the truth on pdn by shaw stockbroking, page-3

This is not really a PDN post, but I put it into this thread to keep the uranium commentary in one place.

I was just reading Summit Resources report for the quarter ended 31 Dec 2003 and was interested to read the section quoted below.

Just thought some people might be interested, as I was, to know of some other potential uranium miners in Australia (Queensland). They are Summit Resources and Resolute Ltd. They have two prospects as mentioned below in this excerpt from Summit’s report. They are lagging way behind Paladin in terms of development, but are a couple to keep in mind for sometime down the track. They have substantial inferred resources, but have put the projects on hold pending a more sympathetic government coming to power in Qld.
As I say, just a couple to keep in mind.



“ … VALHALLA and SKAL (QLD) Interest: Summit Resources (Aust) Pty Ltd 50% Operator: Summit Resources (Aust) Pty Ltd The Isa Uranium Joint Venture Agreement ("IUJV") between Summit and Resolute Limited covers the Valhalla and Skal uranium deposits in northwest Queensland.
The Valhalla uranium deposit has a drilled identified mineral resource of 11.5Mt containing 36.5 million pounds of uranium oxide ("U3O8") with an inferred resource of over 55 million pounds U3O8. The Skal uranium deposit, 10 kilometres east of Valhalla, has a drilled resource of 2.7Mt containing 7.6 million pounds of U3O8 with an inferred resource in the order of 10.0 million pounds U3O8.
There is potential to significantly increase these resources by future drilling as both deposits remain open along strike and at depth. These uranium deposits, and the contained resources, are now effectively mothballed, with any future development being dependant on a Queensland Government more favourably disposed to uranium mining and processing than the present Labor Government. Expansion of WMCR’s Roxby Downs mine, production increases at Rio Tinto’s Ranger mine and commissioning of Heathgate’s Beverley mine in South Australia along with the advancing of the approval process for the Honeymoon mine, also in South Australia, has resulted in an expansion of Australia’s uranium production over recent years. Australia is now the world’s second largest producer of U3O8 behind Canada ...”

Cheers,
Tez