WME - West Australian Metals [Archive]

canny

28th-March-2006, 02:38 PM

Announcement today (2nd one) - suggests that it IS a uranium project that is about to be taken on. Have been waiting for the project news release since they announced that they were selling some gold leases to concentrate on a 'new project'.
The whispers are Namibia - with territiry next to PDN. ;)

Here's the ann - should lead up to better things.
28 March 2006
Manager Announcements
Company Announcements Office
Australian Stock Exchange Limited
Level 4
Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Dear Sir / Madam
APPOINTMENT OF TECHNICAL DIRECTOR & ACTING C.E.O.
The Board of West Australian Metals Ltd is pleased to announce the appointment of Mr Leon Reisgys as Company’s Technical Director and Acting Chief Executive Officer.
Mr Reisgys holds a Bachelor of Science (Honours) in Applied Geology from the University of New South Wales and a Graduate Diploma in Mineral Economics from Macquarie University. He is a Chartered Professional (Geology), a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.
Mr Reisgys brings to West Australian Metals extensive experience in the successful exploration for and/or the development of uranium, base metal, precious metal and mineral sand deposits in Australia and internationally.
Mr Reisgys’ experience includes 6 years as a uranium geologist with Pechiney Australia Pty Ltd and Minatome Pty Ltd, a joint venture company owned by the nuclear divisions of the French multinationals Pechiney and Total.
During this period Mr Reisgys explored for and evaluated Australian uranium deposits of all types, including unconformity, roll front, volcanic, granite hosted/Rossing type and calcrete style deposits. He was a member of the teams credited with the discovery of the Manyingee (WA) uranium deposit (8.08mt @ 0.1% U3O8 indicated, 6.663mt @ 0.06% U3O8 inferred) and the Ben Lomond (QLD) uranium deposit (2.98mt @ 0.228% U3O8).
For the past three years he has been consultant and Chief Geologist for Universal Resources Limited and previously served as Managing Director and Chief Executive Officer for several ASX listed companies.
Mr Reisgys will commence working with the Company and assume his board position as of 22 May 2006.
West Australian Metals Ltd
Mr Reisgys will be employed under an employment contract with a term of 3 years.
Mr Reisgys’ remuneration package will comprise:
• a base salary package (inclusive of superannuation and directors fees) of $250,000 per annum;
• a penalty payment of $10,000 (inclusive of superannuation) whilst holding the position of Acting C.E.O.;
• the provision of a company vehicle; and
• the issue of 3.25 million options exercisable at 10 cents each, with 3 million of these options subject to market capitalisation hurdles. These options will only be issued upon the approval of shareholders in a general meeting.
Yours faithfully
for WEST AUSTRALIAN METALS LTD
[signed]
Rodger Johnston
Chairman

surelle

28th-March-2006, 04:10 PM

yes, they seem to be pleased to promote the fact that Mr Reisgys has Uranium experience
cheers

pico

31st-March-2006, 07:44 PM

Hey canny , thanks for the tip. WME is a rocket and its only just starting to
take off. I owe you a beer or ten.
Look forward to the ann.

YOUNG_TRADER

12th-July-2006, 12:36 PM

Have noticed a volume build up in buy depth, has moved up to test a strong resistance (previous support) level of 16c if it breaks through it could surge to 24c (previous tripple header level!)

Whats driving it? Uranium specualtion,

Company has huge operating grounds in Nambia, but unlike EXT and BMN there seems to be no real talk of it,

It should be undertaking drilling soon per 4th July ann

YOUNG_TRADER

12th-July-2006, 12:46 PM

Ok that was just wierd!!!!!!!!!!!!!!!!!

Total traded was 200,000 when I posted, 3 mins later 1.5m were bought @16c taking it up to the resistance level what the???????????????????????

Was it someone in here?

Thats just really funny timing!

kennas

12th-July-2006, 12:51 PM

Looks to have definately turned from the .13 level.

Interesting.

YOUNG_TRADER

12th-July-2006, 01:05 PM

Kennas, I'm curious you seem much more of a techie than me,

Where is WME's resistance, I thought it was at 16/16.5c but your line seem to be elsewhere?

kennas

12th-July-2006, 02:19 PM

YT,

Yep, you're right, the resistance is around .165.

The previous support level should be the resistance on the way back up.

YOUNG_TRADER

12th-July-2006, 03:53 PM

Hmmm 16.5c cleared, is this a breakout?

Probably want to see it take out 17c with more vol sitting on 16.5c to confirm

If so next stop 24c!

YOUNG_TRADER

13th-July-2006, 12:30 AM

Explorer plans near-Rossing uranium campaign
--------------------------------------------------------------------------------

Australian-listed West Australian Metals (WME) has been granted approval by Namibian Mines and Energy Minister Erkki Nghimtina to earn a majority stake in the Marinica uranium project and plans to begin an exploration campaign in the not-too-distant future.

