MTN - Marathon Resources

[YOUNG_TRADER]

MTN seems do be defying the general U sideways trend atm which is interesting, I wonder how long until the U phoria begins, last I chcked the U spot price was only headed one way, Cigar Lake was still flooded, Jabaluka was still a no no and Olympic Dam wasn't going to make a splash until 2010

Nice charts Kennas

[Kauri]

7 June..It looks to me that MTN may have formed into a cup, not sure if the last couple of days are the start of the handle or still in the cusp...

Not one I am trading but have been following it in my voodoo C+H stable.. looks like the chicken entrails may be lining up...
.....Cheers
........Kauri

[nomore4s]

Not one I am trading but have been following it in my voodoo C+H stable.. looks like the chicken entrails may be lining up...
.....Cheers
........Kauri

Kauri, what price target does the C&H give you? I get around $7.60ish.And also do you have a valid EW count on this stock?


Wanted to buy MTN this morning but jumped a little too far I think, may have to wait for a lsight pullback.

I also wanted to enter this morning but when it opened at $6.60 thought I had missed it, so I put in a small buy order at $6.46 (not thinking it would get filled) and was surprised to get back and see it had been filled. Will now be looking for an opp to pyramid into the postion.

[Kauri]

Kauri, what price target does the C&H give you? I get around $7.60ish.And also do you have a valid EW count on this stock?
.

nomore.
In my attached chart the green arrows give the conventional thinking on C+H target,,, there is also an E/W count...whether it is valid is another story though.. :) ...
.Cheers
.......Kauri

[insider]

Buttermere have been smoked... They will no longer extend their rubbish Take over offer of $3.52... If you want you have until July 4th to sell your shares at a 3 dollar premium...:rolleyes:

[nomore4s]

I also wanted to enter this morning but when it opened at $6.60 thought I had missed it, so I put in a small buy order at $6.46 (not thinking it would get filled) and was surprised to get back and see it had been filled. Will now be looking for an opp to pyramid into the postion.

lol, maybe it wasn't so lucky:banghead:. Oh well, hasn't hit my stop yet will just have to see how it plays out from here.

[kennas]

6.40 proven support and sp consolidating sideways approaching upward trend line. If goes to long term pattern should bump up around green circle.

Those final assays delivered on 2 July looked very good. Revised resource estimate due in August, hopefully on time, which will draw focus again. One rig still working with another due mid July, but wouldn't be surprised with a delay due to the overload in the sector.

Now all I want to hear is Carpenter come out with a bullish statement for Mt Gee mining, to clear the air over the environmental issues which I think are still clouding it, and is why it still seemed undervalued pound for pound compared to others as has been discussed here in detail. :2twocents

[MBI]

Now all I want to hear is Carpenter come out with a bullish statement for Mt Gee mining, to clear the air over the environmental issues .....


What the background story about Carpenter here, will he be of any significant influence over Mt Gee? Or did you mean to say Mike Rann?

Yeah share your same outlook and all is looking nice and good for MTN at the moment. Somehow this counter has been overlooked by most u-investors. Actually looking forward to bigger uptrend once the BFS is able to identify the practical and amicable environment $ method to mine and process the ore.

Cheers ....

[kennas]

What the background story about Carpenter here, will he be of any significant influence over Mt Gee? Or did you mean to say Mike Rann?

Yeah share your same outlook and all is looking nice and good for MTN at the moment. Somehow this counter has been overlooked by most u-investors. Actually looking forward to bigger uptrend once the BFS is able to identify the practical and amicable environment $ method to mine and process the ore.

Cheers ....ooops, too many Pisco Sours for kennas. Or course, Rann. :o

Seems they have to go for underground mining to satisfy the tree huggers unfortunately. Real shame, because the yellow foot rock wallaby isn't really THAT cute. They're in Zoos for Gods sake, why do they need to stay at Mt Gee!!

So, underground mining is a drawback, but with these grades and tonnage, it's economical. With their other developing assets I don't see MTN being independant for long. :2twocents

[ahspritemk]

Quite a drop this morning, there were just no buyers with decent volume. Had a low of $5.87 but back upto 6.02 once some support formed. Wish I had some free cash atm, could potientialy be a good time to top up IMO with the possibility of the revised resource estimate in Aug. The fact that the sp dropped so much with such little volume does worry me a bit. Yesty morning I had been buying and selling quite a bit between 6.30-6.40 & 6.58-6.60, made a nice little profit but now wish i hadnt made a final purchase to hang onto. Ah well im still happy with mtn for the long term.

[kennas]

The fact that the sp dropped so much with such little volume does worry me a bit. Be more concerned when this occurs on volume. No drop is a really good drop IMO, but gentle sideways is OK :) which that was not!! Might be conforming to that upward supprt line, to be confirmed later. If you're just getting in, then don parachute. U market is a bit skittish atm, but as has been discussed here previously, this is one of the better ones to be playing with, pending environmental concerns. :2twocents

[MBI]

So, underground mining is a drawback, but with these grades and tonnage, it's economical. With their other developing assets I don't see MTN being independant for long.

I reckon equity-wise it will a tight game for any buyer as the last I remembered is that Citic Resources and Talbot Coal collectively hold 19%, although they may split as each have quite different long term agenda with Citic more into it to secure uranium supply line for its motherland China. Personally if this were to happen I would prefer it to be after the BFS to milk more value for existing shareholders. But then of course it may be an offer the current mgt and major shdrs cannot refuse.

What do you think about their mgt capability to bring the mine to production? Appointed new CEO Stuart Hall with some experience in BHP/Rio/WMC. Anyone heard of his actual track record in these organisations?


:) Cheers :)

[kennas]

What do you think about their mgt capability to bring the mine to production? Appointed new CEO Stuart Hall with some experience in BHP/Rio/WMC. Anyone heard of his actual track record in these organisations?I question ANY explorer's capability to bring a project to production unless they have done it before. What have MTN done as a team? Nada, as far as I can see. Happy to be corrected. I think their best path forward is JV, before they get bought out, pending BFS with authority to mine under the yellow foot rock wallably sanctuary! :banghead:

[kennas]

6.40 proven support and sp consolidating sideways approaching upward trend line. If goes to long term pattern should bump up around green circle.


Be more concerned when this occurs on volume. No drop is a really good drop IMO, but gentle sideways is OK :) which that was not!! Might be conforming to that upward supprt line, to be confirmed later. If you're just getting in, then don parachute. U market is a bit skittish atm, but as has been discussed here previously, this is one of the better ones to be playing with, pending environmental concerns. :2twocents

Found some support yesty, but late last week I got my first real signal to bail. Holding to see if it can recover $6.00 quickly, but if not I think it's head for the bunker and wait for another entry signal for me. :2twocents

[MBI]

Found some support yesty, but late last week I got my first real signal to bail. Holding to see if it can recover $6.00 quickly, but if not I think it's head for the bunker and wait for another entry signal for me. :2twocents

It is looking pretty ugly this morning at 5.72/1.
You may be right to head for bunkers.
I will wait a little longer and do likewise when the downtrend is supported with volume.
Any inkling what may be the reasons for this selldown?

[kennas]

It is looking pretty ugly this morning at 5.72/1.
You may be right to head for bunkers.
I will wait a little longer and do likewise when the downtrend is supported with volume.
Any inkling what may be the reasons for this selldown?Could be part of the overall consolidation, ev/lb it's getting even cheaper, but that's gotta be for a reason. Loss of confidence in sector? People concerned the Govt won't permit mining at Mt Gee? Profit taking with $$ being put into iron and oil? Volume looks like it's coming off as it consolidates, so there's something to hang on to.. :dunno:

Need Rann to say this is a significant find for investors to come flooding back IMO. :2twocents

[dj_420]

maybe this was caused by delayed reaction to uranium stocks???

all other uranium stocks consolidated and came right off their highs where as MTN maintained its uptrend. maybe this sentiment is just catching up to MTN.

prob a lot of profit takers shifting back into iron ore!

[Rafa]

i tend to agree...
also noticed a decided weakening in sentiment after the japan earthquake...

the thing about the nuclear industry, esp in Oz, is that its on a knife edge... one dodgy reactor explosion, and its all over :eek:

[kennas]

Nothing earth shattering about their quarterly really.

Mention of the environmental concerns but nothing to make you sleep better.

Spent $800K on the defence of the Butterbrains offer, which seems crazy. I could have defended it.

They don't seem to be moving too fast here, or do I know nothing?

The 'proper' scoping study is to be completed by the sounds, then PFS 'early next year', BFS, DFS, what other sort of FS can we fit in......

One positive I suppose is that the resource estimate is going to be certainly upgraded and the initial scoping study was done on a low conversion factor, which will be lifted.

Anyone excited about the report? :confused:

[deftfear]

I don't know if I'd say I was excited, but it looked pretty good to me. I Liked the "A revised resource statement will be released shortly, once signed off by the independent resource estimation consultants." bit. It doesnt look like this is too far away which will hopefully get the company a bit more attention again and maybe going in the other direction.

I also noticed the takeover defence expenditure and think its ridiculous, the takeover had no chance to go through, but it cost that much. Not sure if it's the companies fault for spending too much, or if thats what it takes to defend a company from a takeover.

It looks like the company has a reasonable timeline to the BFS, seems a lot more focused than the company previously was. Probably the doing of new directors.

[kennas]

I don't know if I'd say I was excited, but it looked pretty good to me. I Liked the "A revised resource statement will be released shortly, once signed off by the independent resource estimation consultants." bit. It doesnt look like this is too far away which will hopefully get the company a bit more attention again and maybe going in the other direction.
Yes, deft, I am looking forward to this too. Won't be far away. If they get another 10-20m lbs JORC then this can be added to their ev/lb ratio and make them look even cheaper. I can't help think that it's the entire environmental/underground mining issue that is holding them back.

[insider]

What annoys me is that shareholders again are the last people to know about the announcement which clearly says 'capital raising' on the horizon. people had obviously reacted sold prior to the announcement because of insider knowledge... the company wasn't like this 6 months ago...

[deftfear]

What annoys me is that shareholders again are the last people to know about the announcement which clearly says 'capital raising' on the horizon. people had obviously reacted sold prior to the announcement because of insider knowledge... the company wasn't like this 6 months ago...

What makes it clear as to capital raising? All I can see are that they are nearly out of money, but if they were to raise funds, all they would need to issue would be about 1,000,000 shares @ $5 to keep them going for another 6 months or so. Pretty good compared to when they raised funds last year.

[insider]

What makes it clear as to capital raising? All I can see are that they are nearly out of money, but if they were to raise funds, all they would need to issue would be about 1,000,000 shares @ $5 to keep them going for another 6 months or so. Pretty good compared to when they raised funds last year.

No crap... Companies have 2 options to get money... one is to borrow from the bank and the other is to issue more shares... They certainly are not going to borrow from the bank so they are going to issue more shares... I have never seen the SP go up on an announcement stating the issue of shares at a discounted price... It always goes down... And the offered shares are normally considerably lower than the current SP... Yes I do know that sometimes they put conditions like existing shareholders only or whatever...

What I'm getting to is that the SP will be down for a little while longer than we all anticipated prior to todays announcement and everybody who gets privileged access to announcements before they're made public have the upper hand in reacting to it...

Not that I was selling mine anyway

[insider]

What makes it clear as to capital raising? All I can see are that they are nearly out of money, but if they were to raise funds, all they would need to issue would be about 1,000,000 shares @ $5 to keep them going for another 6 months or so. Pretty good compared to when they raised funds last year.

Let's hope that by the time MTN decide to raise funds for mining that the SP is around $20 so that way they just need to issue another 10,000,000 :D

[MBI]

It looks like the company has a reasonable timeline to the BFS, seems a lot more focused than the company previously was. Probably the doing of new directors.

Not quite share the same view that they are more focused. It was run by a geologist all this long till April this year. So it is very much geology-centric which is okay until the resources are JORCed. They appointed new CEO supposedly an ex-BHP/Rio/WMC executive with project implementation experience in April. But sofar I have yet to see or hear anything of clarity moving forward beyond resource estimate and high level blah blah blah on scoping and feasibility studies. Neither am I impressed with the implementation schedule in this latest announcement because it does not offer anything new (as Kennas has pointed out correctly) to what the mkt already knew. That is why I had asked the question whether anyone heard about this new CEO in an earlier post (yet to hear from anyone). Quite disappointing really, compared to the focused, progressive mgt team in Wild Horse (which may worth your while to take a closer look). WHorse was listed late last year and has just announced a JORC inferred resource of 10m lb in Europe. Their SP needless to say has shot up the past few weeks and especially when they recruited the ex-CFO from Summit Resources (which was acquired by PDN) providing indication that things are hotting up with a senior funding expertise on deck.

MTN needs to step forward and do better in communicating and spelling out their detailed project plan because its valuation has reached a stage where further appreciation requires clarity as to how they are going to monetise the identified resource. They are not very good in doing this since day-one but is now a critical factor for the mkt to embrace its potential. Sofar the new CEO seems to be lost in action.

:)Cheers:)

[Go Nuke]

MTN certainly getting punished today!:whip

A low of $5.11 so far.
I was wishing I had been a part of the MTN group, but right now Im happy not to be in it.
I thought it might have stopped at support of $5.20 but blown by that today.

I can't see the next support line till about $3.80:eek:
Perhaps the 200 moving average will save it?

Good luck to anyone holding.

[Rafa]

200DMA is a long long way away.. :eek:

but almost every other U stock besidse MTN has hit that line in the recent weeks... why not MTN i guess... (on that note, BMN has bounced off quite nicely off it)

Cap raising is going to be a significant driver for near term SP movement...
i would anticipate cap raising to be between $4 - $5, the higher the better of course.

time to get out was when it broke major trend line (as per lachlan post late june, and kennas's post a week or so ago).... regardless... the next few weeks may present a good buying opp, but the major uptrend looks shot.

[insider]

MTN certainly getting punished today!:whip

A low of $5.11 so far.
I was wishing I had been a part of the MTN group, but right now Im happy not to be in it.
I thought it might have stopped at support of $5.20 but blown by that today.

I can't see the next support line till about $3.80:eek:
Perhaps the 200 moving average will save it?

Good luck to anyone holding.

The reason why I don't see the price falling down to 3.80 is that along the way price triggers will go off and people will be picking up shares... I think its nervous selling from now on... Having said that anything is possible

[clint87]

does anyone know whats going on with mtn in the last week they have had a big down in the last week but i carnt find any reason for it the compony annoucments are still positive

[Lachlan6]

Gday all MTN holders. Dont despair (not yet anyway), MTN may have hit fundamental support. The thing I liked about today's action for MTN was both it was against the general trend of the market and that it has formed a bullish engulfing pattern, which can only be confirmed on Monday's trading day. Furthermore has hit support from mid May lows, so I think there is a high chance this will be the lows for the time being. I am still glad I got out at $5.81, however if I was to initiate a new position I would like to see a definent sign of reversal or even a break to new highs.

[nomore4s]

Gday all MTN holders. Dont despair (not yet anyway), MTN may have hit fundamental support. The thing I liked about today's action for MTN was both it was against the general trend of the market and that it has formed a bullish engulfing pattern, which can only be confirmed on Monday's trading day. Furthermore has hit support from mid May lows, so I think there is a high chance this will be the lows for the time being. I am still glad I got out at $5.81, however if I was to initiate a new position I would like to see a definent sign of reversal or even a break to new highs.

Lachlan, I agree with you very strong day considering the overall market, Have a look at todays volume, somebody was buying, over 2x the ave vol for the last few months, with a close at the high. Will be one to watch over the next few days/weeks.

I exited my position at $5.94 after it broke through the trend line, will be looking to re-enter if there is some follow up confirmation to todays bar.

[MBI]

Thanks guys for the trend analysis. It really received a good beating this week. Good that both of you (nomore4s and lachan6) bailed out just below 6.00 with opportunity to re-enter - well done mate. Missed it totally, should have been more vigilant when Kennas shrewdly flagged out the sell signal. Nevertheless glad it has recovered some lost ground during the last hr today.

