ignored uranium miners worth a look

Ignored uranium miners worth a look

Robin Bromby | July 21, 2009
Article from: The Australian
EVERY so often, it's worth just taking a moment to think about companies that seem to have made great progress but get scant attention in the media.

One such is Energy Metals. This writer has long complained about the quarterly reporting system on the Australian Securities Exchange, arguing that the avalanche of information is so huge that much gets ignored, hurting companies that have a good story to tell and covering up the sins of the failures (and the shonks).

So today we are going to pause to take a moment to browse EME’s quarterly which was released this morning. There’s no great news in the report -- all the information has been disclosed previously -- but the virtue of a well constructed quarterly is that it allows you to get an overall impression of progress.

The company has increased the resource at Bigrlyi, its flagship deposit in the Northern Territory, to 13,340 tonnes of contained uranium (along with vanadium credits). It has a maiden 2700 tonne resource at Anketell in Western Australia and is drilling several other 100 per cent owned prospects.

It has also pegged a high priority target in the Northern Territory: the Macallan prospect is located 460km northwest of Alice Springs and 140km from Bigrlyi. A 3km-long radiometric anomaly has been identified at Macallan, a prospect previously explored for gold and base metals, but never for uranium. Negotiations are under way with the traditional owners to get access to the area.

You could pick up RMC shares at around 68c this morning, but if you want something more cheap and cheerful, then RimCapital was also out with an announcement this morning. This really is a company below almost everyone’s radar! And, at 4c, purely speculative.

This company is in the process of acquiring ground in what it calls Northern Yeelirrie, within (as it describes it) the geological province that hosts the giant Yeelirrie project owned by BHP Billiton as well as other significant projects including Lake Maitland owned by Canada's Mega Uranium and Lake Way-Centipede to be developed by Toro Energy.

RMC’s one granted and two application tenements are immediately north of the BHP ground. This really is greenfields stuff, with RMC having spent just $1078 on exploration in the June quarter.

Now a postscript to our mention yesterday of African Energy: the company reports that it has now discovered a 5km-long uranium anomaly located just 8km north of its Njame project in Zambia.

It just shows it pays to read The Dirt - the stock was up 23 per cent this morning.

And one more small step for Nimrodel Resources in its uranium quest in Kyrgyzstan. It will be sharing data with an oil exploration company operating in the same area, the company pointing out that there is a well-documented and close relationship between oil occurrences and uranium deposits throughout that part of the Central Asian nation.

The writer implies no investment recommendation and this report contains material that is speculative in nature. Investors should seek professional investment , advice.

http://www.theaustralian.news.com.au/business/story/0,28124,25814118-36418,00.html