Looks like there has been rearranging of the deckchairs (projects) between Metals Australia Ltd (MLS) and Power Resources Ltd (PWW).
In their last quarterly, MLS announced that they had surrendered E29/740 - their "Marmion Uranium Project" in the Eastern Goldfields.
In their quarterly MLS said: "A decision was made to surrender the Marmion uranium project during the quarter. The project, located to the northeast of the town of Menzies in the Eastern Goldfields, was deemed to be superfluous to the Company's requirements."
On the same day (10 March 2011) a company called Puck Resources Pty Ltd with offices located in Halls Head WA picked up the surrendered ground in E29/825.
Today Power Resources (PWW) announced that they have also applied for the exact same ground (E29/845) on 30 June 2011 previously held by MLS, renaming it the "Menzies Lakes Uranium Project"
Hersh Majteles is director of both PWW and MLS. David Zuckerman is company secretary of both PWW & MLS.
Unfortunately for PWW, in their announcement they refer to E29/825 which is the application in the name of Puck Resources. Oops!! E29/825 doesn't actually belong to PWW, and so Puck Resources has priority over PWW's application E29/845, but I assume Puck Resources is some friendly party who will in time withdraw their application, because otherwise PWW has nothing!
I still wonder what the shareholders of MLS think about the decision of Hersh Majteles and David Zuckerman to surrender the MLS Marmiom uranium project that was "surplus to requirements", only to have it picked up three months later by PWW (where Hersh Majteles and David Zuckerman are also both company officers) and then have it rebadged as the Menzies Lakes Uranium Project.
Surely MLS's shareholders would have preferred to have sold their Marmiom uranium project to PWW rather than give it up for nothing!!
If you don't believe me, please DYOR!
Start by checking the map on page 4 of last year's MLS Annual Report and comparing it to the map in today's announcement by PWW.
MLS Price at posting:
2.8¢ Sentiment: None Disclosure: Not Held