[samtomo]

Hi everyone

I'm new to this forum, but have been investing in the uranium stocks for over a year. I bought some MTN a few months ago, and am wondering whether it's time to get out. I don't mind minor corrections, as i invest for the long-term. I read Kennas' post, about bailing, and i should have, but wasn't lucky enough to do so. I feel that the share price will recover, as it is still undervalued and the uranium bull market should not be over yet, but would like some input in relation to time frame.... or maybe i have it wrong, and the trend has changed?

Your assistance would be greatly appreciated, as i'm hitting my head against a brick wall for not pulling out. So my question is, do i wait it out, or bail?

Thankyou

[kennas]

Hi everyone

I'm new to this forum, but have been investing in the uranium stocks for over a year. I bought some MTN a few months ago, and am wondering whether it's time to get out. I don't mind minor corrections, as i invest for the long-term. I read Kennas' post, about bailing, and i should have, but wasn't lucky enough to do so. I feel that the share price will recover, as it is still undervalued and the uranium bull market should not be over yet, but would like some input in relation to time frame.... or maybe i have it wrong, and the trend has changed?

Your assistance would be greatly appreciated, as i'm hitting my head against a brick wall for not pulling out. So my question is, do i wait it out, or bail?

ThankyouSam, The only thing in doubt long term for MTN in my opinion is whether they will be allowed to mine or not. I spoke to the company about it and they gave me the 'no answer, answer' which is that Mt Gee is in a Class A Environmental Zone and if the State or Fed Gov decides that mining there is in the State or National interest, then they will get approval. That is one of the reasons they're going for an underground mine. If/when someone official like says they support mining here, then it should go great, IMO. And vikyversa, of course!! It's still spec until this decision is made. Personally, I think this is a very significant mine to a State pro uranium, and will overtake importance of the yellow footed rock wallaby. Unless PG gets his nose in the way. I suggest you call or email the company to discuss this for yourself. Cheers.

[samtomo]

Thanks a heap Kennas:xyxthumbs

Just went through a stress attack. Your advice was very much helpful and appreciated.

[Rafa]

In my opinion MTN has entered the BUY range, just above the $4 mark
Did anyone jump in today??? I got a few...

oh dear :eek:

[insider]

No but my port folio is limping... MTN has dragged me down from 68,000 to 45,000... I'm 4 months away from 50% CGT and now this... I got paralysis of analysis seeing as I spent the first 2 weeks of this correction finishing up at Uni even though I prepared for a correction like this with high interest rate bank accounts but I wasn't around for it when it started.. Now I sit and wait as a decision becomes harder and harder to commit to... :( Bad timing...

[Rafa]

know what you mean...
good thing you started that holiday thread :D:D
i think i'll definitely need one after this!

[Rafa]

MTN off to a flyer, still long way to go to get to fair value... whatever that might be...

certainly, markets looks rather friendly today...

[mb1]

$4.18??? are you serious, this is getting stupid.
What are peoples opinion on turning point?

Pakistan is building 25 nuclear reactors to counter power shortages

[kennas]

$4.18??? are you serious, this is getting stupid.
What are peoples opinion on turning point?

Pakistan is building 25 nuclear reactors to counter power shortagesCertainly lost a bit of support hasn't it. Chart wise $4.00 looks like a speed bump, meeting 200d ma as well. Confidence must be lacking in Mt Gee, or just a lull for uranium explorers perhaps...U spot declining wouldn't be helping. They've all been sliding for the past few weeks.

[dj_420]

$4.18??? are you serious, this is getting stupid.
What are peoples opinion on turning point?

Pakistan is building 25 nuclear reactors to counter power shortages

seems that there was a lot of people holding from 75 cents, a large amount of profits, people probably just protecting interests, slowing driving price down and the slump in uranium sector means that no one is picking up bargains.

maybe also pressure from fact that a lot of ppl holding from recent purchases would now also be in the red!

[samtomo]

.... make that $4.10!! Doesn't look good at all!! Glad i sold out earlier. The fact that the all ords are up today, doesn't seem to be making a difference. Guess it's still got some correcting to do. On the other hand, maybe a perfect buying opportunity for the long-term traders?

We'll just have to keep our eye on this one. Needs to recover a fair bit, before i trust it.

[Go Nuke]

MTN certainly getting punished today!:whip

A low of $5.11 so far.
I was wishing I had been a part of the MTN group, but right now Im happy not to be in it.
I thought it might have stopped at support of $5.20 but blown by that today.

I can't see the next support line till about $3.80:eek:
Perhaps the 200 moving average will save it?

Good luck to anyone holding.

Well, it seems I might not have been too far from the mark:D

Yes Im sure it is a bit of profit taking. MTN has performed outstanding over the last few months. I too think its the downturn in the U sector thats driving the price down, like most other Uranium stocks.

Now...where's that turn around price..hmm:bananasmi

[Rafa]

not one to second guess this stock, as it could fly at a moments notice, but i originally thought the low 4's was the support...

barring that, i think there will be strong support at 3.60 which was butternuts revised offer.

go_nuke... if you are going to buy in, please let us know... :D:D so we can all sell.

[samtomo]

Well it looks like MTN is off to a strong start this morning (just like a lot of other U stocks). It tends to do so in the mornings, then creeps back down as the day goes on. We'll just have to see how the day pans out. Still think that it should still pass below the $4.00 mark.

[insider]

Hopefully we will never see the 4 Dollar mark again... This company surprised me with a down day yesterday... a modest valuation is about $7 with the current fall in the uranium spot price... Remember that Deutsche Bak and Fat Profits had recommendations at around the $8.50 mark prior to the recent correction...

[samtomo]

.... Don't let the fact that it's an up day fool you... If you have a look at a recent chart, you will see that there's an up day on every 4th or 5th day... therefore, probably a down day tomorrow.

I'll need further confirmation that the downtrend is truely over before i jump in!

Goodluck to everyone holding

[insider]

With the sub prime mortgage debacle having undeserved influence on our markets, I believe that trying to get MTN cheaper than what it is now is more of a gamble as it will most likely return to it's all time high with JORC report due at the end of this month plus reports following next month... The only negative will be capital raising but I'm sure they will do that after the JORC report...

These are my opinions

Good luck with it Sam... as you haven't bought into to them yet you're clearly barracking for a cheaper entry whilst I'm not... tell us how you go... :)

[mb1]

I agree with you Insider.

I also got into today to add to positions.

I think the sell off might of be to do with the announcement regarding options for director.

[insider]

I agree with you Insider.

I also got into today to add to positions.

I think the sell off might of be to do with the announcement regarding options for director.

I think so too... The guy needs to get paid... I don't know why that's sooo bad... He only works for us and now he works for his options

[spooly74]

I also got into today to add to positions.

I think the sell off might of be to do with the announcement regarding options for director.

Compared to where this stock was a couple of weeks ago, there certainly seems value at current prices.

Interested to hear holders thoughts on the low conversion factor of about 45% due to uncertainty about the continuity of the resource.

Currently only planning production of 13000t U3o8.
How much more do you think is expected from the upcoming results to change this??

cheers

[insider]

Compared to where this stock was a couple of weeks ago, there certainly seems value at current prices.

Interested to hear holders thoughts on the low conversion factor of about 45% due to uncertainty about the continuity of the resource.

Currently only planning production of 13000t U3o8.
How much more do you think is expected from the upcoming results to change this??

cheers

There is suppose to be a kind of feasibility study which indicates the approach the company must take to extract the minerals with as least disturbance to the aesthetics of the environment... Hence the only approach that can be taken in the Zone A area (strictest policy) will be underground... The purpose of such a report is to dampen the doubts investors have about mining in Mt Gee which is suspected of creating the cheapened share price when compared to it's peers...

[mb1]

VERY big buys coming in at the end, 36000 shares at 4.50.
hopefully tomorrow is green....will wait and see

[insider]

SAM may have a second chance tomorrow at getting in below $4.00 as the european markets are taking a beating so maybe the XAO will follow

[samtomo]

Was lucky enough to get in at $4. :dance::dance: It may go down further, but at least i'm in, and don't need to sit here and watch the market every minute of the day.

There may be turbulence over the next month or so, in a couple of months, we'll by flying, high... back to where we were a short period of time ago (this is based on cycle analysis and charts over the last couple of years).

Let the good times roll....:bananasmi:bananasmi:partyman:

Luck has been on my side! Goodluck to everyone holding!!

[kennas]

From XAO thread:


Hey Kennas You were right when you told me that 50% CGT is for chumps...Hmmmm, can't remember saying that exactly, but I think I know the comments you are referring to. However, now that you are out though, you need to be planning how to get back in on a turnaround, if/when it does. You may have just saved yourself some $$, and/or peace of mind, but one thing I always forget to do is buy back in on the turn around! :banghead:

The reasons you were holding it are still there aren't they? If not, then you shouldn't have still been holding it perhaps?

Still might be a chance to milk this baby Insider! All the best!

[exgeo]

I think a lot of people are of a like mind with you and I Sam; get in now and ride it out. Even on such a terrible day as today, seems like none of the uranium stocks I hold (MTN, PDN) have set new lows. Volume of buy/sells looks more healthy than recent days too. My feeling is that most of the weak longs have been shaken out already and people such as us are now loading up again, ready for the long-haul. Anyone who had read about the supply deficit exisiting in Uranium wouldn't be too worried about a short-term fall in the price. Long term, the lack of new supply will support the uranium price.

[insider]

MTN is a good company however the market just doesn't care... I think it will go down more because of it...

[insider]

From XAO thread:

Hmmmm, can't remember saying that exactly, but I think I know the comments you are referring to. However, now that you are out though, you need to be planning how to get back in on a turnaround, if/when it does. You may have just saved yourself some $$, and/or peace of mind, but one thing I always forget to do is buy back in on the turn around! :banghead:

The reasons you were holding it are still there aren't they? If not, then you shouldn't have still been holding it perhaps?

Still might be a chance to milk this baby Insider! All the best!

Thanks Kennas... The reasons why I held the stock are still there but I don't care about that anymore, I care about my wallet much more... I think the worst part of this correction is yet to come out... And I'm an optimistic person :)

[dj_420]

Thanks Kennas... The reasons why I held the stock are still there but I don't care about that anymore, I care about my wallet much more... I think the worst part of this correction is yet to come out... And I'm an optimistic person :)

could be, although the market has come off almost 10% in last few weeks. IMO we are somewhere near the bottom. this is shown by quite a few companies been sold off and bought back up very quickly. people are willing to bet that correction is near an end and go long again.

ones im long on JML, GBG and PDN have all been sold off but are bought back up in weakness.

producers, near term producers and companies in industry with good demand will perform best and pull out the other end much better than spec stocks. not saying MTN is spec BUT it will be a long time out until producing so maybe further weakness there.

[mb1]

Insider your out? you even said yourself analysts put MTN at 8dollars something. Why didnt you just ride it out? The fundamentals are still the same as they were when the stock was trading around high 6.

50% GCT might not make a difference if your profit is a couple of thousand but it sure does when your talking tens of thousands...

[Logique]

I'm siding with Samtomo on this one.
If a fall in overnight US indices of nearly 3%, Dow minus 387 points, isn't enough to knock it below 4.00, or similar stocks BMN and PDN below their recent lows, then what is. The whole uranium group looks appealing to me.

[insider]

I think I can get in cheaper... this debacle is probably going to get worse than this... But hey I bought in at 1 dollar... At least I have a profit to take

[exgeo]

August 09, 2007
Marathon Resources’ Uranium Potential Was First Spotted By Crosby Partners
By Our Man In Oz (from www.minesite.com)


Most punters, of the stock market and horse racing variety, like to follow a winner. In Australia, where they do things differently, there’s a prime example of why it’s sometimes good to follow a loser. Well, to be completely honest, there are actually two examples, and one loser. Crosby Partners, the Hong Kong-based merchant bank, is the two-time loser, though to be fair it has twice picked a stock which has gone on to be a winner. Two years ago it was Crosby’s low-ball bid for the Pakistan-focused explorer, Tethyan Copper which led to a bidding duel and eventual high-priced takeover of that company by a consortium of Canada’s Barrick Gold and Chile’s copper giant, Antofagasta. Last year, Crosby started the same game with an even lower-ball bid for the Australian uranium explorer, Marathon Resources, only to be beaten by Marathon’s soaring share price and joint venture deal which involved a big Chinese trading house.
For casual observers of the stock market, there’s a pattern here. Crosby has displayed considerable acumen in spotting undervalued resource stocks, tried to get them on the cheap, and then watched the price soar. The obvious way to play the game is to follow Crosby into a deal, wait for everyone else to catch on, and make yourself a winner even if Crosby is a loser.

Marathon is the latest Crosby game, but it’s worth a Tethyan refresher. The original bid for Tethyan was delivered in May, 2005, and priced at A64 cents a share. After 10-months of haggling and a series of counter-moves Barrick and Antofagasta won the day with an offer of A$1.40, a 118 per cent increase on Crosby’s starter price. With Marathon, the bidding started in July last year at A68 cents a share, was eventually lifted to A$3.52, with Marathon itself steaming ahead to hit a peak price of A$6.98 in late June. Over an 11-month period the price of Marathon rose by 920 per cent – though it has slipped back to around A$5.13 in the current sell-off. Despite the price correction over July it is worth looking at what attracted both of Crosby’s moves, and keep an eye out for its next move.

With Tethyan it was the potential to win control of a world-class, undeveloped copper and gold structure called Reko Diq. Located in one of the world’s least desirable locations, a remote corner of Pakistan, close to the borders of Afghanistan and Iran, Reko Diq has one redeeming feature, it is very, very big. If peace ever reigns in that part of the world it has the potential to become of the world’s great copper/gold mines – which is why fleet-footed Crosby struck first, and Barrick and Antofagasta could not resist the prize.

Marathon is a similar situation. The location is not as politically sensitive, but the environment is. The plum inside the company is an undeveloped uranium orebody called Mt Gee. Discovered more than 30 years ago it is located in the rugged hill country known as Arkaroola, about 450 kilometres due north of Adelaide. No-one doubts that there is an awful lot of uranium at Mt Gee. Deutsche Bank estimates the resource at 31,000 tonnes, and told clients in late May that it was such a high quality resource that Marathon’s share price had much further to run with a 12-month price target of A$8.24 – or about 1100 per cent more than what Crosby was prepared to offer just 13 months ago.

What helped drive Marathon out of Crosby’s reach, apart from the spot uranium price soaring from US$50 a pound to US$130/lb during the currency of the bid, was Marathon’s ability to find friends in high places. Late last year the Chinese trading house, CITIC and interests associated with the Queensland coal miner, Ken Talbot, took 10 per cent placements in Marathon. Their combined 20 per cent, and the financial firepower they control gives them effective control of Marathon which is pushing ahead with a unique exploration and mine plan.

Marathon chief executive, Stuart Hall, told Minesite on the sidelines of a uranium conference in Western Australia, that the current mine plan was to drive into the Mt Gee orebody from outside Arkaroola, thus avoiding any surface disturbance. The exact direction and angle of the drive, which would run for about two kilometres, is yet to be decided because recent drilling is expanding the resource, and finding rich material at greater depth. “The structure appears to be getting richer at depth, so we need to do more work before finalising mine design,” Hall said. Ongoing drilling and environmental data collection is expected to last the rest of 2007, with 2008 taken up with pre-feasibility studies, leading into a full feasibility study in the first half of 2009, and a possible start on construction later that year.

Work at Mt Gee, especially the proposed novel mining method makes the company one to watch, especially as South Australia is one of the pro-uranium mining states in Australia. But, of much more interest is to maintain a watching brief on what Crosby does next because even if it becomes a three-time loser its ability to pick under-valued assets can make other people a lot of money.

[MBI]

Insider - I am surprised that you cash out when you had it going since $1. You must be very convinced that there is more downward pressure to come, and given the Wall Street volatility you may be right mate. I missed out when Kennas hilited time to hit for bunkers and had been holding tight to the railings on the fast-n-furious rough ride since.

