re: *eronga - uranium??? ***
according to this report no mention of uranium at Eronga - but obviously they are working on it!
Rich reward for Reefton Robin Bromby March 19, 2005
REEFTON Mining is the latest junior to discover the magic word - uranium.
The mention of a possible find in Namibia was enough to see 99 million shares traded and the price up 60 per cent yesterday to 11c.
Suddenly a company that had been largely ignored by the market - even though it has been mining high-quality diamonds along Namibia's coastline - was in the spotlight.
The fact that it was very early days, uranium-wise, seemed not to matter. The company has only so far got radiometric readings "indicating the presence of uranium-bearing mineralisation".
Possibly more important to traders was the fact that these indications were recorded close to Rio Tinto's Rossing uranium mine and to Paladin Resources' Langer Heinrich project, which could be in production by 2006.
But the uranium must have come as a bit of a surprise to the Perth-based company itself.
Its website lists the inland Erongo project as having all manner of things being found there - graphite, rare earths, tungsten, tin, tantalite, rutile and semi-precious gemstones - but no mention of uranium.
Reefton clearly plans to ramp up its yellowcake skills, also announcing yesterday it had hired South African uranium geologist Christian Schlag.
It has been quite a week for uranium. Havilah Resources yesterday issued a prospectus to spin off its South Australian uranium targets into a new initial public offering, Curnamona Energy. Its $4.6 million raising is expected to be heavily oversubscribed.
Paladin Resources raised $38.9 million from overseas investors to get its Namibian project moving. And Summit Resources was getting into gear for a drilling program in Queensland after sniffing the wind that the Queensland Government is likely to end its ban on uranium mining.
Several companies hit 12-month highs this week: Paladin up from 4.6c over the period to $1.19, Summit up from 4.6c to 47c, while Giralia Resources and Murchison United were riding high on uranium hunts that are in their early stages.
Another South Australian hopeful, Marathon Resources, saw its 20c issue price hit 28.5c on Thursday, the first day of trading.
Warwick Grigor, who follows uranium companies at his Far East Capital, said profit-taking mid-week, which saw several stocks dip from their highs, was not a concern.
"Most of the money coming in is staying there - people are buying on the fundamentals, not for speculation."
However, he said there was still a shortage of advanced uranium plays and he suspected that many investors could not yet tell the good from the bad.
RTM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
