The Rum Jungle uranium mine is the birthplace of Australian Uranium mining.From 1954 until 1971 it produced over 3500 tonnes at .43%.In todays figures that equates to half a Billion dollars using a $60 uranium price.
Rum Jungle uranium complex extends over a 7km strike lenth and is open at depth.Glengarry are about to start a busy exploration schedule which will should see RJ return to uranium producer.This deposit is probably one of best located in Australia being only a couple of hours south of Darwin by sealed highway.
The coming takeover by Kagara Zinc will see the Rum Jungle uranium/gold asset and the other quality exploration projects fall into the hands of GGY shareholders which allows Kagara to nab the Maitland Copper prize.This will of course include a royalty component for the new GGY.
Exciting times ahead and as we saw yesterday a move has commenced.There is very few companies at this market cap and cash position with so much upside.20c is not that far away.
GGY Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
