At .032 this is a stealWasabi is a diversified energy group with...

At .032 this is a steal



Wasabi is a diversified energy group with investments in uranium exploration, coal, power generation and renewable energy technology.

Wasabi owns approximately 46% of the common stock and 100% of the preferrential stock in Exergy Inc(“Exergy”). Exergy is a California-based energy technology company that owns and licenses the Kalina Cycle technology, a patented process that significantly improves the efficiency of conversion of heat to power for generation of electricity from low temperature geothermal and waste heat.

Wasabi is also earning a 50% interest in the Lillyburt Coal project in British Columbia, Canada, through a joint venture with Western Canadian Coal Corp. Wasabi can earn its interest in the Lillyburt project by spending C$2.5million by December 2008.

Wasabi, in June 2006, has raised $400,000 through the placement of approximately 13.3 million shares at a price of 3c per share with 13.3 million free attaching options. The options, with the same terms as existing listed options, are exercisable at 2 cents each and expire 31 December 2006.

Wasabi will use the funds to acquire a 50% stake in a new company formed to specialise in developing bio diesel production plants and in marketing the fuel. Wasabi will contribute $400,000 to the new company initially.

The new company’s initial venture will be to advance $325,000 to K.E. Engineering Pty Ltd (“KE”) to enable KE to complete construction of its bio diesel plant that is presently being built at Laverton, near Melbourne, Victoria. It is anticipated that the bio diesel plant will be producing high grade fuel by September of this year.

Wasabi will receive a fee for the initial contribution to the new company by a royalty from KE on the first 20 million litres of fuel, at a rate of approximately 4.5 cents per litre. The final amount that Wasabi should receive from KE is approximately $900,000.

The group has a well formulated plan to become a major player in the alternative fuel creation business. This first step represents a quick entrance to the market with a strategy to use the best the people in the business to secure a reliable supply of feedstock and know how to produce state of the art bio diesel plants cost effectively.

Following the end of the period Wasabi has exercised the option it held to purchase Exploration Licenses 24917 (Alice Springs) and 24939 (Woolner Dome) from vendors Finching Pty Ltd (“Finching”) and Mundena Holdings Pty Ltd (“Mundena”). These licenses cover potential uranium deposits. The exercise of the option was made following the unconditional granting of the two licenses by the Northern Territory Government for a period of six years.

Finching and Mundena will receive a total $500,000 as purchase price and will transfer the granted tenements to Wasabi, but shall retain a $1.00 per tonne royalty. Finching and Mundena have also committed to employ 50% of the purchase price in exercising an option to purchase 12,500,000 fully paid ordinary shares in Wasabi at $0.02 per share as a placement from Wasabi.

During the three month option period Wasabi has conducted due diligence on the Woolner Dome tenement, including reprocessing geophysical images obtained from data acquired after the most recent uranium exploration carried out in a joint venture between E.Z./Peko and CRA in the late 1970’s. The images presented by Wasabi’s consulting geophysicists suggest a hitherto unrecognized structural complexity around the Woolner Dome in addition to radiometric anomalies existing within the Woolner tenement. It is planned to fly more detailed low level aero magnetics around the Dome during August and to follow up ground inspection of radiometric anomalies. Reconnaissance wildcat drilling is planned to test these features in September/October.

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http://www.cambrianmining.com/Business_Interests/Energy_&_Technology/default.aspx?id=14