The only person who I think could tell us all the answers has...

The only person who I think could tell us all the answers has now gone; Dr Russell Gilbert was alone working to sell GAA and PFN Tool to one of two ASX listed uranium companies; and He suddenly departed.
UXA had reported expected profits of around $1 million for GAA but later noted a sudden decline in the market in the USA and Australia.

The above is very depressing as all was reported well 1 year ago and both lenders, La Jolla Cove and Lind, both pointed to the value of the GAA asset and the tie up with India's Reliance Industries (now terminated).
I believe both Lind and La Jolla have total loans outstanding of $1.35 million plus costs and interest.

UXA have moved into GAA's office in Adelaide and I do not know if this is owned or rented. So it does look as if the GAA sale will not bring very much into the coffers compared to the buying price of GAA and PFN Tool -- $6 million. My out and out GUESS is about $1.3 to $1.7 million.

UXA got this very badly wrong but the mining market plus storms in QLD are mostly to blame.

Now it depends on UXA cutting costs and they may need to do what Sirius Resources did. They shut their WA office and lived in the outback surveying and drilling. I don't know if the newer UXA management and directors are of the same ilk?

Can UXA raise cash in this difficult market via a placing and rights issue?

Another hope is that some money is coming back to mining again. This from articles in the states (will post later) and Dr Marc Faber favouring mining stocks for a recovery; will post link in next post -- good luck guys.