In April, the Australian explorer entered into an agreement to earn 80% equity in the Marinica project, located in the same province as the Rossing mine, which supplies seven per cent of the world’s uranium production, by spending N$1,5-million on exploration.

The WME project, which covers 706 km2 between the Namibian capital, Windhoek, and the port city of Walvis Bay, comprises the Marinica uranium mineralised palaeochannel, similar in size to the Langer Heinrich palaeochannel, which is 17 km in length and varying from 200 m to 800 m in width.

Previous drilling at Marinica reported uranium mineralisation ranging up to 8,1 metres grading 480 g/t U3O8 at an average depth of four metres.

However, WME CEO Leon Reisgys said in a media statement that past exploration seemed to have been limited and that the company was planning detailed modern exploration to locate mineralisation that might be concealed beneath clay and other cover, both in the Marinica and secondary palaeochannels.

“The regional geology also indicates the potential for concealed hard rock uranium targets in the project area, including Rossing-style mineralisation.”

Reisgys said a major exploration programme to delineate uranium deposits within the project area would start as soon as the Marinica Uranium Project was granted an Environmental Contract by the Namibian Ministry of Environment and Tourism.

“This permitting requirement is well advanced and WME executives will travel to Namibia over the coming weeks to prepare initial work programmes for Marinica,” he said.

“The proposed exploration programme will include radiometric surveying, processing and the interpretation of satellite imagery, geochemical sampling and drilling to define palaeochannels and to ascertain the nature and distribution of uranium mineralisation within the channel sediments.”

Earlier, the company said that Namibia was one of Africa’s stabler countries. “The introduction of the Marinica Project presents WME with the opportunity to identify resources in an area of significant, widespread uranium mineralisation and to evaluate and secure other exploration and mining properties in a country which supports the development of its uranium assets,” it said.

kennas

13th-July-2006, 09:59 AM

Looks like it might take .17 unless those buy orders are foxing.

YOUNG_TRADER

13th-July-2006, 03:23 PM

Breakout?

It opened at 18.5c! Has held above 17c

What do you reckon K?

kennas

13th-July-2006, 04:16 PM

I'd like to see it hold above .17 for at least a day. As you have said, the next target would be around .24c after it breaks this resistance. Will be looking at it in the morn.

I'm thinking trade at the moment, but I might also just buy and hold this for long term potential. Hhmmm

YOUNG_TRADER

1st-September-2006, 03:40 PM

Dear Sir/Madam,
The Directors of the company are pleased to announce that a program of trench, pit and surface
sampling together with hand-held radiometry has commenced over the Marenica Uranium project in
Namibia. This work follows the granting in July 2006 of an environmental clearance for Exclusive
Prospecting Licence No 3287 (EPL 3287).

That was ann 2 weeks ago, so todays' action could be some positive results?

Or it could just be traders, but based on action I'd expect an ann next week

kennas

21st-September-2006, 12:26 PM

WME found a bottom and up today on a little more vol. Breaking through $0.15 but will find $0.17 a challenge as it did last time. As per YTs comments, looks another good potential uranium play in Africa on prospective ground. Not holding, yet.

kennas

4th-October-2006, 01:53 PM

Has moved through the resistance at $0.15, just, and chanelling up. Worth reading previous posts on this one to see the potential.

I haven't got on yet. Been waiting for some decent volume. Plus that resistance at $0.17/18 is going to be difficult to crack.

YOUNG_TRADER

7th-November-2006, 12:08 PM

Day traders be careful re this stock, its a great U company in Nambia, but they are doing a 15m share placement, will probably be at 12c, I'd expect a suckers rally to take the price up pre placement

Also they have released an estimate of a deposit from previous drilling, 8mt grading 0.02% or 200ppm thats not going to make anyone rich! Not unless U price gets to $200 us/lb

kennas

8th-November-2006, 08:44 AM

Ann out with some better grades sizes and grades.

3m @ 1,483 ppm
5m @ 868
80 @ 241 incl 5 @ 590
50m @ 160
125 @ 120

Up 25% yesterday - who says there's insider trading!?

I wouldn't be surprised to see another 25% this am.

chris1983

8th-November-2006, 09:16 AM

Looks good doesnt it Kennas. Grades are decent..at good depth too. They should rise off that message. Hope so. I dont hold..but my Dad does. Good luck boys.

kennas

8th-November-2006, 09:34 AM

Looks good doesnt it Kennas. Grades are decent..at good depth too. They should rise off that message. Hope so. I dont hold..but my Dad does. Good luck boys.

Buying depth quite large. Mightn't be able to get on this early and miss the boat. :mad: I've been watching this for months waiting for an opportunity and would have bought in yesterday with that volume. But instead was watching a stupid horse race.

kennas

8th-November-2006, 09:41 AM

This could open up 30% by the look. Probably then come off a little. Aaaahhhhh!!!!!!!!!

