In 2007 Western Metals raised $32m in capital which has provided...

In 2007 Western Metals raised $32m in capital which has provided the opening balance for 2008 of $30m. The Company has also prepared an aggressive and fully funded corporate growth strategy for 2008 expected to cost in the order of $10 million. Exploration activities will be focused on...its Tanzanian uranium projects! where drilling is planned at a number of prospects in the Mtonya Corridor and accelerated reconnaissance work across its entire suite of projects. Western Metals is also planning a rapid ramp-up of work at West Georgetown once all access approvals have been received.

Now, if you analyse the latest ASX Announcement dated 2 July 2008,

"....Western Metals (ASX:WMT) announced that effective 30 June 2008, it has earned its 60% interest in its Tanzanian joint venture with Uranium Resources plc by completing A$4m expenditure since May 2006" hmmm.....how convenient!!!

"Drilling recommenced at the Mtonya Prospect on 22nd May with approximately 3,500 metres of drilling completed as at the end of June. The first two batches of samples have been despatched from site to the assay laboratory and the first of the results are expected to be released"...coincidently in late July 2008!!!

Other activities completed during the June Quarter include:

Completion of a high-resolution airborne radiometric survey – Ruvuma Project Area

Commencement of ground based reconnaissance work in the Ruvuma Project Area – including detailed mapping, ground geophysical and geochemical surveys of the recently discovered Eland prospect.

I believe that at this stage WMT is not concerned about as you stated "today’s appalling share price" because the first of the drilling results are expected to be released just before the Parys Mountain project will be sold to WMT....and that could push the share price up.