some action, page-23

re: cabe : wmt ready to take off.... Hi Cabe,
There’s probably quite a few of us to come out of the woodwork who hold some WMT. I also hold a few Ks worth.

They were to begin drilling back in August on their Mtonye project (• Exploration program in Tanzania commencing in August • Initial focus on uranium prospective Mtonya area • Seven kilometre trend of historic airborne radiometric anomalies • Reconnaissance sampling in April gave 980ppm U3O8 in surface outcrop), so it’s possible some results may be forthcoming before too long. Let's hope those results are promising.

I was interested to discover on the website of the JV partner, Uranium Resources plc that the Tanzanian tenements were the same which Deep Yellow bought last year and then relinquished again in November 2005 … and that Leon Pretorius of PDN and DYL was on the WMT board for a time. It would be interesting to know why DYL sold the tenements … I hope it was not because they were no good. The following is from DYL’s announcement of the tenements’ acquisition ( 22 March 2005):

“PROSPECTING LICENCES IN TANZANIA – URANIUM POTENTIAL
Deep Yellow Limited (Deep Yellow or Company) advises that it has received and accepted
an Offer to Grant four Prospecting Licences from the Tanzanian Ministry of Energy and
Minerals.
The licences cover 2,500km2 of areas identified as prospective for uranium by German
company Uranerzbergbau GmbH (Uranerz) during reconnaissance exploration carried out
between 1978 and 1982. Three of the licences are located in the Mkuju River area in southernTanzania, an area identified by Uranerz as being one of the two most important uranium targets in Tanzania. The geology of the Mkuju River area is analogous to Paladin’s
Kayelekera deposit 200km to the west in Malawi. The licences offered to Deep Yellow will
make the Company the largest land holder in the Mkuju River area.

The fourth licence, the Makutapora Prospect, targets uranium in calcrete similar to the
Company’s Napperby Project in the Northern Territory.

Geology of the Mkuju River Area, Southern Tanzania
The Company’s Mkuju River licences cover over 2,000km2 of Karroo sediments within the Luwegu and Ruhuhu Basins. Uranerz identified outcropping uranium in the Mkuju River
area. Deep Yellow’s tenements cover the prospective Karroo sediments along strike to the
south from these outcrops as well as analogous positions to the west.
Deep Yellow will be carrying out field work and a geophysical data review aimed at
commencing detailed exploration activities on the licences in the second half of the year.
Uranium deposits of the sandstone-type targeted in the Luwegu Basin comprise more than
30% of currently known uranium deposits in Africa, including Paladin’s Kayelekera deposit
in Malawi 200km to the west. In Africa, these type of deposits host in excess of 300,000
tonnes of U3O8 and are principally hosted by geology analogous to that of the Luwegu and
Ruhuhu Basins.

Geology of Makutapora, Central Tanzania
The Makutapora licence covers a palaeo-channel that contains sediments and calcrete.
Previous explorers reviewed samples from water bores in the Makutapora area and identified a 500ppm U3O8 assay in calcrete associated with a groundwater uranium anomaly. Additional assays up to 285 ppm U308 have been reported from shallow trenches within calcrete layers in the Mbuga muds at Makutapora and in adjacent areas. None of these anomalies were followed-up by drilling. The Company considers that the area contains significant potential for calcrete-style uranium mineralization.

Tanzania Uranium – Highly Prospective, Barely Explored
To date uranium exploration in Tanzania has literally only scratched the surface. Despite the favourable geology for uranium deposits the average historical expenditure on uranium
exploration in the country has been US$4 per km2 compared to US$16 per km2 in the western part of the African continent and US$224 per km2 in the United States. Given the favourable conditions for exploration in Tanzania, as evidenced by the boom in its gold mining sector in the last 10 years as well as strong investment in nickel, platinum and coal exploration, Deep Yellow regards the country as one of the most favourable locations for successful uranium exploration available in the world.”

On July 18 2005, DYL announced that several new acquisitions from PDN “Consolidate(d its) Focus On Australian Uranium Assets” and, among other things, announced “Sale of the Company’s prospecting licences in Tanzania whilst retaining exposure through a shareholding in the purchasing company”.


It’s always nice to see that directors are acquiring shares ‘on market’:

George Bauk 26 June 2006 Indirect-Held by Totode Pty Ltd as trustee for Mr Bauk’s superannuation fund
700,000 ordinary shares $13,589 On-market trade

George Bauk 22 August 2006 Indirect-Held by Totode Pty Ltd as trustee for Mr Bauk’s superannuation fund
500,000 ordinary shares On-market trade No. of securities held after change: 1,200,000 ordinary shares

George Bauk 22 September 2006 Indirect-Held by Totode Pty Ltd as trustee for Mr Bauk’s superannuation fund
and Mr Bauk’s family trust 7,500,000 unlisted options exercisable at 2.5 cents each expiring 30 April 2011
7,500,000 unlisted options exercisable at 5 cents each expiring 30 April 2011 Options issued as approved by
shareholders in general meeting
No. of securities held after change:
1,200,000 ordinary shares
7,500,000 options exercisable at 2.5 cents each expiring 30 April 2011
7,500,000 options exercisable at 5 cents each expiring 30 April 2011

-----------------------------

Peter Smith 26 June 2006 Indirect-Held by Mr Smith’s wife Bernice Maree Boland
2,930,000 ordinary shares $61,060 On-market trade

Peter Smith 25 August 2006 Indirect-Held by Mr Smith’s wife Bernice Maree Boland
500,000 ordinary shares $10,000 On-market trade
No. of securities held after change:
3,430,000 ordinary shares

Peter Smith 22 September 2006 Direct 2,500,000 unlisted options exercisable at 2.5 cents expiring 30 April 2011
2,500,000 unlisted options exercisable at 5 cents expiring 30 April 2011 Options issued as approved by
shareholders in general meeting
No. of securities held after change:
2,500,000 unlisted options exercisable at 2.5 cents expiring 30 April 2011
2,500,000 unlisted options exercisable at 5 cents expiring 30 April 2011


It’s very early days with this company. I choose to think that the earlier involvement with Leon Pretorius is a good sign. Judging by his accent (on Boardroom Radio), he is a South African and I expect has a pretty shrewd idea of where the more prospective uranium areas over that way are to be found. If the tenements were not pretty prospective, I don’t think DYL would have been interested in them to begin with.

Well, that’s pretty much my contribution, for what it’s worth, but, for my money, I feel that WMT is in with a good chance of upside. We’ll just have to wait and see.

Good luck all.

Tez

What I have expressed here is purely my own inexpert opinion and you would probably be well advised to treat it with considerable skepticism. In any case, do your own due diligence.