and could be wrong) that the scoping studies must have been reasonably positive otherwise why bother to buy out your JV partner at this juncture or was that an opportunistic piece of business? And yet for long-term suffering shareholders, why would the company not release positive news if it had it? Could this be mere oversight or linked to a desire to acquire other land nearby as was the case with SBM? I would welcome insights from anybody who has followed this company more closely than I.

Hoping for a quick upward re-rating soon!

Cheers...