YOUNG_TRADER

8th-November-2006, 09:52 AM

kennas

8th-November-2006, 09:54 AM

If you read carefully you'll notice that avg grade is just below 0.02% so those higher grade intercepts may pull avg grade up to 0.03% or so, but make no mistake so far it looks like a very low grade deposit, that being said funny how just yesterday I commented on it may have a 'suckers rally'

They are doing a 15m share placement, how convenient is it that their samples are being released today :rolleyes:
Thanks YT. Looks like the suckers who bought and held yesterday will be knocking off early today for some Moet and Chandon. :(

Might be one of those stocks that runs for 2 days and then everyone realises it's not that flash??

kennas

8th-November-2006, 11:45 AM

This could open up 30% by the look. Probably then come off a little. Aaaahhhhh!!!!!!!!!

I hate it when I'm right.

Hope no one bought at the high on open. Well off that now. Perhaps punters looked into the numbers and weren't that impressed? Or perhaps players are becoming a little more anxious when there are such big rises, and now some profits being taken.

johnmwu3

13th-November-2006, 12:12 PM

WME got a strong support at 16c, may accumulate buying at this level to push through.

KIWIKARLOS

15th-November-2006, 05:31 PM

mmmmining

2nd-December-2006, 10:56 AM

i bought this one a couple days ago. Im glad i didn't get many, i already feel like im flogging a dead horse.
I did some more indepth research to find that the concentrations they are talking about are barely enough to even mine the area. Lets hope they stumble across a big concentration by chance and we all become rich

I did a bit of research. I feel good about the prospective. Namibia is the place hunting calcrete uranium deposits and Intrusive deposits (Rossing). The grade is low, but the recover method is conventional and recovery rate is good.

Nearby DYL (recently accquisation) grade is about 0.0263%, and Rossing's stockpile is about 0.018%.

Compare DYL, WME is cheap. I can wait for its day to come. But not for short term trading.

mmmmining

2nd-December-2006, 07:24 PM

I did a bit of research. I feel good about the prospective. Namibia is the place hunting calcrete uranium deposits and Intrusive deposits (Rossing). The grade is low, but the recover method is conventional and recovery rate is good.

Nearby DYL (recently accquisation) grade is about 0.0263%, and Rossing's stockpile is about 0.018%.

Compare DYL, WME is cheap. I can wait for its day to come. But not for short term trading.

Extra info regarding a nearby project, Forsys Metals (TSX)'s Valencia Uranium Project is in the same area. It has about 6500t of U3O8 at 0.022%. They are doing a pre-feasibility study now.

http://www.stockinterview.com/News/11202006/Namibia-Bonner.html

mmmmining

3rd-December-2006, 08:34 PM

Extra info regarding a nearby project, Forsys Metals (TSX)'s Valencia Uranium Project is in the same area. It has about 6500t of U3O8 at 0.022%. They are doing a pre-feasibility study now.

http://www.stockinterview.com/News/11202006/Namibia-Bonner.html

One more piece of info

UraMin Inc listed on AIM, has a Trekkopje project near WME, the U3O8 grade is even lower, average at: 0.0127%

http://ww7.investorrelations.co.uk/uramin/regulatorynews_item.jsp?ric=UMN.L&ref=10771

The raise some serious money to advance trial mining at the its Trekkopje uranium project in Namibia

http://ww7.investorrelations.co.uk/uramin/regulatorynews_item.jsp?ric=UMN.L&ref=12083

kennas

8th-December-2006, 11:39 AM

I've been revisiting this and it seems there might be more upside in at than the market is factoring in to the sp.

Gold Fields has already done a non JORC estimate on Marenica which has 18m lbs U3O8. The overall resource is pretty low grade (ave 200ppm I think), but at current prices this seems economic. It's at much lower grades to LH nearby, but this was just an initial resource on just a small part of the tennament. It seems downstream there could be an extension of the resource and that is what they are aiming for with the recent surveying.

An Airbourne Radiometric Survey was undertaken from 21 Nov and results from this should be out soonish I think. This could id further potential U occurrences within the boundaries for further driling.

They have just recently ann another uranium project, the Scaddan Project, in WA, which has potential for more upside, although this is very early stages and if you don't believe Labor will change their policy and WA will not follow suite, then ignore this.

Due to the namibia project being relatively close to Rossing and LH, then you couldn't discount some corporate action by Rio or PDN in the future either.

It's been trending generally up for a little while and this recent pullback and consolidation might be a chance to get in before the next results are out. Breaking though $0.165 will be important and in this uptrend, will be a good sign. Vol still average.

This has been overlooked in the U world really. Market cap about $45m I think.

Any other new thoughts out there?

kennas

8th-December-2006, 01:16 PM

Closer look of the past 3 months.