At least there is some light coming out from this storm:


Marathon chief executive, Stuart Hall, told Minesite on the sidelines of a uranium conference in Western Australia, that the current mine plan was to drive into the Mt Gee orebody from outside Arkaroola, thus avoiding any surface disturbance. The exact direction and angle of the drive, which would run for about two kilometres, is yet to be decided because recent drilling is expanding the resource, and finding rich material at greater depth. “The structure appears to be getting richer at depth, so we need to do more work before finalising mine design,” Hall said. Ongoing drilling and environmental data collection is expected to last the rest of 2007, with 2008 taken up with pre-feasibility studies, leading into a full feasibility study in the first half of 2009, and a possible start on construction later that year.


It is really positive that they are still encountering bigger resource progressively which will go on till yearend. I don't have any issue granting 70k of options to that guy at $4.7x exercise - but damn he got to do a better job fronting the market. Having to read this info from a sideline interview report does not speak much of an impression desired from a CEO. I put this as their weakness in addition to the environment protection issue. good post exgeo.

[insider]

Insider - I am surprised that you cash out when you had it going since $1. You must be very convinced that there is more downward pressure to come, and given the Wall Street volatility you may be right mate. I missed out when Kennas hilited time to hit for bunkers and had been holding tight to the railings on the fast-n-furious rough ride since.

At least there is some light coming out from this storm:



It is really positive that they are still encountering bigger resource progressively which will go on till yearend. I don't have any issue granting 70k of options to that guy at $4.7x exercise - but damn he got to do a better job fronting the market. Having to read this info from a sideline interview report does not speak much of an impression desired from a CEO. I put this as their weakness in addition to the environment protection issue. good post exgeo.

The JORC report is due out late this month but if memory serves me correctly last correction MTN put out an amazing report and the SP still fell...

[insider]

pi$$ed off... at 4:10PM after the market closed a guy moves in with a massive order to clean up form $4.30 to $4.54... That is a load of crap, why is it allowed...

[ahspritemk]

Ah well insider, im sure the person is slightly regretting buying MTN at such prices. Just wondering what your re-entry price would be, that’s if you decide to re-enter. I topped up at $4.10 this morning & $3.98 a few days ago. Wish I had known about MTN at $1 like you did, congrats.

[insider]

I just thought you'd like to know that you probably bought those shares from me... :) I'd like $3.50 I'd love $3.00 :D Who knows... I'm not caring about MTN as a company but paying more attention to the XAO

[MBI]

I just thought you'd like to know that you probably bought those shares from me... :) I'd like $3.50 I'd love $3.00 :D Who knows... I'm not caring about MTN as a company but paying more attention to the XAO

Dow had another round of beating last nite, so you might be correct to dispose and pickup at $3.50 over the next few days.

[samtomo]

Yep, MTN is definetely copping a beating today. Current price is $3.40 and falling by the looks of things....

Not sure where the end to this will be? Any one have any comments??

[exgeo]

"Look out below" would be my comment. I'm a long term uranium bull and that hasn't changed. But you can't argue with the market. I sold everything except gold and a few oils yesterday. I plan to buy back once things settle down. I am a fundamentals based trader by the way, but not so evangelical in my beliefs that I'll stand by and suffer a 50% loss.

[MBI]

"Look out below" would be my comment. I'm a long term uranium bull and that hasn't changed. But you can't argue with the market. I sold everything except gold and a few oils yesterday. I plan to buy back once things settle down. I am a fundamentals based trader by the way, but not so evangelical in my beliefs that I'll stand by and suffer a 50% loss.

I could not agree with you more. Right now it is more of the overall financial market risk rather than a specific sector that is relevant. I suspect the situation is exacerbated by margin calls.

[insider]

I think I'd prefer to sit this out... Uranium's spot price fell to $105... this may be the beginning of the end for uranium... I'll wait and see... good luck and God bless :)

[shinobi346]

Price might be down but the real selling of the stuff hasn't really started yet. Another buyer has lined up for Aussie uranium. :)


http://www.news.com.au/couriermail/story/0,23739,22248428-5003500,00.html

Nuclear proliferation no laughing matter

By staff writers and wires

August 15, 2007 11:50am

THE Federal Government's reported decision to sell uranium to India is wrong, Opposition Leader Kevin Rudd says.

The National Security Committee of federal cabinet last night reportedly decided to allow uranium shipments to India despite the fact that it is not a signatory to the international nuclear non-proliferation treaty (NPT).

Under the deal, Australian inspectors will be allowed to check that the uranium is not used for military purposes.

Mr Rudd said the decision to bypass the NTP would send the wrong message to the international community.

"It is a very bad development indeed when we have the possibility of the Government of Australia stepping outside the non-proliferation treaty, saying it's OK to sell uranium to a country which isn't a signatory to the NTP," Mr Rudd said.

Mr Rudd said Australia should have an interest in maintaining the integrity of the NTP.

"Nuclear weapons proliferation is not a laughing matter, it's a serious matter that's why the NTP exists," he said.

The Greens raised fears today that Australia is fuelling the production of nuclear weapons that could reach here, as India and the US disagreed over whether India is allowed to carry out nuclear tests.

"That's all a farce, the Indians themselves have said that will free us up to put the other uranium we've got into our nuclear weapon system," Senator Brown said.

"Australia is directly fuelling the production of nuclear weapons for a country which will soon have rockets that will reach Australia."

Yesterday India said its nuclear deal with the US would not affect its right to carry out nuclear tests if necessary.

Senator Brown said the decision to sell uranium to India would contribute to nuclear tensions between India and Pakistan and the spread of nuclear weapons around the world.

"It will also promote the building of nuclear weapons and rockets by Pakistan and across the border we're giving uranium to China and to Russia," he said.

US threat

The US State Department said today it would scrap a landmark nuclear deal with India if New Delhi conducted an atomic weapons test.

The statement came as the two governments gave different interpretations of the controversial nuclear deal's recently adopted operating agreement, also known as the 123 agreement.

"The proposed 123 agreement has provisions in it that in an event of a nuclear test by India, then all nuclear co-operation is terminated,'' State Department spokesman Sean McCormack said.

There is also a "provision for return of all materials, including reprocessed material covered by the agreement,'' he said.

Indian Prime Minister Manmohan Singh told parliament yesterday that the agreement would not affect the Asian giant's military program or any plans to test nuclear weapons.

"The agreement does not in any way affect India's right to undertake future nuclear tests, if it is necessary.''

"There is no question that we will ever compromise, in any manner, our independent foreign policy. We shall retain our strategic autonomy,'' he said.

[kennas]

Nice looking hammer there. Hmmmmm :rolleyes: Seems to be trending down fairly nicely though :eek:

Pattern: reversal
Reliability: low/moderate

Identification
A small real body forms at the upper end of a trading range with a long lower shadow (the longer the more bullish) with no, or almost no upper shadow.

The Psychology
In a downtrend or within a pullback of an uptrend, a sharp intraday sell-off is followed by a reversal which causes the stock to close near its opening price near the day’s high. This hints at the possibility of a reversal. Bulls most likely were shaken out by the intraday weakness, and shorts start getting a little worried with the bounce. The pattern is a slightly more reliable if the real body is white, but a strong following day on solid volume is still needed to confirm the pattern.

[insider]

Nice looking hammer there. Hmmmmm :rolleyes: Seems to be trending down fairly nicely though :eek:

Pattern: reversal
Reliability: low/moderate

Identification
A small real body forms at the upper end of a trading range with a long lower shadow (the longer the more bullish) with no, or almost no upper shadow.

The Psychology
In a downtrend or within a pullback of an uptrend, a sharp intraday sell-off is followed by a reversal which causes the stock to close near its opening price near the day’s high. This hints at the possibility of a reversal. Bulls most likely were shaken out by the intraday weakness, and shorts start getting a little worried with the bounce. The pattern is a slightly more reliable if the real body is white, but a strong following day on solid volume is still needed to confirm the pattern.

The volumes are soooooooo low right now that any buy up or sell up will affect the sp a lot... I'm still out of the market completely

[kennas]

Nice looking hammer there. Hmmmmm :rolleyes: Seems to be trending down fairly nicely though :eek:
Well, that hammer didn't help. On it's own, just wasn't enough. No follow through, obviously. This is a disasterous chart. They are likely to get 90m lbs of U at Mt Gee, but I suppose that's no good if you can't mine it. My guess is that SA Gov will clear it in the end, so it's market cap for pound uranium must be looking tasty. Any thoughts on picking bottoms?

[insider]

There's news that Uranium's spot price fell to 90 bucks... Kennas you may have noticed that prior to the massive market change MTN was already in a possible bearish state possibly brought by the beginning of falls in uranium spot prices... It could've slipped got knocked over yet didn't finish slipping... if that makes sense :confused:

[moses]

I was only looking at this myself this morning; its an appalling chart begging for a bottom pick. But if last nights Neilson SMA is telling us anything useful then its still got a way to go. There is no sign of positive buying pressure last night, as today's drop of 10% confirms. Bizarre!

[insider]

And to top it off MTN are running out of cash... dillution at these prices would hurt investors who bought at higher prices

[moses]

with such a pathetic chart I'm wondering if MTN was a darling of hedge funds so now being sold sold sold till its just plain silly. Any thoughts?

[YELNATS]

with such a pathetic chart I'm wondering if MTN was a darling of hedge funds so now being sold sold sold till its just plain silly. Any thoughts?

Bought at an average of $1.17 and sold out a long time ago at an average of $1.70. :banghead: But now I don't feel quite so silly. How low can it go? Limbo lower now.

[exgeo]

I think it's probably right that hedge funds in the stock for its takeover appeal are now forced sellers, along with daytraders and small investors who bought in at much lower levels and are happy to take any profit at all, while there's still some left to take. I note that the more advanced uraniums such as PDN and AGS seem to have found a bottom already whereas the ones with longer timelines to production MTN, EME, NEL, BMN are still falling.

[dj_420]

buttermere's offer is looking quite good now!!!

i wonder if they will bring out the old 67 cent offer just for old times sake :rolleyes:

[MBI]

I still think a little early for bottom fishing as personally more inclined to the bears right now because the spot price of uranium has plummeted by a third from a high of $138 to $90. While quite confident that the speculative hedge fund positions may have been cleared out, there is no clear indication that significant new funds are rushing in with the inability to find an equilibrium to risk-pricing in the money market. May take awhile to settle down with current volatility. Watching the Chinese treasury with their newly billions $ investment vehicles, whether they are taking the plunge at current depressed share prices to secure their critical mineral resources (iron, zinc, alum, copper, uranium) needs. Right now CASH is KING, and feel that it is not necessary to rush-in until a clear reversal trend (not signal) is established.

[MBI]

By the way, don't get me wrong on the earlier post. I am still bullish on uranium on the long term.
A recent report has given me some needed comfort.

NEW TORK (MarketWatch) -- Turbulent times, but a colorful veteran is sticking to his nuclear guns.

http://www.marketwatch.com/news/story/dines-sticks-his-guns/story.aspx?guid=%7B74078583%2DAE90%2D44D2%2D81BD%2 DF4E26B5D18DD%7D

[moses]

No question this Uranium dip and market "crash/correction" is a spectacular buying opportunity for deep pockets.

[ahspritemk]

It has been very quiet in here for a while. I was just going through MTN's last few announcements and noticed this from the 31st of Aug:

"Resource Update

Work continues on an update of the August 2006 resource estimate based on the most recent round of completed drilling in March 2007.
Due to unexpected delays in work being undertaken, the company now expects to announce a revised resource estimate during September."

Well its almost half way through September so id expect the announcement within the next 2 to 3 weeks. What I would like to know is, is the sp usually affected by these resource updates? How much can the resource estimate increase within a one year period?

In 2006 the resource estimate did not influence the sp but who wanted uranium back then:p:.

Cheers & happy hunting

[insider]

The much awaited MTN announcement didn't please holders and now MTN has fallen flat on its back... Announcement is a bit of a downgrade.

[kennas]

The much awaited MTN announcement didn't please holders and now MTN has fallen flat on its back... Announcement is a bit of a downgrade.This was supposed to be an UPGRADE! :banghead:

I'm a bit confused on what they've done here. They've discounted quite a proportion of the previous estimate for some vague reasons...Need to read into it a bit more...

[shag]

This was supposed to be an UPGRADE! :banghead:

I'm a bit confused on what they've done here. They've discounted quite a proportion of the previous estimate for some vague reasons...Need to read into it a bit more...

did u read fat profits report, esp on resource downgrade
it was post meeting with comp directors or such

they say resource is likely to be reaffirmed post more drilling
im tempted to hop in if i can find some cash
see commsec has cappped lending on allegiance mining today....
cheers shag

[Dratoz]

Hi Shag,
Any chance you could post the report or a link to it? That would be appreciated.
Cheers,
Dratoz

[MBI]

I am still grappling with the impact on the share price from its latest resource downgrade of around 6% (42.8 Mton vs 45.6Mton previously). Reckon the bulk of the price decline is due to the 35% crash of u spot price over the past months. But ot sure whether $3 is fair value share price or will it go lower.

Seems also there are still lots of work/studies to be done before they can firm up a mining approach. There is not much clarity of what is the project direction or risks from here. This ambiguity is giving me lots of unease.

On the other hand with oil price at record high of US$83 and beyond, it is likely that uranium will be push to the forefront of alternative energy.

Any comments/views from our learned friends??

:confused::confused::confused:

[shag]

Hi Shag,
Any chance you could post the report or a link to it? That would be appreciated.
Cheers,
Dratoz
its not that easy, for me anyway. and its too big to put here.
it likely will be posted on mtn's site in week
they don't say much bar call it a buy and oversold, plus initial respoource likely to be reaffirmed post more drilling.
i might try to pm it next week
cheers

[tech/a]

MTN has just completed almost a 100% move.
Why all the chatter and guessing?
Anyone get a piece of the last move.
Anyone still holding and from what price.
Those holding whats your exit strategy?
Anyone shorting it?

[kennas]

MTN has just completed almost a 100% move.
Why all the chatter and guessing?
Anyone get a piece of the last move.
Anyone still holding and from what price.
Those holding whats your exit strategy?
Anyone shorting it?Sold half on breakdown through $6, then half through $5, rest on breakthrough $4. Bought back in on capitulation day, sold on breakdown through $3.50.

Fundamentally, I'm concerned.

Technically, will look at it again on break back up through $4. Maybe.

[Dratoz]

Shag,
Thanks for the summary. I agree with Fat Prophets. I reckon this company will be trading much higher than now sooner or later. Obviously I would prefer the sooner option....:):)
Regards,
Dratoz

[Logique]

The 1:5 rights issue comes at a reasonable time and price 2.50. Shouldn't have to think about it for too long.

[Mellow77]

Anybody still interested in this?
What do you think of the Right Issue now?
Have you got the form yet? I have not though not entirely convinced to take part in it.
Cheers.

[Dratoz]

Today I paid for mine. I am expecting better times ahead, not the least will be the resource upgrade from the current 60% to the whole drilled area. The whole Paralana sits on a low gravity anomaly, too.

[shinobi346]

Thanks for reminding me, I forgot all about this form. I'm confident we haven't seen the end of Uranuium.

[prs]

Seeing as the board is quiet I thought I'd ask a question of whomever. Do we think that MTN has finally bottomed out or do we think it has a little way to go?

[kennas]

Seeing as the board is quiet I thought I'd ask a question of whomever. Do we think that MTN has finally bottomed out or do we think it has a little way to go?Potential bottom at $2.50. This is a clear support line. Breaking that however and potentially much lower. This must be looking pretty cheap on a U lb to mc comparison now. The last downgrade really shook them and there's still questions over clearances to mine in the Class A environmental area, unless this has been resolved?

[prs]

Thanks kennas
I bought in at $1.68 but I have an uneasy feeling despite the sentiment indicators apparently still being positive. I was hoping that $2.50 might pull it up and it does coincide with the closing of the 1 for 5 offer. MTN appears to perform behind the others and as they appear to be on the up I am hopeful that MTN will start to move very soon. Do you or anybody else share that feeling?

