quarterly activities report, page-4

Oze,

That makes sense, though its still strange that the cashflow report has already been released...as per earlier post, they always release it on the same date as the activities report.

EME SP is now about double what it was at the time of JRL's AGM in November, in which they stated they would consider selling all or part of their EME investment at the right price with a potential return to shareholders as a cap return of dividend if no alternative project found. I've posted the extract from the address below.

I wonder if this is the right price? Personally, while a return or dividend would be nice, i think EME has plenty more upside and believe they should hold on to it, or at least a major part of it, unless they find an alternative project/investment that is too good NOT to take up.

Cdchi1

Extract from Chairman's address:

Clearly to make such an investment, capital is required. Most of the Jindalee Resources Ltd’s capital is already invested in the uranium exploration company, Energy Metals Ltd. However your Board believes this investment will be realised over the coming year, thereby, providing the
requisite capital for new investment. This belief is based on the fact that, contrary to the price of most commodities, the market price of uranium is on the rise. Forecasters continually refer to the shortage of uranium caused by supply difficulties and expanding demand for uranium by energy providers. This expected shortage will not only lead to significant increases in the price of uranium but also to increased pressure to capture supply. Accordingly a company such as Energy Metals Ltd, which controls (via a 53.7% ownership) an established resource of 23.4m lbs (and growing), is of considerable interest to both end-users and other corporates. Moreover, through the combined shareholding in Energy Metals Ltd of Jindalee Resources and its Directors, an appropriate sale of the company can be effected. As a result, Jindalee Resources Ltd will have the capital resources available to capture the expected opportunities that emanate from the current economic turmoil.
Shareholders should be aware that if the above scenario does eventuate, it is the expressed intention of your Board to return a significant portion of the proceeds to them via tax effective means such as a fully franked dividend. This would be feasible, notwithstanding the need to retain capital for opportunistic investments, due to the magnitude of the capital expected to be realised
from the sale of our investment in Energy Metals Ltd. The current market capitalisation of Energy Metals Ltd does not reflect this (as indeed, neither does that of Jindalee Resources Ltd).