I think from memory. Michael Shumway (the operating manager) will own 25% of the issued shares under escrow in early 2010 and no resource is available as no JORC standard as of yet. The good news is that the Top 20 holds approx. 85% but that may represent liquidity issues. The Board and associates hold a bucketful of shares IMO but cash is a real issue. The company may be linked to the U spot price, as with others, however again, cash is a sig. issue for them now.
As I mentioned previously:
It's important to note American resource reporting.
On listing, WCU had 1,265,000 pounds U3O8 “defined reserve”, defined between 1975 and 1983 by Utah Power & Light, on its Daneros and Geitus leases and an additional “undefined category” of 693,000 pounds.
The “defined” category had a high degree of confidence, generally defined by 20m x 20m centred drilling to an av depth of 150m. 595 holes were drilled. WCU had to report the un-JORCed "reserve" or many would not be at an unfair advantage. They've "twinned" holes, infilled and relogged - it's coming. Atm they have high grade U3O8 deposits estimated to contain in excess of 1.9 million pounds - with sig upside.
I'm still watching again - I think they may do well in time but obviously, a question mark does surround management practices as their are unusually large payments to their related entities for "development" as each quarterly suggests.
WCU Price at posting:
22.5¢ Sentiment: None Disclosure: Not Held