[kennas]

Thanks kennas
I bought in at $1.68 but I have an uneasy feeling despite the sentiment indicators apparently still being positive. I was hoping that $2.50 might pull it up and it does coincide with the closing of the 1 for 5 offer. MTN appears to perform behind the others and as they appear to be on the up I am hopeful that MTN will start to move very soon. Do you or anybody else share that feeling?prs, The market seems to be saying that they are very concerned that Mt Gee won't be approved, or they are concerned that management/lab team haven't got it right with the resource estimate. They may have lost a little cred I feel. There are many U stocks way off their highs and I have the feeling it's only the ones with great resources closer to production that will get up. That hasn't even stopped AGS getting smashed and they will probably be the next to mine! There's also concern about U price I think. Everyone was very certain about the supply/demand equation pushing U price higher and higher and then....it almost halves in 6 months.!! So, lots of factors for MTN I think. All the best, kennas

[prs]

Kennas, you may be right in what you say. From what I've read though the amount of Uranium in the ground is only slightly reduced from the original estimate and it's still good stuff. The area is sensitive and so underground mining is the best option and this has been established.
I'm hopeful MTN is going to enter an uptrend very shortly and there are two reasons for this thinking. Firstly, MTN appears to lag behind the others and I keep a spreadsheet on MTN, PDN and WME which supports this. Secondly MTN has been offering shareholders a 1 share at $2.50 for every 5 held , something that may have affected the sp of late.
I am informed that even though MTN has been displaying a downtrend, it has found a support line and as the fundamentals are still good, ought to make an upward move soon. This move was anticipated in October but as it lags a little, ought to start in November. The spot price of uranium is now starting to climb, probably with the advent of the northern hemisphere winter and the demand for fuel. I'm going to hang in there just a bit longer and live in desperate hope.

[Moneybags]

prs,

That's a horrible chart......been a while since I looked at MTN and what a shocker. My feeling is with this change in market sentiment, following the sub prime correction, that a lot of speccies are getting dumped for safer stocks. I'd class MTN very spec with the chance it may not be approved and also the underground mine thing.

Check out other U stocks.......interestingly ERA are looking good, PDN coming back strongly, BMN consolidating well after a big rise, AGS seems to have found a bottom.........MTN seem to be still sliding.

Your well up on your purchase........how much more are you prepared to lose.....on paper of course.

MB

[prs]

G'Day Moneybags
I'm being advised and that advice is that the indicators are still strong for MTN and as such I will stay with it unless it gets to $2. MTN has JORC, it's in South Australia and their Premier is happy for uranium and other mining to go on, the company is strong, the demand for U is picking up with the Nthn hemisphere winter approaching and the spot price of U is picking up with even better pricing on the horizon. Even a bozo like me has trouble figuring out why MTN is still sliding.

However, further advice assures me that MTN has crossed over and is about to pick and as I have alluded MTN has traditionally been behind the others. I'm hopeful that come November, things will improve and the sp start uptrending strongly.

I've been watching a few others and while I'm impressed with some, still feel that MTN is under rated.

[Moneybags]

Hey, no worries prs, hope it goes well for you.

At least you are in front on the stock so you still have time to exit if it continues to slide. As you say, it could just be the lag and be ready to find a bottom very soon. Positive day today at least.

MB

[MBI]

Marathon Resources Ltd (ASX Code: MTN) today announced a restructure of its executive team.
http://markets.news.com.au/Announcements/2007/1101/00778813.pdf

And the sp jump by 0.58cts <21%>. Seems like the market is more than happy to see the CEO Stuart Hall off. As I had mentioned earlier, he is definitely not the CEO type, more of a bolts and nuts project mgr. So far he has been a pessimist focusing excessively on the downside factors on JORC estimates and project risks. There is virtually nothing on strategic direction or clarity as to the roadmap of what is needed to be done to get to a bankable project plan.

Let's hope MTN will be re-rated.

[Moneybags]

Hey prs, sure hope you held on and received that nice rise today. Well done if ya did. Other U stocks up sharply too.

MB

[prs]

G'Day Moneybags
Thks for your message. I had been advised that MTN's support line may be $2.50 so I was prepared to go a little under that. I was hopeful that with 2 days of minor uplifts we were out of the hole and yesterday pretty well confirmed that. Yesterday was unbelievable at work, trying to concentrate on what had to be done and occasionally checking the ASX and as the day wore on the percentage increase grew. I gave up about 4.30 Tassie time and got a bit of a rush when I checked it at home.
This morning I checked a few indicators and I reckon we could see a bit of a pull back today.
Good luck everyone

[kennas]

Potential bottom at $2.50. This is a clear support line. Perhaps a bottom found, pending our reaction to US and follow through tomorrow.

Why the jump?

Looks like a reversal to me, on volume..

[nizar]

Perhaps a bottom found, pending our reaction to US and follow through tomorrow.

Why the jump?

Looks like a reversal to me, on volume..

Well the "pullback" for this stock, though that seems like like too light a word, Peak to trough, is about 64%.

Kennas, were you a believer on this one?

[kennas]

Well the "pullback" for this stock, though that seems like like too light a word, Peak to trough, is about 64%.

Kennas, were you a believer on this one?No, not entirely, I thought I had represented my position throughout the thread.

My position still is that the SA Gov will do all they can to allow Mt Gee to be mined due to their current bullishness on the industry. There is still a risk that it wont, so we need to factor that in.

The deposit, even with the downgrade, is very very good. One of the top deposits in the country.

I've been watching closely to find a re-entry, or more solid information on the fundamentals.

[Broadside]

I hold a few for the potential of the resource. Personally I don't have much faith at all that the company can deliver, they failed to take advantage of a strong price and raise capital and instead do a rights issue sub $3, seems no clear direction or way forward, any wonder it languished so badly especially when U sentiment in general turned south?

Hopefully today's announcement is a new beginning. They can only do better.

[prs]

MTN has been sitting back for some time now. It appears to be sitting better than some but still the U sector is languishing. Now that Mr Rudd and his merry men have taken over and the bone headed rocker (Garrett) may be in control, what's the feeling about the uranium sector and in particular MTN? Do you guys think the change of Gov't will have an effect on the sp or is it a cyclical thing just waiting to take off again?

[shinobi346]

Anyone taking up the offer to buy Pheonix Copper? I'm still looking into the tenaments but so far it looks like a nice parcel of land MTN is relinquishing in the Burra region of SA. No money in return but I guess they don't need any in the immediate future with their last cap raising completed not too long ago. What they get in return for EL3164 is 750k shares and 750k options so one can only hope they are confident this new company won't tank soon after launch.

The other tenaments Phenix Copper will have in the Burra region look interesting (old copper mines + close to infrastructure) but is also very close to a town. Some parts are also unavailable to further exploration.

[prs]

Phoenix Copper doesn't look too bad but I guess my concern is the uranium sector and specifically MTN. Anybody any thoughts about why there is so little action in the uranium sector?

[YELNATS]

Phoenix Copper doesn't look too bad but I guess my concern is the uranium sector and specifically MTN. Anybody any thoughts about why there is so little action in the uranium sector?


Even with the attraction (?) of the Phoenix Copper IPO, today MTN dipped well below the psychological $2.50 mark, going down to $2.30 and finishing at $2.42. Six months ago I would have thought this a brilliant buying opportunity, but now I'm not so sure.

As an original buyer of MTN sub-$1 and then a subsequent seller, for the moment I'll continue to watch and wait.

[jman2007]

This is still looking rather tenuous, been following this stock to try and see a suitable entry point, but just watching and waiting for now. Doesn't seem to be able to sustain any basline level of support which is rather worriesome.

[kennas]

No, not entirely, I thought I had represented my position throughout the thread.

My position still is that the SA Gov will do all they can to allow Mt Gee to be mined due to their current bullishness on the industry. There is still a risk that it wont, so we need to factor that in.

The deposit, even with the downgrade, is very very good. One of the top deposits in the country.

I've been watching closely to find a re-entry, or more solid information on the fundamentals.Golly geepers, perhaps this won't be a mine. What the heck is happening to MTN??? They have a high grade U deposit of considerable tonnage in the U state of Oz! Perhaps something that we are not prevey too??

This is one occasion where following the techinicals could have saved you a packet...

[insider]

Hey Kennas... Its been a while since I've posted something with any substance about anything... I blame work... The sad reality is MTN really doesn't have much to look forward to anymore... imo... Their biggest hurdle is and always was the environment... The air changed in Augusts major correction, before it seemed like we would breeze through the red tape because of an amazing run and everything would be ok. After the correction people started to realize that they had to pick near definite producing companies because speculating on MTN's inherited stinky red tape is a big risk... People were expecting more from Mt Gee in regards to its deposit and Namibian based U companies are favorited nowadays...

MTN's action to me is not surprising... having said that they probably will go for a huge run just because I have that kind of luck with words

[Rafa]

agree with both of you.... MTN has been a raging sell since it broke thru blue uptrend line in kennas's chart, then the major supports at 5 and then 4... The market doesn't lie... a share is worth what it is worth!

This was one of my favourite stocks... its time may come again, cause they have the resource... but its a matter of the conditions in the energy market at the time.

Most of Asia and the rest of the world still need Uranium, even if Australia doesnt... but people will mine what is easiest to mine first...

BMN is the standout in that area.... dig it up, process and sell...

My only other exposure to Uranium in Oz is PNN.... its my tip to be the next new U mine in Oz (expansion by the incumbents excluded), target of 2010.

If the uranium conditions demand new mines and higher spot prices.... MTN WILL come back into the picture.

[kennas]

Hey Kennas... Its been a while since I've posted something with any substance about anything... I blame work... The sad reality is MTN really doesn't have much to look forward to anymore... imo... Their biggest hurdle is and always was the environment... The air changed in Augusts major correction, before it seemed like we would breeze through the red tape because of an amazing run and everything would be ok. After the correction people started to realize that they had to pick near definite producing companies because speculating on MTN's inherited stinky red tape is a big risk... People were expecting more from Mt Gee in regards to its deposit and Namibian based U companies are favorited nowadays...

MTN's action to me is not surprising... having said that they probably will go for a huge run just because I have that kind of luck with wordsInsider, I see an incredible kick to MTN's prospects in the future: The day they ann that the SA Govt is going to allow mining at Mt Gee. How will anyone know that? Maybe get to know the secratary in Mike's office.... ;)

[insider]

Maybe get to know the secratary in Mike's office.... ;)

Nah can't be bothered... :p: besides didn't Buttermere want to buy up at $3.58 or so... Where are they now? MTN would jump significantly if Mining was officially allowed at Mt. Gee but I suggest it'd be best to wait for that announcement...

[grace]

I see our rock singing pollie as the biggest threat to uranium mining in Australia at the moment. Do you remember his dissappointment outside the Labor Party national conference when Labor supported new mining federally in Australia? He was discusted! Labor do support new mines (on policy now anyway).....we'll just have to wait for it. At least SA do support from a State point of view unlike WA (and who knows what is going on up here in Qld now that backflipping Pete has gone).
I used to hold MTN too. The fact that they are sitting on some sort of nature reserve and their entry may be some way distance from there to mine was the comment from one of the Eureka reports was what made me stay way clear of them (meaning the entry to the mine would be tricky). I see AGS (Alliance) as being a good potential miner as they just have the nice grade. I don't own at present.

[powerkoala]

what is this?
a super dead cat bounce?
maybe the cat is powered with energizer lithium.
just kidding.
but i just can't imagine after a drop of 10% to 1.80 now back to 2.50.
so lucky those who entered at 1.80.
:eek:

[Logique]

I was looking at Kennas' above chart on Friday morning. I decided that unless there was some unwinding of the environmental and political challenges facing Marathon to get a mine started in Australia, albeit SA, that the technical interpretation was - descending triangle, target being base minus height, 2.50 minus 1.50, equalling downside target 1.00. However with previous resistances at about 1.30, this was the more likely new support.

I didn't and still don't, see the challenges unwinding quickly, so nobody more surprised than me to see it run up 20% going into the close. No announcement came during the day that I saw. The historical price action shows several unsuccessful attempts to find the bottom. Don't want to rain on anyone's parade, but unless some positive news comes out soon, I think powerkoala might be on the right track.

It has to be remembered though, Marathon are sitting on a quality high grade U resource. When/if the time comes that they can dig it up, they will make a lot of money.

[jman2007]

prs,

Here's my response to your question re MTN under your "Uranium Thread" that I made towards the end of last year, not sure whether you saw it or not. I still haven't changed my opinion of this company. Fundamentally, nothing seems to have changed. Remember, this is just my own opinion, other members may not agree with it. I know you have a significant stake in MTN, just bad luck that the market sentiment swung against you....


So considering the companies out there with exploration licences wouldn't you think that MTN ought to be the next company to be granted a licence to mine? After all, it's got JORC, it's got a solid administration and there's probably no reason why it can't start mining in a couple of years, providing it can get approval. Sure it may have to be an underground mine because of the sensitivity of the area but MTN's administration knows that. I would've thought that being the 3rd or 4th biggest uranium resource in Australia, it's to Marathon's, the South Australian Government's and the Australian Governments benefit and interest to approve it a mining licence. Anyone agree or disagree?
I'm very interested as I have a significant number of shares.

My response...


Well naturally you'd expext the SA Govt to get in behind this one since it's happening right in their own backyard. Although imo, to expect MTN to be in production "in a couple of years" is a bit optimistic, considering that a company like UKL who are planning a open-cut, heap-leach style of operation at Apex-Lowoy are predicting mid 2009 to the earliest start up date for production.

If you consider Cameco's Cigar Lake project, this gives you some idea of the complexities and challenges faced with mining underground, although of course, Mt Ghee isn't sitting underneath a lake. There is still a small risk that Mt Ghee wont go ahead, but more of a hurdle will be the huge amount of capital required to get this operation going, probably several hundred million if not more. I don't know exactly who is on the MTN management team, but whether or not they have any experience developing underground operations and running them effectively I don't know, so maybe some management risk too.

Obviously the project has considerable merit, but the re-evaluation in the sp comes at a time when people are now being much more objective about which U company they back, I might even buy into MTN myself, but until the chart stabilises somewhat I'm going to wait and see what happens.

[reece55]

Prs
Man, I feel bad for you to be in this position, there's nothing worse than losing sleep over the stock market...... But I wonder why you stuck a significant portion of dough in a Uranium Company when the the sector is cold as ice atm, even without the credit crunch.... Was this a tip from a friend, etc??????

In my humble opinion, there is zero chance of MTN getting their mine up and therefore I think they are only worth their cash backing, which last time I checked was pretty low. I say this because of the following reasons

1. The deposit is in an extremely politically sensitive area and anyone with knowledge of South Australian politics has said from day one they are doomed.
2. The project would require significant capital, which the current management quite simply doesn't have the expertise to acquire in a good debt market, let alone the way it is now; and
3. If you needed any other reason, just look at the chart. The stock is in a major downtrend, suitable for short selling not going long.....

I can't tell you what to do with holding, you will have to decide that yourself - but do I think MTN will recapture it's highs, not in my lifetime.....

Cheers and all the best

[Go Nuke]

Oh and it gets worse for MTN......

From the Australian today....

http://www.theaustralian.news.com.au/story/0,25197,23064530-5005200,00.html

Dumping drill cores of Uranium is not so good in a National Park:nono:

[YELNATS]

Oh and it gets worse for MTN......

From the Australian today....

http://www.theaustralian.news.com.au/story/0,25197,23064530-5005200,00.html

Dumping drill cores of Uranium is not so good in a National Park:nono:


Not sure the article says the dumping was in a national park, only that it was found nearby to the Arkaroola Wilderness Sanctuary resort. If it was found on MTN's tenement, makes you wonder why the resort's owners were on MTN's ground (trespassing?) and what they were looking for?

Nonetheless it appears the method of disposal of the drill cores wasn't correct.

