reeefton followers

From Miningnews.net for RTM punters, looking better than a few weeks ago, who knows they might have the goods somewhere over there.

Better news for Reefton


Jesse Riseborough


Thursday, April 21, 2005
REEFTON Mining enjoyed a much better day than it has been in recent times with its shares closing up almost 30% after the company announced that soil geochemical tests had confirmed the presence of uranium at its recently controversial Erongo project in Namibia.

Reefton chief executive Simon Gilbert told MiningNews.net the company was glad to prove outspoken critics of the project wrong pointing out that Targets C and D from Erongo had now been tested and confirmed as palaeochannels with soil geochemical samples taken from Target C returning results of up to 40 grams per tonne of uranium.

"It has confirmed that Target C is a uranium depositing palaeochannel and we have recovered carnotite samples from the surface which are being assayed. Target D has returned higher counts than Target C and potentially could be more significant," Gilbert said.

Gilbert indicated the company viewed the Target D anomaly, measuring 7km in length and 1.5km wide, as being more prospective for uranium than Target C. Recent radiometrics from both sites returned a peak reading from Target D of 135,300 counts per minute compared with 94,320cpm from Target C.

Gilbert also pointed to the continual rise of the uranium spot price, now at around $US23.20/pound, as a positive factor for the project.

In a release to the market last week Reefton said the first phase of RC drilling had been completed at the project with assay results expected within a few weeks.

Gilbert said the company was still waiting on a response from the Namibian government relating to its licence renewal applications for both its Erongo and Skeleton projects.

Shares in the Perth-based company closed at 9.2c, an increase of 2.1c, and were as high as 10c at one point - continuing the company's share price rollercoaster ride of late. Reefton shares reached a 52-week high of 18c last month before a number of issues emerged causing investors to dump the stock.

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Map of Reefton Mining's Erongo project in Namibia


























© Aspermont Limited 4/21/2005 2:06:05 PM