Lots of resistance at $0.165. If it breaks through this then it would be very positive. Might just buy it up to $0.17 to get it going... :D

vert

8th-December-2006, 01:20 PM

please do, bought in last rally on the wrong side of it. waiting now for next move...... patience.....

kennas

11th-December-2006, 10:51 AM

Little bit of buying this moring at $0.17 resistance line. Just one small buy above this, but more positive looking. Would love to see it finish above $0.17!

kennas

15th-December-2006, 10:38 AM

mmmmining

15th-December-2006, 11:20 AM

I picked up a few at $0.165 (30K) and it seems to be going ok, holding above previous resistance which hopefully now provides support.

Trading on really low volumes though.

This is one to watch I reckon. Any good uranium noises coming off it's tennament should provide some impetus, depending on market sentiment at the time.

I'll be topping up as I see any positive action, including $0.165 confirmed as support.

Anyone else holding? YT, you were looking at this weren't you..

I am out of it just for now for two reasons:

1. They need money. It is likely that there is a SP rally before the raise. I cannot bet on when.

2. The airborne radiometric map is not as hot as its surrounding area. But the palaeochannnel concept may change the balance.

I might jump in after the raise. For now, I am happy with BMN, or EXT to have Namibia covered.

kennas

15th-December-2006, 02:57 PM

I am out of it just for now for two reasons:

1. They need money. It is likely that there is a SP rally before the raise. I cannot bet on when.

2. The airborne radiometric map is not as hot as its surrounding area. But the palaeochannnel concept may change the balance.

I might jump in after the raise. For now, I am happy with BMN, or EXT to have Namibia covered.
1. Yes, they will need money soon. Burning 2-300k a quarter, have 700k at end of Oct, so will need to do something early in the new year probably.

2. No idea what you are talking about in regard to the map. It's sitting in the same geology as Rossing and LH. Palaeochannel just refers to the type of deposit doesn't it? Secondary uranium. Still, have to admit that the historic sampling from the 4 anaomolies are pretty crappy. All under 300ppm. But their last results were encouraging.

Don't get me wrong. I am not saying that this is the next LH. Far far from it. Could be undervalued though and worth a few % quick gain. And unlike all other things U hasn't had a run recently. Just going to $0.25 will probably do me, if I pick up the next move early.

On the other hand, it falls over, and I lose my house. :)

Couple of decent trades at $0.18 this arvo, touching $0.185. Still going sideways and up for the minute.

mmmmining

15th-December-2006, 04:11 PM

1. Yes, they will need money soon. Burning 2-300k a quarter, have 700k at end of Oct, so will need to do something early in the new year probably.

2. No idea what you are talking about in regard to the map. It's sitting in the same geology as Rossing and LH. Palaeochannel just refers to the type of deposit doesn't it? Secondary uranium. Still, have to admit that the historic sampling from the 4 anaomolies are pretty crappy. All under 300ppm. But their last results were encouraging.

Don't get me wrong. I am not saying that this is the next LH. Far far from it. Could be undervalued though and worth a few % quick gain. And unlike all other things U hasn't had a run recently. Just going to $0.25 will probably do me, if I pick up the next move early.

On the other hand, it falls over, and I lose my house. :)

Couple of decent trades at $0.18 this arvo, touching $0.185. Still going sideways and up for the minute.

Actually, I like WME. Maybe you are right, the chart have told you to buy now. But I don't use much charting, and just like to wait until the complete the money raise.

As I said before, the SP usually goes up before the money raise. You have a good chance to make some good money. But I don't like to take this short term risk.

About the map, please find the page 25 of Nov presentation. Just have a look at the map, which part is red-hot? Then have a look at page 24, the interpreted palaeochannel shxx. Without the palaeochannel story, I may not even touch this stock.

greggy

15th-December-2006, 04:27 PM

1. Yes, they will need money soon. Burning 2-300k a quarter, have 700k at end of Oct, so will need to do something early in the new year probably.

2. No idea what you are talking about in regard to the map. It's sitting in the same geology as Rossing and LH. Palaeochannel just refers to the type of deposit doesn't it? Secondary uranium. Still, have to admit that the historic sampling from the 4 anaomolies are pretty crappy. All under 300ppm. But their last results were encouraging.

Don't get me wrong. I am not saying that this is the next LH. Far far from it. Could be undervalued though and worth a few % quick gain. And unlike all other things U hasn't had a run recently. Just going to $0.25 will probably do me, if I pick up the next move early.