[prs]

Prs
Man, I feel bad for you to be in this position, there's nothing worse than losing sleep over the stock market...... But I wonder why you stuck a significant portion of dough in a Uranium Company when the the sector is cold as ice atm, even without the credit crunch.... Was this a tip from a friend, etc??????

In my humble opinion, there is zero chance of MTN getting their mine up and therefore I think they are only worth their cash backing, which last time I checked was pretty low. I say this because of the following reasons

1. The deposit is in an extremely politically sensitive area and anyone with knowledge of South Australian politics has said from day one they are doomed.
2. The project would require significant capital, which the current management quite simply doesn't have the expertise to acquire in a good debt market, let alone the way it is now; and
3. If you needed any other reason, just look at the chart. The stock is in a major downtrend, suitable for short selling not going long.....

I can't tell you what to do with holding, you will have to decide that yourself - but do I think MTN will recapture it's highs, not in my lifetime.....

Cheers and all the best

Reece55 and others
Thanks for your comments. I guess I'll just have to ride this one out now as I'm below what I paid for the shares. I would have thought that with the JORC this Coy has and the way their management appeared to be leading the coy that even though their tenement is in a sensitive area, with a bit of Gov't support, they'd have a future. I hope like all get out that the sp climbs around $4 'coz I've certainly leaned yet another lesson in life.
Thanks again guys.

[jman2007]

Well

As if it couldn't get any worse for MTN, release today stating that an internal investigation and audit of Exploration procedures is underway following the discovery of the inappropriately disposed of sample bags. Couldn't have come at a worse time imo....

jman

[Go Nuke]

Wow..from around $6.50 to a low of .87c in roughly 6 months.

I used to dream of owning MTN when it was on the way up....now I'm so glad i don't hold any:)

[kennas]

Wow..from around $6.50 to a low of .87c in roughly 6 months.

I used to dream of owning MTN when it was on the way up....now I'm so glad i don't hold any:)I held for too long actually as I believed in the funny's too much. The company and it's managers are in deep doo doo by the look. Luckily at the time I was just playing technicals as there was some unertainty in Mt Gee. ie, A Red Footed Booby Reserve, or something... On the other hand, the company were reporting one of the best resources in the country with huge potential to expand. Then, they brought out downgrades. Who brings out a downgrade when the resource is supposed to be developing through resource expansion drilling that was hitting great widths and grades?? :confused: My appologies for being so bullish early on. I hope I never led anyone astray. I always call it as I see it, even with stocks I own.

[bvbfan]

Never thought any of these targets would be hit. Glad I didnt try to catch this knife.

Fundamentals I never understood on this stock except that Mt Gee had previous issues for previous owners?

[jman2007]

I held for too long actually as I believed in the funny's too much. The company and it's managers are in deep doo doo by the look. Luckily at the time I was just playing technicals as there was some unertainty in Mt Gee. ie, A Red Footed Booby Reserve, or something... On the other hand, the company were reporting one of the best resources in the country with huge potential to expand. Then, they brought out downgrades. Who brings out a downgrade when the resource is supposed to be developing through resource expansion drilling that was hitting great widths and grades?? :confused: My appologies for being so bullish early on. I hope I never led anyone astray. I always call it as I see it, even with stocks I own.

Mate,

I don't really think you can be held accountable for your views on this stock. I seem to recall relatively recently you said you "were not convinced by the fundamentals of this stock", or words to that effect. At the end of the day, it is up to each individual investor to make his or her mind up as the merits of a particular stock, DYOR never rang so clearly....

jman

[kennas]

Mate,

I don't really think you can be held accountable for your views on this stock. I seem to recall relatively recently you said you "were not convinced by the fundamentals of this stock", or words to that effect. At the end of the day, it is up to each individual investor to make his or her mind up as the merits of a particular stock, DYOR never rang so clearly....

jmanYeah, you're right. I was presenting the good and bad and advised I sold when I did which was a long time ago. I think shareholders have been let down by the company actually. Maybea takeover and the new owners can get it right...Good luck long termers.

[bliimp]

Good luck long termers.

Yeah .... unfortunately, they will need a lot of it.

Mike "the Magnificent" Rann, whilst being very pro-mining in SA, has the luxury of :-

a) the BHP mega-expansion of Roxby Downs
b) Oxiana's Prominent Hill startup
c) Australia's fourth uranium mine at Honeymoon

etc etc etc

He is "at the right place at the right time", what with SA experiencing a mini WA-type boom in terms of jobs, population, housing etc.

So why would good-news Mike risk his electoral standing by going to bed with the naughty Marathon boys!

Just read between the lines ..... he is not saying yes and he is not saying no ..... http://www.theaustralian.news.com.au/story/0,25197,23082213-5006787,00.html

I just think that the slim chance Marathon may have had has become just that much slimmer!!!

[insider]

I held for too long actually as I believed in the funny's too much. The company and it's managers are in deep doo doo by the look. Luckily at the time I was just playing technicals as there was some unertainty in Mt Gee. ie, A Red Footed Booby Reserve, or something... On the other hand, the company were reporting one of the best resources in the country with huge potential to expand. Then, they brought out downgrades. Who brings out a downgrade when the resource is supposed to be developing through resource expansion drilling that was hitting great widths and grades?? :confused: My appologies for being so bullish early on. I hope I never led anyone astray. I always call it as I see it, even with stocks I own.

I don't see how any of this was your fault... The sentiment at the time it was going up was all is good, we will mine... August hit us and then we remembered this little and most important post provided by our good friend Kgee...

http://www.aussiestockforums.com/forums/showpost.php?p=36988&postcount=16

Oh better move our money somewhere else...

Your suffering, stop it!

[surfingman]

SA suspends Marathon mining operation

February 12, 2008 - 5:04PM

A uranium mining operation in a wilderness sanctuary in South Australia's Flinders Ranges has been suspended indefinitely after the unauthorised dumping of waste.

"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."

Full story here (http://news.theage.com.au/sa-suspends-marathon-mining-operation/20080212-1rpq.html)

Just a few snippets of the full story.

[Kimosabi]

SA suspends Marathon mining operation

February 12, 2008 - 5:04PM

A uranium mining operation in a wilderness sanctuary in South Australia's Flinders Ranges has been suspended indefinitely after the unauthorised dumping of waste.

"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."

Full story here (http://news.theage.com.au/sa-suspends-marathon-mining-operation/20080212-1rpq.html)

Just a few snippets of the full story.
This is going to be real, real, real, real, real, real, real, real, real, real, real, real, ugly tomorrow morning...

[dj_420]

This is going to be real, real, real, real, real, real, real, real, real, real, real, real, ugly tomorrow morning...

I agree with that. Without the Mt Gee tenements the company does not hold very much at all. Slump today seems like some people in the know getting back some cash while they can.

[jman2007]

This is going to be real, real, real, real, real, real, real, real, real, real, real, real, ugly tomorrow morning...

OMG!....:eek:

I simply cannot believe how MTN has gone from one of the darlings of the ASX to a stock that simply no-one wants to own now. By the sounds of it, a few of the MTN staff might be better off looking for a new employer if this article is the real deal. Like other ASF members, I used to dream about owning this stock when it was flying high, now I am so glad I never bought into the hype.

Here's a question, when do people think the project went from "highly likely, with a few teething concerns"...to now "almost definitely not viable over the short-med term"?

Thanks
jman

[reece55]

SA suspends Marathon mining operation

February 12, 2008 - 5:04PM

A uranium mining operation in a wilderness sanctuary in South Australia's Flinders Ranges has been suspended indefinitely after the unauthorised dumping of waste.

"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."

Full story here (http://news.theage.com.au/sa-suspends-marathon-mining-operation/20080212-1rpq.html)

Just a few snippets of the full story.

And what do you know, finally reality comes home to roost.....

Honestly, I don't know how many people on this forum laughed at me when MTN was $6.00 and I said there wasn't a hope in hell that they would get a mine going in the flinders.... albeit MTN's lazy management appears to have sped the process up. If there's any volume, shorting this one would yield a substantial return tomorrow - if CFD providers will actually let you do it..... Here's hoping many here heeded my warnings only a couple of weeks ago and are out of this stock.....

Cheers

[shinobi346]

"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."

What does the illegal dumping of waste have to do with mining? Sounds like someone with a bias against mining at Mt Gee was all too happy to suspend them.

[jman2007]

"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."

What does the illegal dumping of waste have to do with mining? Sounds like someone with a bias against mining at Mt Gee was all too happy to revoke their licence.

I hope that I am wrong and if I am does this now mean someone else can swoop in and take out a licence on the same area? Could MTN? Indefinite is a long time, but in this day and age where life is a few years behind bars, indefinite to me means 'no time frame for renewal, but it could happen'.

"What does the illegal dumping of waste have to do with mining?"

Aaaah....at a guess I'd say "how about everything?!"

Mate, you can't be serious, even myself as a pro-mining lobbyist know when the line in the sand has been well and truly crossed. There is a time and a place for uranium mining, and clearly the Flinders Range is not it. I don't particularly want to be taking my grandchildren for a walk (when I'm grey and old) in a environmentally protected area and then around the corner fall into a disused mine shaft, or be skirting around contaminated waste dumps.

If companies had such a blatant disregard for environmental codes, then every gold company between Perth and Halls Creek would be running of their cyanide-contaminated tailings into the bush...clearly not an ideal situation. Don't underestimate the power of environmental opposition, MTN did and they paid the price.

jman

[reece55]

"What does the illegal dumping of waste have to do with mining?"

Aaaah....at a guess I'd say "how about everything?!"

Mate, you can't be serious, even myself as a pro-mining lobbyist know when the line in the sand has been well and truly crossed. There is a time and a place for uranium mining, and clearly the Flinders Range is not it. I don't particularly want to be taking my grandchildren for a walk (when I'm grey and old) in a environmentally protected area and then around the corner fall into a disused mine shaft, or be skirting around contaminated waste dumps.

If companies had such a blatant disregard for environmental codes, then every gold company between Perth and Halls Creek would be running of their cyanide-contaminated tailings into the bush...clearly not an ideal situation. Don't underestimate the power of environmental opposition, MTN did and they paid the price.

jman

Couldn't say it better myself Jman, sustainable mining that protects the land when exploring/extracting is crucial...

Shinobi, I'm sensing your not a South Australian and you probably haven't experienced the beauty of the Flinders - because if you were/had, I don't think you would have said what you did......

Cheers

[grace]

Can someone tell me why there isn't an announcement this morning about the licence being revoked? News report also by ABC online. Is it truth or fiction, or have I missed something?

[kennas]

Can someone tell me why there isn't an announcement this morning about the licence being revoked? News report also by ABC online. Is it truth or fiction, or have I missed something?Check the last MTN ann Grace. That's how the company have spun the order by the Gov to cease drilling until they've cleaned up etc etc. Hard to tell the truth from spin here...:confused: I need to read it again, but they made it sound like it was their decision....:confused: :confused:

[kennas]

LOL, the 'official' ASX statement (market sensitive) starts like this:


ASX STATEMENT

MARATHON RESOURCES – MT GEE PROJECT UPDATE

Marathon Resources Limited (ASX: MTN) provides the following update on operations at its Mt Gee uranium project in the northern Flinders Ranges, South Australia.

Marathon Chairman, Mr Peter Williams, said the Company had essentially completed currently authorised drilling activity at Mt Gee, and following discussions with the South Australian Government, had decided to demobilise the four rigs currently at the project.

Two of the rigs have already completed operations and had been released from the site. “With our normal exploration cut-off looming, we have completed sufficient drilling to enable us to conduct the next exploration phase, including environmental and other studies, and we have assembled
the required technical details for continued mine planning work,” Mr Williams said.

Mr Williams said Marathon recognised the concerns expressed by the State Government and others into the manner in which the Company disposed of exploration materials at Mt Gee, and would suspend drilling operations until the matter was clarified.

Nothing in there about the Gov decision, and they've tried to make it sound like it was there decsion to pull up stumps....


Then the media release, not sensitive:


MARATHON RESOURCES TO REMEDIATE DISPOSAL SITES

Marathon Resources Limited (ASX: MTN) today accepted the restrictions imposed on the company by the State Government after investigations conducted by PIRSA and the EPA.

I'm not sure of the timing between these two anns, but it seems clear that the Gov had told them to stop drilling and clear off, but in the first ann they're tried to make it look like it was their decision and they were leaving anyway...:confused:

[grace]

Thanks Kennas. I'm still very confused about the whole thing. I would have thought a big dumping in MTN (more than my screen shows).
I own some AGS nextdoor, so that is my interest (threw MTN out a long time ago thank goodness!).

[shinobi346]

//rant on

I'm talking about this particular persons statement in trying to take it from about one company's actions into an issue about whether any part of Mt Gee should be mined/explored or not. not illegal dumping in general. Just because one company has broken its obligations to take care of waste in accordance with the law it shouldnt mean that all mining/exploration at MtGee should be banned which is what somebody was trying to turn the event into.

But I now see who made that statement and I'm not surprised that he said that.

The issues at hand are:

what MTN has done and what effect it has had on the environment (long and short term). What measures have been taken to prevent this from occurring again? What needs to be changed and who will take responsibility for this?, punishment and corrective actions to recover the waste etc.

Whether Mt Gee should be mined/explored at all is a completely separate issue and should not have been in the article. Again, one company's actions at Mt Gee does not represent what everyone else in the area is doing.

It is a bit extreme to say all mining in a area should be banned because of one company breaking the law, and if he held that opinion long beforehand, (which it sounds like he does) I think it was inappropriate to have it in the article. You know what hes going to say anyway. What was the point of having his third party opinion in there anyway? To shore up his support at the next election?

//rant off

I'm surprised at how robustly MTN's price has performed today. It only dropped a bit and then rallied back up towards the end of the day. I don't think the full story has got to everyone yet. ;)

[reece55]

//rant on

I'm talking about this particular persons statement in trying to take it from about one company's actions into an issue about whether any part of Mt Gee should be mined/explored or not. not illegal dumping in general. Just because one company has broken its obligations to take care of waste in accordance with the law it shouldnt mean that all mining/exploration at MtGee should be banned which is what somebody was trying to turn the event into.

But I now see who made that statement and I'm not surprised that he said that.

The issues at hand are:

what MTN has done and what effect it has had on the environment (long and short term). What measures have been taken to prevent this from occurring again? What needs to be changed and who will take responsibility for this?, punishment and corrective actions to recover the waste etc.

Whether Mt Gee should be mined/explored at all is a completely separate issue and should not have been in the article. Again, one company's actions at Mt Gee does not represent what everyone else in the area is doing.

It is a bit extreme to say all mining in a area should be banned because of one company breaking the law, and if he held that opinion long beforehand, (which it sounds like he does) I think it was inappropriate to have it in the article. You know what hes going to say anyway. What was the point of having his third party opinion in there anyway? To shore up his support at the next election?

//rant off

I'm surprised at how robustly MTN's price has performed today. It only dropped a bit and then rallied back up towards the end of the day. I don't think the full story has got to everyone yet. ;)

I was surprised that it didn't fall more as well Shinobi.......

Perhaps every was too busy selling the financials all day they didn't have time to sell down MTN :D.... Because, regardless of whether exploration starts up again a Mt Gee (and personally I don't think it should, but that is just my opinion), I don't think MTN will be carrying it out............ Watch for an EPA fine shortly.......

Cheers

[jman2007]

//rant on

I'm talking about this particular persons statement in trying to take it from about one company's actions into an issue about whether any part of Mt Gee should be mined/explored or not. not illegal dumping in general. Just because one company has broken its obligations to take care of waste in accordance with the law it shouldnt mean that all mining/exploration at MtGee should be banned which is what somebody was trying to turn the event into.

But I now see who made that statement and I'm not surprised that he said that.

The issues at hand are:

what MTN has done and what effect it has had on the environment (long and short term). What measures have been taken to prevent this from occurring again? What needs to be changed and who will take responsibility for this?, punishment and corrective actions to recover the waste etc.

Whether Mt Gee should be mined/explored at all is a completely separate issue and should not have been in the article. Again, one company's actions at Mt Gee does not represent what everyone else in the area is doing.

