omegacorp is overlooked at present OMC seems to have a very low...

omegacorp is overlooked at present OMC seems to have a very low profile for all that it has. This is a near-term producer (2008) with a base-case 13.7m lb JORC compliant economic, shallow, easily processed deposit, with low capex and low opex.

I have just read the 2006 Annual Report. The potential of the wider Bungua area LET ALONE THE OTHER AREAS is very large. They say that only 500m of 7500 metres of strike at Bungua has been drilled historically, and this small drilled area alone is half as big as the 6m lb Mutanga area which has analogous deposits.

Doing the sums I can see that OMC shouldn't have any trouble getting up to 30m lbs or more as soon as they can complete more drilling at Bungua (ie double the 13.7m lbs they already have JORC). This would give them the resource to produce 2m lbs a year for a long time.

Apart from Bungua the Mutanga-Dibwe corridor has 38 km of strike with numerous new Uranium occurences recently identified in addition to Mutanga and Dibwe which contain the current 13.7m lb JORC resource.

With the steeply increasing U price, relatively low-grade deposits such as this one (380ppm) will be more than just "economic" they will be hugely profitable.

OMC is well cashed up as well, $A10m+ which will get them through their BFS.