On the other hand, it falls over, and I lose my house. :)

Couple of decent trades at $0.18 this arvo, touching $0.185. Still going sideways and up for the minute.
Hi Kennas,
I'm with you on this one. WME looks very interesting and I'll be keeping this one on my watch list. Thanks for the info.
DYOR

kennas

18th-December-2006, 02:07 PM

Slowly creeping up, under the radar. Few trades at $0.185 the past 2 trading days. Some short term support developing around $0.18. A good ann would be nice for Christmas, WME please. :)

And is that a rounded bottom I see? Noice.

vert

18th-December-2006, 03:31 PM

ann. 1.9 mil placement finalised @ $0.20 to brokers, jorc soon. this should help the sp along hey kennas.

kennas

18th-December-2006, 03:36 PM

ann. 1.9 mil placement finalised @ $0.20 to brokers, jorc soon. this should help the sp along hey kennas.
Placement above sp. Unusual. I hope it is good for it, you'd imaging so.

mmmmining

18th-December-2006, 06:32 PM

Placement above sp. Unusual. I hope it is good for it, you'd imaging so.
A free option is attached. That is the trick part of it.

greggy

19th-December-2006, 01:50 PM

Placement above sp. Unusual. I hope it is good for it, you'd imaging so.
Hi Kennas,

WME is a very interesting stock. Still watching with interest.
DYOR

kennas

19th-December-2006, 02:28 PM

Hi Kennas,

WME is a very interesting stock. Still watching with interest.
DYOR
I'm not sure if there's as much potential here as with BMN or EXT but I'm holding just in case.

WME's last results had a couple of good graded holes, but most are pretty average. Around 200ppm. Really want to be up over 300ppm, or have a sh!t load of ore. This is what I think the case is for WME. They're targeting 18m lbs, which isn't really that much by world scale (SMM already have 75m), but would be a good start.

They completed Phase 2 of their drilling program in Nov and should be close to releasing the results. I hope they're better than the first.

Off just a little today, would like to see it well clear of $0.17..... It hit $0.165 briefly today and bounced, proving support has been established there - for the minute. This is good for a few % I reckon.

mmmmining

19th-December-2006, 03:18 PM

I'm not sure if there's as much potential here as with BMN or EXT but I'm holding just in case.

Off just a little today, would like to see it well clear of $0.17..... It hit $0.165 briefly today and bounced, proving support has been established there - for the minute. This is good for a few % I reckon.

I consider it as wild card. Since it has done the raise, I am back in with a few. There are so many juniors around there, soon some marriages could be arranged.

greggy

19th-December-2006, 03:20 PM

I'm not sure if there's as much potential here as with BMN or EXT but I'm holding just in case.

WME's last results had a couple of good graded holes, but most are pretty average. Around 200ppm. Really want to be up over 300ppm, or have a sh!t load of ore. This is what I think the case is for WME. They're targeting 18m lbs, which isn't really that much by world scale (SMM already have 75m), but would be a good start.

They completed Phase 2 of their drilling program in Nov and should be close to releasing the results. I hope they're better than the first.

Off just a little today, would like to see it well clear of $0.17..... It hit $0.165 briefly today and bounced, proving support has been established there - for the minute. This is good for a few % I reckon.
Hi Kennas,

Weak days are good days for buying opportunities.
DYOR

kennas

21st-December-2006, 02:26 PM

WME update.

Trading at $0.185 again, wanting a positive close for this to get some more momentum.

On the weekly 1 year, interesting to see a clear rounded bottom. Clear resistance, hopefully now support at $0.165. Target would be about $0.24 at this rate. Doesn't seem to be any resistance between here and there.

Fundamentally I still hold this one is down the list compared to the grades of BMN and EXT, but the last 4 months of the chart looks ok. For now.

mmmmining

21st-December-2006, 04:00 PM

Resource Captial Research think it should be worth $0.22 for what they have now. Of course, before the placement.

kennas

22nd-December-2006, 02:08 PM

Hitting $0.19.

If it can break through this line then not much resistance till $0.24ish. :)

mmmmining

22nd-December-2006, 02:24 PM

Nice Chart.

kennas

22nd-December-2006, 03:01 PM

Nice Chart.
I've seen better :) but the rounded bottom and the last month or so's steady rise is encouraging. Targeting 18m lb U with some upside potential if it gets some better grades. There's better stocks out there atm, but this has not had a run really. Trying to find something potentially undervalued in the U market which is getting harder and harder. One to watch early in the new year. As always, have parachute handy.

simplesimon

22nd-December-2006, 05:11 PM

Ive got my BMN stocks and just sitting on them for a while cause can see something is going to happen but this one I been watching for quite a while I sometimes wish I got in at the start but hey see room for a bit of potential here just give it a few more days to see how the market swings before I drop my money down. I feel quite good about it but hey just watching the volumes and the price such a big pick up today just see what happens next.
Ready to make a move soon on this one. Just picking the day now pending on results I feel its got a little more room to grow.
Just my opinion :confused:

kennas

28th-December-2006, 12:03 PM

Has broken through the $0.18ish resistance I reckon. Traded at $0.195 yesterday and hovering at $0.19. Maybe needs to test $0.18 on the downside again to confirm the break.