It is a bit extreme to say all mining in a area should be banned because of one company breaking the law, and if he held that opinion long beforehand, (which it sounds like he does) I think it was inappropriate to have it in the article. You know what hes going to say anyway. What was the point of having his third party opinion in there anyway? To shore up his support at the next election?

//rant off

I'm surprised at how robustly MTN's price has performed today. It only dropped a bit and then rallied back up towards the end of the day. I don't think the full story has got to everyone yet. ;)

I'm with reece55 here,

I don't think the Mt Ghee area should be mined at all, whether it's Marathon Resources or the Pink and Purple Polka-dot Uranium Company. As I said before I am all for mining in an environmentally and socially responsible manner, but imo to put our short-term financial rewards ahead of preserving an area of beauty for future generations....well it is just plain selfish, and it leaves a really bad taste in my mouth.

Remember MTN didn't voluntarily release that they had committed a breach, it was members of the public who found this waste first. This demonstrates that people in the company or associated with it, if not the Directors then employees associated with the recent drilling, couldn't give two s$$$s about the Flinders Range.

Shinobi, you said that "whether Mt Gee should be mined/explored at all is a completely separate issue". I really don't have a clue what you mean, because it has everything to do with it. MTN have clearly shown they are not capable of operating in a environmentally responsible manner, and that's all there is to it. The risk of further breaches would be massively increased if this turned into a mining operation, with many more personnel, equipment, and reagents on site.

It is unfortunate for other companies in the area who are operating according to the law, but ultimately their fate may already have also been determined due to the actions of one rogue company.

jman

[prs]

My my, I'm glad I'm not being sentenced by some of you lot. I'd be hanged before all the facts came out. How bloody judgmental are you guys? Marathon is a responsible and solid company with considerable JORC who are keen to get to mining stage. You guys blowing this out of proportion really aren't doing them any justice at all.
Are any of you in possession of the absolute facts or are you going by what you read in the media? Did MTN management actually know what was going on with the dumping or was it just one person's act of irresponsibility? Do you honestly think that a company as experienced as MTN would deliberately dump sensitive material such as this in a sensitive area knowing that they may jeopardize any chance of achieving mining status? There are probably a few other questions I could ask if I really thought about it.
What are we in this game for, to judge a company that could potentially earn us some good cash or make assumptions borne out of circumstantial evidence and not absolute facts?
Time for my opinion. MTN management didn't have a clue that this breach had occurred and dealt with it in the most appropriate manner considering their position. I wouldn't mind betting that the clown that did the deed is looking for alternative employment.
I'm sticking with them, why, because they have the goods and there is a greater need for those goods. Look at their sp, it fluctuates just like the other uranium players and I'll make a wager that when the indicators are right and things settle down more, they'll take off better than most. They're still very undervalued aren't they?

[Dratoz]

Thanks PRS, good post. Recently a rugby(?) player has broken his colleague's jaw. He was allowed to go on and play another match, because he was “innocent until proven guilty”. Well, this was a much clearer cut than what happened to MTN.

I agree that we need to wait for the facts before passing judgement and... let’s apply the same standard to MTN as we do to ordinary hooligans, who would be given the benefit of the doubt.

Regards,
Dratoz

[peteai]

While I noticed a lot of talk of doom for MTN I was very surprised that relatively little stock changed hands & there was enough buyers to keep the stock from falling very much.

My question is : shouldn't the punishment fit the crime. How much damage was done ? And Are they repeating this kind of breach ?
I understand that the samples in the bags are harmless. I can understand they should remove the samples (i.e restore the "damage") and some sort of penalty - e.g suspension of drilling until fully investigated.

But we're not talking about a disaster & it probably takes an example like this for any company to take its internal policies seriously. I bet MTN is now scrutinising every future & past activity it does.

I don't think this a reason to shut MTN down - i.e of course, some want to shut MTN down whatever.

__________
PETEAI

[jman2007]

My my, I'm glad I'm not being sentenced by some of you lot. I'd be hanged before all the facts came out. How bloody judgmental are you guys? Marathon is a responsible and solid company with considerable JORC who are keen to get to mining stage. You guys blowing this out of proportion really aren't doing them any justice at all.
Are any of you in possession of the absolute facts or are you going by what you read in the media? Did MTN management actually know what was going on with the dumping or was it just one person's act of irresponsibility? Do you honestly think that a company as experienced as MTN would deliberately dump sensitive material such as this in a sensitive area knowing that they may jeopardize any chance of achieving mining status? There are probably a few other questions I could ask if I really thought about it.
What are we in this game for, to judge a company that could potentially earn us some good cash or make assumptions borne out of circumstantial evidence and not absolute facts?
Time for my opinion. MTN management didn't have a clue that this breach had occurred and dealt with it in the most appropriate manner considering their position. I wouldn't mind betting that the clown that did the deed is looking for alternative employment.
I'm sticking with them, why, because they have the goods and there is a greater need for those goods. Look at their sp, it fluctuates just like the other uranium players and I'll make a wager that when the indicators are right and things settle down more, they'll take off better than most. They're still very undervalued aren't they?

Well if you're so sure that the indicators are right and it's going to take off again, then why can't you make your own decision about whether it's undervalued or not?

It doesn't matter if it was 1 person repsonsible or 25 people responsible for dumping waste. At the end of the day, it is still work being carried under MTN's banner and senior management have to carry the can. Responsibilty comes with seniority, and that's why they get paid the big bucks. Try telling the DPI that it was "one person's act of irresponsibity therefore we didn't know about it, so you shouldn't fine us" and they'd collapse laughing.

You might want to do some background research on MTN yourself, the Geo's I have dealings with in SA claim that MTN originally tried to claim work from previous companies as their own, made ridiculous assumptions in correlating profiles in section that were hundreds of meters apart, and reported EOH mineralisation when in actual fact, the hole continued and ended in barren rock. Oh and by the way, I don't get my info from the meida, but from formulating my own opinions and talking to people who actually know what they're on about.

jman

[reece55]

Well if you're so sure that the indicators are right and it's going to take off again, then why can't you make your own decision about whether it's undervalued or not?

It doesn't matter if it was 1 person repsonsible or 25 people responsible for dumping waste. At the end of the day, it is still work being carried under MTN's banner and senior management have to carry the can. Responsibilty comes with seniority, and that's why they get paid the big bucks. Try telling the DPI that it was "one person's act of irresponsibity therefore we didn't know about it, so you shouldn't fine us" and they'd collapse laughing.

You might want to do some background research on MTN yourself, the Geo's I have dealings with in SA claim that MTN originally tried to claim work from previous companies as their own, made ridiculous assumptions in correlating profiles in section that were hundreds of meters apart, and reported EOH mineralisation when in actual fact, the hole continued and ended in barren rock. Oh and by the way, I don't get my info from the meida, but from formulating my own opinions and talking to people who actually know what they're on about.

jman

Jman
I consult to a leading exploration entity in SA in my capacity as an accountant and the same views re the dodgy assumptions in their supposed JORC were relayed to me too...... The summary I received from the expert Geo's was there was an awful lot creative interpretation to build the resource, because the number of drill results were insufficient to perform the calculation.... They likened it to joining the dots when they were in actual fact very far apart....

Sounds like there are a few sad investors on this board......... Perhaps they are looking at MTN's chart upside down?

Cheers

[Dratoz]

Interestingly, the sad investors are not very active in posting. Quite the opposite, the most active posters at the moment are those with all the knowledge and no apparent holding (and hence with no apparent interest in posting). Hmmm. I find it strange, but then I may be an isolated case.

We will find out sooner or later if the already undeniably substantial resource is in fact much bigger. Those who post unsupported gossip should think twice, or they should provide reference to the source IMO. Just stating that "I heard something from someone but I can't tell you who it was" is, IMO, unethical and shows disregard to readers.

Dratoz

[peteai]

Dratoz, you make a very good point. I have some MTN stock because I think it is too cheap given its potential up side. I accept there is a possile down side. I also have a stake in the environment I've invested in Hot Rock companies.

However, I request fellow bloggers to look at the whole picture. Everything of significance has pros & cons. Re: the environment I think the Uranium MTN may produce could have great benefits in terms of reducing Co2, & I think the co2 problem is a looming global catastrophe.

Personally I don't invest in company that I consider does excessive environment damage. IMO clean coal is unproven so I do not invest in coal miners.

The buried bags of samples was a mistake by MTN, but insignificant environmentally. But many want it blown out proportion to satisfy their egos or for some their decision to bail out of MTN.
_________
PETEAI

[reece55]

Interestingly, the sad investors are not very active in posting. Quite the opposite, the most active posters at the moment are those with all the knowledge and no apparent holding (and hence with no apparent interest in posting). Hmmm. I find it strange, but then I may be an isolated case.

We will find out sooner or later if the already undeniably substantial resource is in fact much bigger. Those who post unsupported gossip should think twice, or they should provide reference to the source IMO. Just stating that "I heard something from someone but I can't tell you who it was" is, IMO, unethical and shows disregard to readers.

Dratoz

Disregard to posters? Quite the opposite Dratoz, I want my fellow ASF's to make loads of $$ on the stock market, after all that is what we are here for. I have personally been active on this thread lately because I personally feel there are some very good reasons why you don't want to be a shareholder in this Company. So far, I think you will agree looking at the share price I have been right. Let me be frank, I have no vested interest in seeing this share price go up or down other than out of sheer curiosity. However, I think most here on this forum would vouch for me when I say I am not one to purposely attempt to have no regard to fellow posters, in fact quite the opposite.

As for unsupported gossip, well ok, fair enough. I can't give a source - I mean, why would I really quote my clients in a public forum mate? At the end of the day, each person must do there own assessment on the reasonableness of the resources calc and personally I don't have the expertise or the time to do so. All I was saying was people in the know questioned the reliability of the calculation - this is not creating idle gossip, this is asking fellow ASF investors to question it. If you then still consider MTN a good investment, then go for it. But I was warning 'look before you leap' with this one if the resource is attractive to you.... and it seems I'm not the only one with that view...

Cheers

[jman2007]

Interestingly, the sad investors are not very active in posting. Quite the opposite, the most active posters at the moment are those with all the knowledge and no apparent holding (and hence with no apparent interest in posting). Hmmm. I find it strange, but then I may be an isolated case.

We will find out sooner or later if the already undeniably substantial resource is in fact much bigger. Those who post unsupported gossip should think twice, or they should provide reference to the source IMO. Just stating that "I heard something from someone but I can't tell you who it was" is, IMO, unethical and shows disregard to readers.

Dratoz

Dratoz,

Let me make one thing clear to you, my personal communications or conversations with other professionals in the industry is not unsupported gossip. The reason I disclosed the information at all was for the benefit of all ASF members, and to provide some balance to this thread. What do you expect people like Reece55 and myself to do?...give you their names, phone numbers and addresses so you can go ask them yourself? Just because some info isn't publically available, it doesn't make it invalid.

The fact that two of us have raised points re the reliability of the MTN JORC calculations from two separate sources suggests that this is much more than mere rumour spreading, and has a bit more substance to it than you are giving it. I have had no material interest in this company, either in the past or present, but am merely providing my opinion and additional information to help other people make an informed decision.

jman

[Dratoz]

Reece55 and Jman2007,
Thanks for your replies. It adds to the credibility of the post if one supports it with a reference. There are too many people posting garbage in the hope of a financial gain. I accept that your intentions are genuine and are represent an honest information sharing. There has been so much dirt thrown at Marathon since its listing that it is difficult to differentiate between the garbage and the honest information sharing.

I read your posts and considered them carefully. This is my style of investing. Get as much info as possible, consider the differing views objectively and with minimum emotion and... make a move. I decided to add to my MTN holding. I could be wrong. Time will tell. The share market only exists due to the differing views. It would not exist if we all sold and bought at the same time, as a result of drawing the same conclusions from the information available to the market.
Good luck with your investments,
Dratoz
PS: Jman, for a change, I entirely agree with your posts on the IGR thread. I have a large holding there and share your views as to the future of the company:).

[jman2007]

Reece55 and Jman2007,
Thanks for your replies. It adds to the credibility of the post if one supports it with a reference. There are too many people posting garbage in the hope of a financial gain. I accept that your intentions are genuine and are represent an honest information sharing. There has been so much dirt thrown at Marathon since its listing that it is difficult to differentiate between the garbage and the honest information sharing.

I read your posts and considered them carefully. This is my style of investing. Get as much info as possible, consider the differing views objectively and with minimum emotion and... make a move. I decided to add to my MTN holding. I could be wrong. Time will tell. The share market only exists due to the differing views. It would not exist if we all sold and bought at the same time, as a result of drawing the same conclusions from the information available to the market.
Good luck with your investments,
Dratoz
PS: Jman, for a change, I entirely agree with your posts on the IGR thread. I have a large holding there and share your views as to the future of the company:).

Dratoz,

I appreciate your reply. I think information that is not initially available to be discussed or debated within a public forum can still be useful within the right context. Unfortunately it often places people in a difficult situation when they are challenged re the authenticity of this information, in that they are not able to disclose the exact sources.

Good on you for getting into IGR btw, you'll be happy with the way that's going atm.

jman

[reece55]

Dratoz,

I appreciate your reply. I think information that is not initially available to be discussed or debated within a public forum can still be useful within the right context. Unfortunately it often places people in a difficult situation when they are challenged re the authenticity of this information, in that they are not able to disclose the exact sources.

Good on you for getting into IGR btw, you'll be happy with the way that's going atm.

jman

Dratoz
I am the same as Jman here, I do appreciate your reply.

I'm not sure if you have experience with another unverified rumor mill style forum here in Aus (I am sure everyone can read between the lines here about what I am talking about), but the differentiating factor about ASF is that, in my experience, the information shared here is extremely reliable. In fact, I think I speak for most in saying we pride ourself on that fact and the mods are extremely good at monitoring any crappy posts (especially considering the activity of posters versus number of mods).

I do wish you all the best with your investment in MTN and whilst I don't fundamentally agree with mining in the Flinders, I wish you the best of luck getting some $$ out of this stock.

Cheers

[jman2007]

Dratoz
I am the same as Jman here, I do appreciate your reply.

I'm not sure if you have experience with another unverified rumor mill style forum here in Aus (I am sure everyone can read between the lines here about what I am talking about), but the differentiating factor about ASF is that, in my experience, the information shared here is extremely reliable. In fact, I think I speak for most in saying we pride ourself on that fact and the mods are extremely good at monitoring any crappy posts (especially considering the activity of posters versus number of mods).

I do wish you all the best with your investment in MTN and whilst I don't fundamentally agree with mining in the Flinders, I wish you the best of luck getting some $$ out of this stock.

Cheers

Good call mate,

I think we've done our best here to try and maintain the high standards that ASF demands, imo if we had breached some any serious protocols I'm sure the mods would have let us know, because as you say they are usually very good at monitoring this kind of behaviour.

Cheers
jman

[peteai]

Sentiment for MTN seems to be picking up. The "buried samples" bad news only had a limited effect - but the last couple of days the price has gone from 1.40 to $1.80+ a 30% increase.

Anyone have ideas on what has lead to this up movement ?
________________
Thanks,
Peteai

[Go Nuke]

Personally..I dont think it will last.

Exactly like you have asked....What would make the sp go up? Nothing that I know of.

And historically looking at the chart it seems to jump up for a day or two.

I could be wrong but we will have to wait and see.

What else does MTN have other than Mt Gee?

[prs]

According to factual information, MTN has a significant amount of JORC and is recognized as being about the 5th biggest deposit of uranium. It appears to have a stable and dedicated management team who seem very keen to take the company to mining level. Mt Gee is in a sensitive area and as such it appears the best way to mine the U is via underground. They are aware of this and no doubt despite this are working towards mining status. Yes they have been found to have committed an indiscretion but the management of MTN has accepted the issue and moved on in a very diplomatic way.
I know there are doubting Thomas's out there but have a look for your self and you'll see that their sp has fluctuated in a very similar pattern to other U and exploration companies.
I'm sticking with them through this because I believe with they will come up trumps.

