Yamarna loses passion for Niue's uraniumSeptember 6, 2005Page...

Yamarna loses passion for Niue's uranium
September 6, 2005

Page Tools
Email to a friend Printer format
THE discovery of a 26-year-old research report has put a dampener on Yamarna Goldfields' share-price-soaring claim of last month that the Pacific island of Niue was potentially sitting on top of the world's largest uranium deposit.

The report by Arthur Smith, uncovered during the due diligence into the company's uranium project, concluded that the possibility of locating an exploitable and economically attractive uranium deposit on the island was slight.

While investors dumped the stock yesterday, Yamarna chairman Bryan Frost apparently lost enthusiasm for the project days ago.

One of his companies picked up 9 million shares for 1.1¢ each the day the company announced its plan to drill on the island, but has since offloaded 11 million shares on market — for between 1.6¢ and 1.8¢ per share.