Had an ok run since identified break through old resistance at $0.16. Had no attention volume wise. Probably will have it's turn again, just a matter of time. I hope.

Looks like a bit of a cup formed. Noice! :) Maybe a little consolidation for us to form a handle before the push up?? Hope so..

greggy

3rd-January-2007, 03:28 PM

I've seen better :) but the rounded bottom and the last month or so's steady rise is encouraging. Targeting 18m lb U with some upside potential if it gets some better grades. There's better stocks out there atm, but this has not had a run really. Trying to find something potentially undervalued in the U market which is getting harder and harder. One to watch early in the new year. As always, have parachute handy.
Hi Kennas,
WME is still an interesting uranium stock. I'm surprised it has not gone for a major run yet in unison with other uranium stocks. Maybe this company needs a better PR machine (and yes, VMS needs it even more). This one is on my watch list. Value is indeed getting harder to find in this sector. The last one I found was GSE at 5c (see my postings at around that price), now even even that one has run. One still can afford to be patient. With so many recent floats, a few of them have been overrlooked. As for WME, I feel that this is one for me to slowly accumulate as I feel that it will be a steady climber.
DYOR
DYOR

kennas

3rd-January-2007, 04:03 PM

Hi Kennas,
WME is still an interesting uranium stock. I'm surprised it has not gone for a major run yet in unison with other uranium stocks. Maybe this company needs a better PR machine (and yes, VMS needs it even more). This one is on my watch list. Value is indeed getting harder to find in this sector. The last one I found was GSE at 5c (see my postings at around that price), now even even that one has run. One still can afford to be patient. With so many recent floats, a few of them have been overrlooked. As for WME, I feel that this is one for me to slowly accumulate as I feel that it will be a steady climber.
DYOR
DYOR
Yeah Greggy, but I'm not so confident. It actually concerns me that this hasn't had a run and everything else has. I'm probably wrong! It's still generally going up and volume is definately up. Good sign for now.

greggy

3rd-January-2007, 04:09 PM

Yeah Greggy, but I'm not so confident. It actually concerns me that this hasn't had a run and everything else has. I'm probably wrong! It's still generally going up and volume is definately up. Good sign for now.
Hi Kennas,

I've crossed my fingers for you. I put the problem down to the fact that its PR isn't crash hot.
One to watch just the same.
DYOR

Gurgler

13th-March-2007, 03:08 PM

Some volume building on the ann re commencement of drilling at Marenica in Namibia.

Still a long way to results, JORC, etc.

mmmmining

13th-March-2007, 05:08 PM

WME is well behind the peers in terms of SP appreciation. It might just play catchup game.

I believe the chance to find economical size uranium deposits is very high.

18mlb U3O8 is a very good size. The grade is low at 200ppm. But as the increasing of uranium price will make it more attractive. 200ppm is about US$38/t ore value, has more value than 0.6% copper ore.

mmmmining

31st-March-2007, 07:16 PM

Since the beginning of this year, Both BMN and ERN appreciate over 40%, and WME did almost nothing. But it did show sign of life from 16c on March 6 low, to Friday's 18.5c close.

During this period, both BMN and ERN has issued one positive news each regarding exploration. But WME has issued 5 related news. Each news only has 5 min fame, than faded.

Very interesting price action patten too. Shareholders in BMN and ERN seem to anticipate the ann, and expecting. While WME's shareholders are very passive to the ann. The reason could be lack of interests on WME. It could change. We have seen it happened to ERN before.

There are quite a few research reports on WME, and good for DYOR. Just from peer analysis point of view:

1. Resources estimated (not JORC, but accepted by IAEA) at 14.1mlb net (80%)

2. 200ppm uranium is not too bad with upto $96% recovery with conventional alkali leaching; At current price, it is about the same as 2g/t gold with over 2mil.oz gold resources;

(Nearby Klein Trekkopje deposit is due to advance to trial mining in 2007 and to launch commercial production in late 2008. The deposit is about 130ppm, but with about 35,000t)

3. Exec. Dir and CEO Leon Reisgys is a member of the teams made the discovery of Manyingee and Ben Lomond deposits;

4. Share price is significantly lag behind ERN and BMN

5. Low market cap, fully diluted at about $55m

6. JORC reports on 2H, with possible resources upgrade.

Nowadays, chasing blue sky is much easier than facing down to earth reality for momentum traders. Well, if you after some value, WME is surely one of them.

But I don't want you guys out of focus. If you think BMN and ERN have better future (I have the same view), stay with them. But if you have some spare money or so and like cheap staff, spend a few on this one might be very rewarding.

mmmmining

4th-April-2007, 12:49 PM

Still a $4 EV/lb.

If another Aussie can produce in Namibia, WME should be well ahead of BMN, EXT, DYL, ERN, and WMT. The management team is very active. A lot of progress has been made. JORC this year, and BFS next year, 2009 to 2010 it can produce..