[Black Range]

For all those that Hold, here's todays TUE. 26th Intra Day Trading Chart, & what a Chart it is :) It shall be very Interesting to see if the run continues over the coming period. From Todays trading it seems something major may about to be announced.


No. of Trades: 180
Volume: 518,547

Opening Price: 1.580
High Price: 1.980
Low Price: 1.480

Last Trading Price: $1.950 Up 29.14%

Closing Buyer Depth: 1.800 (167,564)
Closing Seller Depth: 1.950 (82,446)

6-month High: 4.150

5-day EMA: 1.438
10-day EMA: 1.449
15-day EMA: 1.483
30-day EMA: 1.619
Avg Daily Traded Volume: 140,787
.
.
Cheers from grant64:)
.
.

Here's todays Closing Intra-Day Chart for Today-TUE FEB. 26th for the period 10.05a.m to 4.11p.m.

Green Line Displays Buyers, Orange Sellers Market Depth. Blue Line represents previous days close.All Data taken from http://www.***********.net.au/

[insider]

WOW... that was the big announcement... it doesn't explain a 29&#37; rise so I expect the SP to fall this morning... I was expecting a splash but this IMO doesn't even make a ripple...

Good Luck Holders

[peteai]

I think the announcement is significant - It says someone is willing to make a sizable investment. It is reasonable to believe that would have done their research and concluded a mine is likely.

I would hazard to say that whoever is doing this knows a lot more about the situation that me or most others on the forum.

They would only consider a 13% stake if they consider the price they can get will be worth more in the future

[Go Nuke]

Wow..Marathon actually finished UP today!:eek:

Amazing.
Whats the go behind this?
$1.40+ must be good support?? Or is some sort of news comming??

[Dratoz]

I think it may be interesting to look at today's trades. You may find an answer there, or.... the source of many more questions.
Regards,
Dratoz

[kennas]

I think it may be interesting to look at today's trades. You may find an answer there, or.... the source of many more questions.
Regards,
DratozThanks for that dratoz, very informative and educational. :confused:

Maybe you could fill us in a little? Cheers, kennas

[Goldmann]

I think the announcement is significant - It says someone is willing to make a sizable investment. It is reasonable to believe that would have done their research and concluded a mine is likely.

I would hazard to say that whoever is doing this knows a lot more about the situation that me or most others on the forum.

They would only consider a 13&#37; stake if they consider the price they can get will be worth more in the future

Sounds like what people were saying the Singapore Govt took a big chuck of ABS... look how that turned out... remember to do your own research... big houses and banks get it wrong too..

[peteai]

Sounds like what people were saying the Singapore Govt took a big chuck of ABS... look how that turned out... remember to do your own research... big houses and banks get it wrong too..

You are correct not to rely just on big houses etc however I will say someone with that much at stake would be crazy not to do more research than I could possibly do -that 's why I say it is not insignificant - we are always taking risks with any explorer. If a mine goes ahead IMO MTN shares would be worth at least 10x there value now, so in one sense even if there is less than 10&#37; chance of a mine MTN is still cheap.

IMO very few would invest a 13% stake in MTN unless they believed MTN had a good chance of success. This should not be the only reason for ivesting in MTN but it adds to the case FOR.

Other reasons are China has just announce it will have 60GW of nuclear power stations by 2020. Coal is getting expensive, Oil is very expensive,
Real action on climate change is just around the corner.

That tells me we will need good excuses to not mine U - we may have to have mines minimal impact on the environment - but when climate change really begins to bite we might adjust our environmental priorities
__________
PETEAI

[Dratoz]

Thanks for that dratoz, very informative and educational. :confused:

Maybe you could fill us in a little? Cheers, kennas

G'Day Kennas,
OK, I will try to be more direct :). There were a number of trades where 1 share changed hands, there were a few with 11 shares being involved, and there were a few with similarly low numbers, all traded in the way to support the sp.

In his/her post, Go_Nuke asked what was the go behind the increase yesterday and whether there was an announcement coming. Well, judging by the manipulation (now explained above), one can draw a conclusion that yes, there probably is. This was the "answer" I was referring to. I thought that yesterday's trades supported the assertion that there was an announcement coming. If you look at the latest PRZ announcements, you will probably find a further confirmation of it.

Now I will move on to the other part of my post, the one about the same daily trades being "the source of many more questions". If the sp is manipulated and the announcement is coming, is the sp held high to maximise the gains when it goes up, or is it held there to minimise the fall? I would like to know the answer. I have a theory that (provided that my other theory about an announcement coming up holds) the news will be good. This is based on the strong buying prior to ASX query (the speeding ticket) and based on other things that I have run out of time to write about that one can find in PRZ announcements.

So, with there being two interrelated theories that I would need to have guessed right, this is all highly theoretical, so please DYOR.

Regards,
Dratoz

[jman2007]

So, with there being two interrelated theories that I would need to have guessed right, this is all highly theoretical, so please DYOR.

Regards,
Dratoz

Dratoz

Perhaps "subjective" may be a better choice of words here, rather than theoretical.

Cheers
jman

[Dratoz]

Dratoz

Perhaps "subjective" may be a better choice of words here, rather than theoretical.

Cheers
jman

Jman,
I did not promise anyone on this thread not to be "subjective". I advised the readers of the fact that they should do their own research, and that my theories were only my theories. I made it clear this was a "long shot". My theories are mine, so, yes, they are "subjective" as they are mine. I did not mislead anyone to believe otherwise. I referred the readers to the source of further info that is available on a different than MTN website. I did it to address Kennas comment that my earlier post was too criptic to be understood.

I am either too criptic or subjective:confused:. I did not intend either. If I happen to be right, though, will I still be "subjective" or will I be "right" then:)?

Perhaps you are a little "too critical" (no offence intended).

Cheers
Dratoz

[Dratoz]

Punter,
Are you still reading this thread? I have only now realised that you sent me a message on 2 May 07! Sorry. I am not overly proficient in using this forum's website and never noticed your message:banghead:. I tried to reply, but the system reported an error. You probably changed your name or decided not to post any more. Anyway, thanks for your message, I really appreciate it, despite the delay:D.
Dratoz

[Go Nuke]

Haha what a laugh.

The day after MTN gets a speeding ticket TA DA...an announcement to say they have started drilling.

I'm suprised that doesn't get a closer look by the ASX or someone of the like:confused:
I think if we start to see the volume pick up then MTN may have hit bottom and be ready to start making some higher lows.

[jman2007]

Jman,
I did not promise anyone on this thread not to be "subjective". I advised the readers of the fact that they should do their own research, and that my theories were only my theories. I made it clear this was a "long shot". My theories are mine, so, yes, they are "subjective" as they are mine. I did not mislead anyone to believe otherwise. I referred the readers to the source of further info that is available on a different than MTN website. I did it to address Kennas comment that my earlier post was too criptic to be understood.

I am either too criptic or subjective:confused:. I did not intend either. If I happen to be right, though, will I still be "subjective" or will I be "right" then:)?

Perhaps you are a little "too critical" (no offence intended).

Cheers
Dratoz

Hehe, no worries Dratoz,

It was a tongue-and-cheek comment Dratoz, not intended to be a low-blow. Of course everyone is entitled to an opinion on this forum. Good luck with MTN if you are a holder.

Cheers
jman

[Theo]

Uranium Finally Wins Favor with Greenies
posted on: April 02, 2008 | about stocks: BHP / CCJ / RTP :p: Talk about a makeover. Nuclear power, once an environmentalist's worst nightmare, has transformed into the darling of greenies everywhere, with Greenpeace co-founder Patrick Moore even publicly proclaiming his faith in fission.

Why the change of heart? We've covered it here before, but essentially, in the quest for alternative energy sources, nuclear power is the obvious choice, a giant among wimps. Its technology is well-understood, with controllable production that doesn't depend on cooperating weather patterns or agricultural crops. Add that to the fact that reactors don't produce any greenhouse gas emissions, and suddenly, nuclear looks pretty sweet.

But you can't have nuclear power without fuel - a fact that has sent uranium prices skyward in recent years.

Uranium's had an exciting millennium so far. In 2003, it began a parabolic rise, with its spot price more than quadrupling from 2004 to 2007. Eventually prices hit $138/lb last June, before pulling back; today, it bounces from $75 to $95, about its price in the 1970s when adjusted for inflation. (See the two-year price of uranium here.)

Part of that's due to a massive shortage of ready-to-use uranium; global demand for the mineral already outstrips supply by 139%. And there's no end in sight. The world's 439 operating reactors aren't nearly enough to satisfy global power needs, so 35 more are under construction - with another 319 either in planning or proposal stages.

As those reactors come online, they'll need even more uranium. But production has been slow to rev up after a lull following the Cold War, and new mines haven't opened quickly enough to keep pace with demand. For the foreseeable future, the shortage will continue.

More-Predictable Demand

What makes uranium especially interesting is that demand for the mineral is far more predictable than other metals, since uranium's price is really only a small factor in calculating total nuclear power costs. Once operational, reactors are very cost-effective to keep fueled at high capacity - just 26% of what it costs to maintain an oil or coal-fueled plant; meaning if electricity demand ever did decline - highly unlikely - utilities would be more likely to cut back production at plants with higher fuel costs, like those fossil fuel generators, than nuclear plants. So uranium demand depends mostly on operational reactors, and less on economic fluctuations.

As these new power plants start producing, uranium prices will probably ease a little in the short term. But the world's insatiable thirst for electricity - especially in China - will keep uranium going up long term.

You can now get in on uranium by purchasing yellowcake futures. In 2007, NYMEX partnered with the Ux Company (which runs the Ux U3O8 index, a weekly uranium price tracker) to start offering monthly contracts of 250 lbs of yellowcake. There have also been rumblings recently about possibly introducing physical uranium contracts on the London Metals Exchange.

Still, the traditional way to access uranium is to go to the source: the mining companies. These include the big guys like BHP Billiton (BHP) and Rio Tinto (RTP), as well as several mid-tier and junior miners like Uranium One (UUU) and Denison Mines (DML).

Another big name is Cameco (CCJ), the world's largest uranium producer, which furnishes 20% of all mined uranium. The company operates the McArthur River Mine - the planet's biggest deposit of high-grade uranium - and the Cigar Lake Mine, its largest undeveloped deposit. And if that wasn't enough, Cameco also runs the Key Lake and Rabbit Lake Mills, the world's largest and second-largest uranium milling operations, respectively.

Cameco's 100-day volatility of 44% isn't atypical for a single stock, but it's a wild ride compared with the S&P GSCI's 28%. Still, Cameco looks good; it's definitely profitable, and sits on millions of pounds of proven uranium reserves.

Plus, the company still struggles with production setbacks from a 2006 flood of its Cigar Lake Mine, which will probably affect the company's earnings for the next few years. This now makes it a great time to buy for long investors: With uranium demand ever growing, once Cameco recovers, it should move back up in a big way.

Another pure-play is United States Enrichment Corporation (USU). The company supplies low-enriched uranium to commercial nuclear power plants, through the U.S.' only enrichment facility and contract with Russia to reclaim uranium from old Soviet-era weaponry. But a major technology overhaul called the American Centrifuge Project - which was supposed to increase USEC's efficiency - is running well behind schedule and over budget.

One last note: Fans of uranium should keep a close watch on thorium prices. Thorium, which can also be used as nuclear fuel, is safer, cleaner, more abundant and more efficient as a fuel source than uranium, and many experts suspect the mineral may be the next big step in nuclear power. So depending on how long you want to go, now could be an excellent time to get into thorium companies, like Thorium Power (THPW).

Links

World Nuclear Association

[kennas]

Uranium Finally Wins Favor with Greenies
posted on: April 02, 2008 | about stocks: BHP / CCJ / RTP :p: Talk about a makeover. Nuclear power, once an environmentalist's worst nightmare, has transformed into the darling of greenies everywhere, with Greenpeace co-founder Patrick Moore even publicly proclaiming his faith in fission.
Can't see what this has to do with MTN's current state of affairs, which is beyond supply/demand and U3O8 price etc....

They seem to be in real trouble at Mt Gee.

I have my tail between my legs having assumed that Rann would support anything to bring in some taxes, but the greenies seem to be winning the battle. Damn those vegetarians!!!!!

(What type of hairy rat are they trying to save? F'ing rediculous really. We find and destroy a species almost every day. We will go soon in comparitive terms!!!)

[bztm]

Theo,

The heads of Greenpeace often go on to become highly-paid consultants to government and industry. They speak for 'the greenies' in the same way that Kevin Rudd speaks for the working class. Sort of / somewhat / sometimes. I wouldn't get my knickers in a twist about it!

Also, advocating nuclear power in nations that already have the power plants operating is one thing. Building new stations and starting an industry in countries that have none is quite another. As any Australian should be acutely aware. Perhaps you might want to read the ACF's Ian Lowe?

But, most importantly, Uranium has nowt to do with the Arkaroola issue.

'The greenies' would be as opposed to a project at Mount Gee if it was a bauxite mine, a hot-rock drill site, or a wind farm (or solar array for that matter!). Or another telescope - it's a great site for it, after all.

They think the place is to important in itself to be stuffed around with.

Hard to fathom, I know! But this is why even a blatantly anti-green and pro-nuclear conservative geologist like Ian Plimer totally opposes this project

[peteai]

What's happened today with Marathon Resources?
In after trade it reached $1.85 but was down to $1.54 earlier in the day??

Was there any news during the day to spark this rise?

[peteai]

MTN sp seems to be holding around $1.90 now.

A message to the greenies : 1 pellet of uranium (about a teaspoon)
could power a "McMansion" for a year. Most of the world's elecricity comes from coal - Imagine how much C02 the Uranium at Mt Gee could displace

We must ensure the mine follows the highest standards - however it must be said that mining Mt Gee's uranium is good for the environment.

____
Cheers,
PETEAI

[Dratoz]

MTN sp increasing appears to be associated with the action on PRZ side, as predicted. There appears to be a relationship as envisaged some time ago. My 2 theories appear to be working so far (see my recent posts). Reading these two companies' announcements carefully, it is difficult not to find a relationship, but DYOR.
Regards,
Dratoz

[bztm]

peteai

if you can find any 'greenies' currently protesting U mines not in unique high-conservation value areas i suggest you go and tell the teaspoon story to them (roxby, beverley, beverley 4 mile, honeymoon etc.)

they'll, of course, tell you about carbon-intensive production (roxby is set to consume half the state's electricity - where's that going to come from? currently it's coming from the playford very-dirty coal-fired power plant, isn't it?), nuclear electricity only ever being cost-effective due to massive state-subsidies, new plants requiring huge carbon inputs and taking forever to come online (thereby blowing any chance to save the world via carbon-substitution), diversion to weapons (read 'deception (http://entertainment.timesonline.co.uk/tol/arts_and_entertainment/books/history/article2583916.ece)') and, of course, they'll ask you where the waste is going to go and who's going to pay for (and power) it being safely contained for 1000s of years

then they'll mention the opportunity cost of powering the nuclear behemoth for $squillions rather than funding something that's actually affordable clean and safe

one could go on, the debate will run forever - at least until all the accessible U3O8 in the non-sanctuary deposits listed above has been extracted and shipped somewhere (so, yay, nuke investors get to make truckloads of dollars - which, let's face it, is what it's really about, not saving the world - and they'll make it not digging up sanctuaries)

and on current trends during the whole period carbon outputs will continue to rise each year, perhaps marginally less sharply than they might have, though this is debatable, too

to many 'the highest environmental standards' means not going into areas like the heart of the arkaroola sanctuary in the first place

so say all the 'rabid greenies' - such as nick minchin and ian plimer - along, i'd wager, with the majority of the south australian public capable of forming opinions beyond who should go next on 'the biggest loser'

and where precisely do the 22 800 bags of dumped waste and the barrels dumped at hodgkinsons 2 years ago fit into your best practice scenario?

well, if you will post glib comments...

