commence uranium drilling very soon

Unlike many other U stocks, SIM is actually going to start drilling for uranium very soon. Its price finally break out with big volume and drops back to support/breakout level on very low volume. With drilling is about to commence and China activity is gathering pace, we should see SIM having another go at new high next week.


Scimitar waits out Glenda to drill at Yanrey

Michael Vaughan
Friday, March 31, 2006

SCIMITAR Resources will be drilling at its Yanrey uranium project in Western Australia as soon as the area south of Onslow recovers from the damage sustained by cyclone Glenda earlier this week.

Managing director Terry Topping told MiningNews.net the 3000m program would be the first of at least three drill campaigns to be undertaken at Yanrey this year.

"Last year was really a consolidation year for us in that we got our projects granted … and this year we'll get out there and drill the prospective targets generated," Topping said.

Scimitar recently raised $1 million via a placement of 30c shares through brokerages Barclay Wells and Ark Equities in order to fund its 2006 exploration program, starting with the $200,000 campaign at Yanrey.

Yanrey lies adjacent to Paladin's Manyingee deposit. The project was drilled extensively by CRA in the past and Topping is eager get the infill and exploration drilling started.

Scimitar will also be conducting an electromagnetic survey at Yanrey to aid with channel definition.

The company holds uranium, gold and nickel exploration properties in WA, the Northern Territory and South Australia.

Scimitar was one of the companies that caught uranium fever this week, adding 20c (62.5%) between Monday and Wednesday. The stock has since eased, and was down 2c (4.8%) at 40c in midday trade.