UXA appear to be making slow progress selling GAA Wireline and PFN tool in the present weak mining sector, though a lot more work is expected in the Fraser Range following Sirius Resources' nickel copper bonanza strike, that may favour GAA.
My own view is the same as about two years ago, that UXA need to keep ita GAA Wireline and PFN Tool investment, and its 20% stake in a 7 year drilling plan of $10m on tenements in South Australia by Straights Resources.
UXA should, I think, sell uranium interests at Nabarlek North and Pandamus West; sell interests in the Mundi Plains; sell interests at Myroodah, Myroodah West and other tenements in WA; and thereby cut back drastically, also, in overhead office costs and employee/director pay, costs and expenses.
A rights issue would then be made more confidently with a profitable GAA Wireline/PFN tool.
The UXA office could be closed in SA and move in with GAA Wireline.
LOW overall costs, profitable GAA Wireline, and drilling potential funded by Straights Resources, looks to me to be the best way forward.
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
