Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 July 2006drilling result▲ Good
Reconnaissance at Marenica (Marinica) shows past explorers drilled about 32,000 metres in over 2,000 holes, finding four uranium anomalies covering about 7 sq km. New palaeochannel targets and potential Rossing-style uranium are also identified. These are historical results, not new drilling.
26 June 2006asset acquisition disposition● NeutralMajor
The sale of the Duketon Belt gold properties to A1 Minerals, announced in December 2005, is completed for $100,000 cash and 2 million A1 shares, held in escrow for 12 months. The company says this lets it focus on new projects.
9 June 2006farm in farm out completion▲ GoodMajor
Namibia's Minister of Mines and Energy approves the joint venture to earn 80% of the Marinica uranium project, announced in April. Major exploration starts once an environmental contract is granted, which is described as well advanced.
23 May 2006director officer appointment● Neutral
Leon Reisgys has started as Technical Director and Acting CEO, as announced in March. Directors Robert Martin and David Hamlyn have resigned, and the operations office moves to West Perth.
28 Apr 2006quarterly activities report● Neutral
Cash flow report for the March 2006 quarter: cash edged down to $1.396 million, with $125,000 of operating outflows partly offset by $92,000 from share issues. Planned exploration spending next quarter is $90,000.
28 Apr 2006quarterly activities report● Neutral
March 2006 quarter: the company withdrew from the Esperance bauxite and mineral sands options after poor drilling, and applied for new uranium tenements at Scaddan. The Duketon gold sale to A1 Minerals ($100,000 plus 2 million shares) is proceeding.
19 Apr 2006farm in farm out agreement▲ GoodMajor
The company enters a joint venture to earn 80% of the Marinica uranium project in Namibia, a 706 sq km licence near Langer Heinrich. This follows the April rumour response and marks a move into uranium. The 49 million tonne figure is a company estimate with unknown grade.
7 Apr 2006other● Neutral
Replying to a newspaper rumour, the company confirms it is negotiating exploration project opportunities in Namibia and will update the market if it decides to proceed.
28 Mar 2006director officer appointment▲ GoodMajor
Leon Reisgys, a uranium geologist, is appointed Technical Director and Acting CEO from 22 May 2006 on a 3-year contract at $250,000 a year. He is to receive 3.25 million options at 10 cents, subject to shareholder approval.
3 Mar 2006half year report● Neutral
Half-year accounts to 31 December 2005 show a loss of $530,730 and cash of about $1.44 million, helped by the August 2005 placement of 70 million shares at 2.4 cents. No liabilities concern is flagged; directors state debts can be paid.
31 Jan 2006quarterly activities report▼ Bad
December 2005 quarter: West Australian Metals' Esperance bauxite and mineral sands drilling gave disappointing results and no further work is planned there. Duketon-area tenement sales to A1 Minerals and Navigator were agreed, and the Austin Engineering legal claim was dropped.
31 Jan 2006quarterly activities report● Neutral
Cash flow report for the December 2005 quarter: cash fell to $1.441 million after $254,000 of operating outflows, with no capital raised in the quarter. Planned exploration spending next quarter is $120,000.