[peteai]

peteai

if you can find any 'greenies' currently protesting U mines not in unique high-conservation value areas i suggest you go and tell the teaspoon story to them (roxby, beverley, beverley 4 mile, honeymoon etc.)

they'll, of course, tell you about carbon-intensive production (roxby is set to consume half the state's electricity - where's that going to come from? currently it's coming from the playford very-dirty coal-fired power plant, isn't it?), nuclear electricity only ever being cost-effective due to massive state-subsidies, new plants requiring huge carbon inputs and taking forever to come online (thereby blowing any chance to save the world via carbon-substitution), diversion to weapons (read 'deception (http://entertainment.timesonline.co.uk/tol/arts_and_entertainment/books/history/article2583916.ece)') and, of course, they'll ask you where the waste is going to go and who's going to pay for (and power) it being safely contained for 1000s of years

then they'll mention the opportunity cost of powering the nuclear behemoth for $squillions rather than funding something that's actually affordable clean and safe

one could go on, the debate will run forever - at least until all the accessible U3O8 in the non-sanctuary deposits listed above has been extracted and shipped somewhere (so, yay, nuke investors get to make truckloads of dollars - which, let's face it, is what it's really about, not saving the world - and they'll make it not digging up sanctuaries)

and on current trends during the whole period carbon outputs will continue to rise each year, perhaps marginally less sharply than they might have, though this is debatable, too

to many 'the highest environmental standards' means not going into areas like the heart of the arkaroola sanctuary in the first place

so say all the 'rabid greenies' - such as nick minchin and ian plimer - along, i'd wager, with the majority of the south australian public capable of forming opinions beyond who should go next on 'the biggest loser'

and where precisely do the 22 800 bags of dumped waste and the barrels dumped at hodgkinsons 2 years ago fit into your best practice scenario?

well, if you will post glib comments...

Hi bztm,

I posted the comment to provoke some discussion and admit its more complicated that what can be covered in a few lines.

Nuclear weapons is the biggest issue for me. My counter is that stopping 1 mine will never stop a state building a bomb. As Iran shows getting the technology is the much bigger hurdle than getting the raw U. I would even agree with stopping all mining of U if it would stop bombs - but even that wouldn't stop them because the genie is out of the bottle.

However I will say that we approaching a world wide energy crunch. And global warming will exaccerbate this by taking out the high carbon solutions or at least making them very expensive so many governments are looking to nuclear to fill a gap in their energy supply. Nuclear is getting cheaper & safer & will get a boost once the recent focus gets the best engineers to apply the latest technogies.

As for the waste, it is the high level waste that is the problem and that is mostly the pellets - i.e powering a McMansion for a year also roughly produces a teaspoon of high level waste. And high level waste decays quickly (the decay cause the radiation) so the 1000s of years is refering to low level waste.

Mentioning the electricity consumption at Roxby is misleading because U is a by product (it is at very low concentrations - probably too low to be economical except for the fact that they are mining for other minerals)

Cheers
PETEAI

[Go Nuke]

WOW..what a mighty fall for Marathon from its heyday.

Sub $1 now today.

Anyone still holding (and praying) with this stock?
Can't blame you for being quiet about it ;)

[YELNATS]

WOW..what a mighty fall for Marathon from its heyday.

Sub $1 now today.

Anyone still holding (and praying) with this stock?
Can't blame you for being quiet about it ;)

Continues to plummet, now 82c. Heck, Buttermere's 68c offer 2 years ago appears within reach. (not currently holding).

[prs]

I'm still holding, I have to. All I can do is ride it out and keep working. One would think that it has to bounce back down the track, just wish I knew roughly when so I can start breathing again.

[peteai]

Yeh I'm still holding too - I've been accused of greed in holding these shares in an earlier post - well I thought that was the idea of shares or a free capital market. Well you can lose money (on paper at this stage:rolleyes:) too
I still think the average domestic cat does more environment damage than MTN did by burying their mining residues

Cheers,
PETEAI

[prs]

I note with interest and great delight that MTN has been positive for days now, in fact quite strongly fighting back. I also note that Allan Kohler on ABC TV tonight claimed the commodities were down yet uranium appears to be defying the trend.
Is anyone able to explain MTN's pickup of late?

[Go Nuke]

Yeah they came out with a resource upgrade for Mt Mcgee (pretty sure it was.)

Saw the price break through $1, but have got no cash and am far from confident with the way this company has been going. Well the share price and the uncertainty regarding the mining of Mt McGee.

One for the brave.

As for Alan Kohler, Ive yet to see my uranium stocks defying any trends.....Far from it in fact {That sounds like a sentence straight from his mouth hey;) }

PDN is going sideways and I believe its a buy..but thats about it.
ERA isn't exactly looking rosy imo...keeping it all relative though...they ARE producing!

[jman2007]

Yeah they came out with a resource upgrade for Mt Mcgee (pretty sure it was.)

Saw the price break through $1, but have got no cash and am far from confident with the way this company has been going. Well the share price and the uncertainty regarding the mining of Mt McGee.

One for the brave.

I pretty much agree with that Go Nuke...

Speccy as hell in the current environment, and not exactly cashed up to the hilt either. Some people may be able to day trade this successfully, but not my type of stock. I've lost a bundle in CTS, another U stock, so I probably wouldn't be listening to my advice either..:rolleyes:

[jman2007]

Surely this can't be good news for MTN,

Scientists discover ancient reef near Arakaroola, another nail in the coffin?

http://www.abc.net.au/news/stories/2008/09/22/2370365.htm

[Go Nuke]

interesting article thanks for posting that Jman :)

Im sure in this current climate even a sniff of doubt regarding a companies ONLY resource ,will not help this stock.
It seems my wariness about the sp rise recently was warranted.

Though i cant relate to u Jman, all i need to say is...BMN :(
Major paper loss there.

[YELNATS]

MTN being annihilated today, now down 20% to just 30 cents. Is this the final demise of a once promising stock?

[prs]

God I hope it's not. An agent foolishly put all my super in this company when it was $1.68. Does anyone know what is going on? I rang from Hobart to talk to someone and the only person they would let me speak with was on a plane so I've got no idea.

[jman2007]

God I hope it's not. An agent foolishly put all my super in this company when it was $1.68. Does anyone know what is going on? I rang from Hobart to talk to someone and the only person they would let me speak with was on a plane so I've got no idea.

New bill looking at being introduced into lower house of SA parliament next time they resume on the 28th of October, to ban mining altogether in the Arkoola Sanctuary. Looks like it will have strong support.

Otherwise Labour could just let the mining lease expire at Mt Ghee by this time next year and not let it be renewed, either way it does basically look like the end to me. Sorry to hear that your agent was a fool with your savings, pretty reprehensible really.

jman

[peteai]

Isn't it a Greens bill without support from Labor or Liberal ??
Also I've heard leases have recently been granted in Arkoola so to me it seems very unlikely to get through.

[bztm]

Its a Greens Bill, but the new Alliance resources leases for Beverley 4 Mile - which impinge only on a small section of the flanks of the Sanctuary at the eastern edge of the ranges - have been specifically excised from it to broaden the likely support.

Given the suspension from drilling, and the negative publicity surrounding trying to find a new home for the waste dumped in contravention of the lease (itself a source of significant negative publicity) etc. combined with the global credit crisis, and given that a state election approaches shortly after the lease termination... well, it means that the bill might be viewed rather differently this time around. Or, if not, a similar proposal might be viewed favourably later.

The question is; What would Labor have to lose? Some prominent Liberals are already campaigning against the mine. This plays well to the green-minded middle-class. This issue of mining in Arkaroola has never really come to full public attention - and if MTN goes down now it probably never will. But if it did I have no doubt the opposition to the mine would overwhelm any support, and I reckon both major parties would believe the same.

Even if an imminent Greens proposal was defeated for political reasons, or fears of any likely compensation claim, in the longer term I wonder if any state govt. - Labor or Liberal - would court reviving the brouhaha surrounding this project?

And, while this project may be finished-off by the financial crunch, the memory of what happened to the last would-be miner even prior to the turmoil may serve to deter all future comers. In which case, mightn't Labor seek to make a virtue of necessity and make a grand announcement of protecting the Sanctuary after the lease expires; bang in the run up to the 2010 election? Perhaps to forestall a Liberal outflanking them on the left?

Specifically because of problems like this the state minerals minister has proposed drafting guidelines to identify no-go high-value conservation areas in conjunction with the dept. of Environment, the Chamber of Mines, and green/community groups. The latter will have Arkaroola number one on their list.

[jman2007]

The question is; What would Labor have to lose? Some prominent Liberals are already campaigning against the mine. This plays well to the green-minded middle-class. This issue of mining in Arkaroola has never really come to full public attention - and if MTN goes down now it probably never will. But if it did I have no doubt the opposition to the mine would overwhelm any support, and I reckon both major parties would believe the same.

Nice summary bztm,

One thing that you should never do in a marketplace is bet against politics, no points for guessing which company's name nearly always gets mentioned during the SA parliamentary debating sessions :p:

My impression is also that there will be some Liberals backing this bill, and as you mention there may be much more at stake than just a one uranium explorer's future, it could also well be turned into a political football.

jman

[YELNATS]

Im sure in this current climate even a sniff of doubt regarding a companies ONLY resource ,will not help this stock.



To be fair to MTN, that's really not the case. As per the footnote to a recent MTN announcement:

Quote

Marathon is a minerals exploration company focused on the development of Mt Gee, one of Australia's largest undeveloped uranium deposits.
The Mt Gee project is located within the Paralana Mineral System of South Australia, a uranium-rich state which is home to the world's largest uranium deposit at Olympic Dam.
Marathon's portfolio also includes highly prospective copper-gold-uranium properties in the Gawler Craton of South Australia.
The Company has gold and copper-gold projects in other parts of South Australia and western Victoria, including first class copper-gold and base metal (silver-lead-zinc) projects in the Adelaide Geosyncline in South Australia and a prospective copper-gold project in the Moyston Fault Zone in Victoria.
Marathon also has a joint venture with listed uranium explorer UraniumSA Ltd (ASX: USA), in which the company holds a 7% stake; and with Primary Resources Ltd (ASX: PRZ) in the Warburton Project in Western Australia.
Marathon listed on the Australian Securities Exchange on 15 March 2005, under the stock code of MTN.
www.marathonresources.com.au

Unquote

[bztm]

Out of curiosity, has anyone actually seen a discussion of any resource of Marathon's other than the Arkaroola lease?

[prs]

Can anyone tell me definately whether the Arkaroola Sanctuary is actually heritage listed or is it a self proclaimed sanctuary? Surely if it is self proclaimed then mining at Mt Gee ought to be able to go ahead.
Has anyone knowledge of the actual location of the fossils recently found? Could be that they are 100's of kilometres away and as such oughtn't affect Mt Gee.

I would like to see facts rather than speculation borne out of what is read from the media.

[kennas]

Can anyone tell me definately whether the Arkaroola Sanctuary is actually heritage listed or is it a self proclaimed sanctuary? Surely if it is self proclaimed then mining at Mt Gee ought to be able to go ahead.
Has anyone knowledge of the actual location of the fossils recently found? Could be that they are 100's of kilometres away and as such oughtn't affect Mt Gee.
I would like to see facts rather than speculation borne out of what is read from the media.This was discussed earlier in the thread.

Unfortunately I can not remember exact details, but the company can provide them. Something about being a Class A heritage site or something and needing special permission from State of Fed. At the time the SA Gov were very pro U mining, so they prbably would have given permission as it was in the best interest of the State.

Either check back through the thread, or send an email to the company.

They will give you the standard reply.

kennas

[prs]

Thanks Kennas - I have done that and the response (perhaps standard) was that it was self proclaimed and as such MTN could apply for a permit to mine. I just wondered whether anyone else had any positive and updated info.

[bztm]

Can anyone tell me definately whether the Arkaroola Sanctuary is actually heritage listed or is it a self proclaimed sanctuary? Surely if it is self proclaimed then mining at Mt Gee ought to be able to go ahead.
Has anyone knowledge of the actual location of the fossils recently found? Could be that they are 100's of kilometres away and as such oughtn't affect Mt Gee.

I would like to see facts rather than speculation borne out of what is read from the media.

It's a former Pastoral Lease that's now a formally proclaimed Sanctuary under the National Parks and Wildlife Act. No Sanctuary is exempt from mining, just as - controversially - about 75% of the land area of National and Conservation Parks and Reserves in SA is still available to exploration.

The high-value remnant area of the northern Flinders Ranges - which encompasses the Sanctuary - is also a Class A Reserve under the Planning Act. This is the legislation that means that the area can only be mined if the deposit is of 'paramount importance' and mining is in 'the national interest'.

Beverley and Beverley 4 Mile - both fully-backed by the State Govt. - are 20 km away on the edge of the ranges (and Sanctuary). Clearly this impacts on any question of 'paramount importance' and the 'national interest' (as does the Roxby expansion and other U mines coming online). Also, under this Act mining can also proceed only if there is no 'similar deposit' available nearby.

As to the Ancient Reef - the area is simply not large enough for anything to be 100s of kms away, as the most cursory glance at a map will indicate. I doubt that the reef is immediately adjacent (within a few kms) to Mount Gee itself; however, the mountain is a national geological monument, and this whole ancient area is littered with fossils and rare geological formations, which is what attracted Reg Sprigg to it in the first place. That the ancient reef was only identified at this late date says that this very rugged and remote area is still little known.

[prs]

Thanks bztm I am grateful for your input though it has made me feel rather ill. I have lost heaps to date, as have many others but the thought that potentially MT Gee will not go ahead leaves me high and dry. I guess all I can do is to wait till the sp gets back to $1.68 (what I bought into MTN at), monitor the trend and bail out and diversify.

[insider]

Has MTN's recent shoot up in value gone unnoticed! I got surprise message yesterday about MTN breaking $1.00 on my phone...

[jman2007]

Has MTN's recent shoot up in value gone unnoticed! I got surprise message yesterday about MTN breaking $1.00 on my phone...

It's a dramatic re-evaluation for sure, those MTN holders who tried to catch the falling knife and bought on the way down last year deserve a break, and a reprieve. I should really read the ann's and find out what it's all about, although I have never really considered buying this stock.

[prs]

How typical is it that the 5th largest uranium resource in Australia and one of the potentially largest known in the world is being stifled by a bunch of greenies and the SA Government. What an opportunity to invest and it's being held ransom by government red tape.

[prs]

There has been some very good and steady increase in the SP of this company and I guess it's been brought about by the recent publicity, the opposition to mining of its resources by the rent a tree hugger groups and the increase in demand for uranium. It appears that uranium is making a resurgence probably because some countries realise that it is a great source of clean power, unlike Australia, and MTN being the 5th largest resource and growing in JORC, is subject to incredible opposition by the bloody greenies.

What are the thoughts and feelings of members towards MTN's future having regard to its potential as an overseas investment?

[prs]

The SA Government has apparently binned the mining prospect in the Arkaroola. How would you interpret this considering MTN has its resource of uranium in this area?

[bztm]

Your 'tree huggers' include senator Nick Minchin, the South Australian Museum, various geologists, and now the state Liberal Party. You might want to consider getting yourself a more accurate, not to mention creative, line in invective.

[YELNATS]

Very healthy 13.6% rise today to 62.5 cents. Bear in mind that MTN reached $6.33 in early 2007. Is this one ready to fly again, if so, is it based on anything new?

[hector]

The SA Government has apparently binned the mining prospect in the Arkaroola. How would you interpret this considering MTN has its resource of uranium in this area?

Well, I bought in today. Absolutely no buying depth, and with uranium understandably 'a bit on the nose' after Japan's debacle, it's quite a risk.

However, it appears marathon are continuing their course, flying local indigenous around the site, seeking aboriginal & environmental approvals. They have Labor's Chris Schacht on board and Labor have another 18-24 months to run in SA before elections.

I think this will always be a controversial site for a mine, but I see an opportunity for upside that's worth a punt, trading at 33c today.

Any thoughts?

[prs]

Does anybody have any idea what's going on with MTN? It's made a bit of a gain over the last three days.