where to now? - as jolla cove buys cheap stock, page-9

$1-???? - most of us would be content with 4c which is achievable but even that is in question. So far there are no signs of RIL Australia (Reliance subsidiary) wanting to take a stake in UXA, and UXA have about $1.3 million left to drill in Arnhem Land. UXA results from drilling have been poor so far and uninspiring, note the 1.1c stock price.

Moving on, UXA are strapped for cash and have already drawn part of their La Jolla Cove agreement and allowed conversion by La Jolla Cove investor's at well below the market price; this money used to drill at Dome5.

GAA Wireline is doing well but is unlikely to contribute enough for UXA to continue drilling at the current rate.

My sentiment of a short term buy is because I think markets may improve shortly.

Of course UXA could come up trumps but Dome5 drilling has not revealed good enough results so far. Nabarlek further drilling this year is against a back drop of a US$52 per lb uranium price.