Assume it can produce 500t/yr U with 10-12 years mining life, and $60m capital exp. It should be a very attractive investment at current uranium price and share price.

Don't worry about the low grade, nearby 130ppm has passed the BFS, why not this 200ppm? 200ppm ore has contained value of US$40/t, not too bad.

Don't forget they have high grade ore body. They can mine it first.

mmmmining

10th-April-2007, 12:46 PM

UraniumLover

10th-April-2007, 02:15 PM

Cannot believe it, people still have find any value of this extremely undervalued stocks in the back of record $113/lb uranium spot price.

Companies with low grade uranium deposits will benefit most. This one is at less than $4/lb.

Can't understand it either.. Needs some lacking
:1luvu:
Have a look at WMT today. It has 52,258,030 volume currently and up 18% poor WME a more advanced explorer is down . Deserves better.

mick2006

11th-April-2007, 11:21 AM

interesting to see that WME has so-far missed out on the uranium boom with their uranium tennements so close to that of Rio Tinto and Paladin in Namabia.
Although it is early in the exploration phase they are talking about proving a JORC resource of 18 million pounds of uranium by years end and that is contained only in a section of the tennement previously explored by Goldfields back in the 70's.

Using modern exploration methods and expanding the search they could well be sitting on a large tonnage of uranium ore although as yet only reasonably low grade, but on the up side the phase to exploration showed some nice grade increases to the west of the explored zone of over 1000ppm.

With drilling only recently restarted on previously explored areas in the tennements which accounts for less than 30% of the tennement and being within such close proximity to Rossing Uranium Mine (Rio), and Langer Heinrich (Paladin) it certainly looks like it could have some upside of the coming year with increased exploration focus looking to shore up a JORC resource before years end.

The August 08 options are trading at 15c and may be worth a punt with plenty of time till expiry.

Anyone else have a view on why it has seemed to fly under the radar and do you think the release of the latest 2500m of drill assays due in the next two weeks could draw attention to the uranium potential of WME?

mmmmining

11th-April-2007, 12:44 PM

Low grade at 200ppm turns away a lot of people.

Soon or later people will realise that the lower grader will benefit most from rising uranium prices.

mmmmining

13th-April-2007, 10:42 AM

Punters have a lot of imagination, but a bit shy of reality and value.

When WME produce its JORC and scope study, you might find you have just missed this cheap stock.

When uranium price was at $40sh/lb, WME is a 20c stock, now it's $113/lb, still at the same price. Amazing.

Also there is more positive information released since then.

What a great anomaly? The rest is for you to fancy.

mick2006

13th-April-2007, 11:14 AM

Certainly crazy that it is still trading at only 20c, there is no exploration upside counted in the shareprice at the moment I know that the average grade so far is only 200ppm, but the latest assay results pointed to higher grades that a heading towards a previoiusly undrilled section of the tennement.
On that basis alone it may be worth taking a punt in the hope the higher grades continue into the unexplored areas, also the historical drilling only covered around 30% of their tennements.

What we do know is:

1. They have found uranium
2. They are in a location close to 2 operating uranium mines with another undergoing a feasability study.
3. Unlike Australia when they prove up their initial JORC resource they can proceed to development with the assistance of the Namibian Government.
4. The more Uranium they uncover they will quickly become a target for some of the bigger boys.

I don't know about the rest of you guys but it is very hard to find an undervalued Uranium explorer so with the August 08 options trading at 15c it may be worth a punt in the hope of some good exploration results.

mmmmining

13th-April-2007, 11:29 AM

The chart is looking excellent. It has formed a double bottoms recently. And cleared the 18c and 19c resistence levels, and next major is 22c, and 25c.

Technical speaking, it is very strong.

sleeper88

13th-April-2007, 12:28 PM

Exited EVE and into this one..hopefully this is the next U stock to run.

mick2006

13th-April-2007, 01:30 PM

Nice little lunchtime run, blew through a couple of previous stumbling blocks, hopefully it can consolidate around 21c and push higher when the next drilling results are due in about 2-3 weeks time.
Interesting there is no time premium for the august 08 options considering the amount of time and the fact they will have a JORC uranium resource well before august 08.

mick2006

16th-April-2007, 11:16 AM

Good to see that wme is finally being recognised by the market, has seen an increase in volume of the last week and some nice steady gains. Sellers are dissapearing fast with over 2.5 million on the sell side wiped out in the last two trading days.

Remember the latest drilling results are due in the next couple of weeks so it looks like people are buying up in anticipation of some good results!!

They have already go a substantial low grade resource, but some recent exploration results show some good higher grade uranium hits which is open to the northwest and southwest. These areas are the focus of the recently completed drilling campaign and if it shows the existance of a high grade area outside the current resource it will put a rocket under the stock.

Currently up 10% with sellers thinning out!

