News: Zeus Resources shares lift on uranium price and cash backing

Zeus Resources (ASX:ZEU) has been a beneficiary of the strengthening uranium price, with its shares up over 30% in the last two trading days.

Zeus closed Thursday trade at $0.019 and hit $0.026 this morning. The company last traded at $0.025.

Zeus is looking increasingly attractive with multiple, large scale uranium projects in Western Australia, and the yellow metal now trading above US$35 per pound.

This is well above the price of US$28.50 per pound on 1 August.

Exploration efforts have focussed on field reconnaissance, surveying, sampling, permitting and approvals in preparation for drilling on its Narnoo and Wiluna Projects.

The Department of Mines & Petroleum has approved Zeus' proposed Program of Works and Radiation Management Plans for the Narnoo and Wiluna Projects with drilling scheduled immediately following completion of aboriginal heritage clearances.

Adding to the company's value proposition is its cash balance of around $6.5 million. The company is presently valued by the market at just $4.5 million.

In addition to uranium, Zeus' tenement portfolio also includes zinc and tungsten prospectivity.

The company is also evaluating new resource project acquisitions.

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