moving on up with one cent options coming

Some trades going through at $1.50, which is nice.

Loyalty options prospectus due within a week and survey results coming soon.

From their Quarterly Report Ending 31 March 2007 (posted 30 April 2007)

"Prospectus to be issued in May in relation to the issue of one Loyalty Option at a price of 1 cent for every two Prime shares held. The options will be listed on the ASX and have an exercise price of 20 cents expiring 31 October 2009."

Given that the current sp is approximately $1.30-$1.50 the options could list at >$1. Now, as the price paid is only $0.01 this would represent a 100-fold profit for option subscribers...nice.

Additionally, the company states:

"Lake Mason uranium project area now doubled to 860 square kilometres. Prime has now commenced a detailed airborne radiometric-magnetic survey over Lake Mason to target additional uranium anomalies and prioritisation of targets for follow up drilling."

Furthermore, "A total of 5,707 line kilometres is being flown at a line spacing of 100 metres and a sense height of 20 to 30 metres (Refer to Figure 2). The radiometric survey at Lake Mason is now complete with the results and interpretations expected by end of May, which will be followed by ground radiometric surveying, geological mapping and a detailed air core drilling program."

So, we can expect the results of the survey around the same time as the options prospectus, which should put increased upward pressure on the sp (or at least minimise any selloff ex-entitlement if the news flows later), especially considering how tightly held the shares are (and no wonder given the returns to holders to date).

Additionally, they also mention: "In line with its objectives, Prime is identifying overseas uranium mining project opportunities with the view of increasing wealth for all Prime shareholders."

Now, with regard to their Barrambie Vanadium/Iron & Gold Project they state: "Prime has also commenced a detailed low level radiometric-magnetic survey over the northern section of it Barrambie project area. The objective of this survey is to define extensions to the known Barrambie vanadium/iron mineralisation (within the titaniferous magnetite horizons), and to define litho/structural positions favourable to the deposition of gold mineralisation."

So, these results may also be forthcoming in the near future. All looks good for holders.

Cheers
SBC