A good time to be a WME shareholder

imajica

16th-April-2007, 06:39 PM

just found this one today - U prospects look excellent

could someone please post a chart and provide some sort of technical analysis?

thanks in advance

imajica

17th-April-2007, 12:31 PM

nice steady rise each day - the market is beginning to comprehend the scope of WME - 18 million pounds of U (non-jorc estimate from 30% of the tenement) - drilling is in progress to not only gain JORC status but to expand the resource and increase the grades - this one could follow in the steps of BMN - as always DYOR

imajica

17th-April-2007, 12:51 PM

a nice looking chart!

dj_420

19th-April-2007, 09:54 AM

well im going to be in on this one as of open this morning. cant believe i overlooked this little gem, luckily for me it hasnt moved much since overlooking!

volume been picking up, i think market is beginning to realise what a measured resource means even if it is pre-jorc.

any indication of a 10 000 tonne uranium deposit (almost 10 000 tonnes here)has run to the moon recently and WME has only increased slightly.

looking forward to holding this one and getting some further drill results back to confirm and expand on resource.

are others holding this one for long term potential? or at least until they define the resource?

sleeper88

19th-April-2007, 10:58 AM

http://www.wametals.com.au/files/K6TY3W29DS/WMEsxann070330_Resource%20Capital%20Research.pdf

Latest research report on their website.

mick2006

19th-April-2007, 11:13 AM

The fact that it was one of the few uranium stocks that hasn't had a major run was why I bought into it in the first place, and then after a couple of days more intense research I realised the full potential of WME. Many people have been saying that the average grade of 200ppm is too low and to a degree they are right, but with the price of uranium now $113 usd a pound and the fact they seem to have found a higher grade zone which is open to the northwest and southwest of their tennements certainly gives it some major potential upside from the current share price.

A couple of major strengths for WME is the location of the deposit near two major uranium producing mines in Rossing and Langer Heinrich.

The willingness of the Namibian Government to help overseas companies start mining projects in their country (particularly uranium).

Only 30% of their tennements have been drilled, with a highly encouraging 25km channel that still needs to be explored.

As with any investment in a uranium explorer it all comes down to actual uranium in the ground they have a pre JORC resource of 18 million pounds of uranium and when this is verified it could become a springboard for better things ahead.

They still have 70% of a very prospective tennement to explore, very interesting times ahead.

dj_420

19th-April-2007, 12:02 PM

imajica

20th-April-2007, 07:35 AM

the current drilling program at Marenica has been underway for months to confirm previous results and to exponentially expand the U resource - encouraging intersections such as:

9.7m @ 0.098%

60m @ 0.05%

3m @ 0.075%

these preliminary results are extremely encouraging and point to an increased level of mineralistion acrosss the remainder of their tenement

note: WME usually report to the market once a month - hopefully we should have some further results releasedin the next few weeks (this is speculation based on announcement history)

mick2006

20th-April-2007, 11:14 AM

Good to see 23.5c cents just taken out and that there is some good support at 22.5 and 23c. Also there is now 1.86 million above 20c.

Although it has only been six weeks since drilling recommenced on their uranium tennements, sampling programs have been ongoing for quite a while. It wouldn't surprise if we got some news in regards to the sampling program before or included in the quarterly report which is due at the end of next week.

So there could be a bit of newsflow over the course of next week, would certainly be worth holding going into the next couple of weeks because any good news could push it over the resistance at 24.5c. And then who knows where it could end up.

Also very impressed by the way it held up yesterday afternoon when everything else was getting smashed, very positive signs!!!

dj_420

20th-April-2007, 03:22 PM

mick2006

20th-April-2007, 03:57 PM

Wow large buy orders, smashed straight through alot of resistance around 25c.
About 3.5m shares traded in the last 45 minutes, some parties certainly want a piece of the action. Not sure why the sudden interest could be many factors, maybe the market is finally re-rating this little gem!!

imajica

20th-April-2007, 04:08 PM

people are finally starting to realise the potential of this stock

mick2006

20th-April-2007, 06:06 PM

For all those technical and chart analysts out there would it be possible for you guys to give you opinion on WME it has certainly been strong over the last couple of weeks, closing at a new record high today. Seems to be undervalued compared to some of its Namibian peers in PDN,ERN,BMN and it seems like it is in the process of going through a market re-rating. Would be interested in any chart or technical analysis you guys come up with.

Cheers in advance

chris1983

20th-April-2007, 06:45 PM

well WME might finally be getting some sort of re-rating!

after one of the last uranium stocks on the ASX to run its little wonder we are seeing some action:

1 - pre JORC 18 million pounds
2 - meaty hits on further drilling of resource and at higher grade
3 - small market cap compared to peers
4 - great location
5 - only 30% of resource actually explored so far

Agree with this. My Dad has a holding in WME. Glad they are starting to move. They have a low grade resource but if the spot price continues to rise it doesnt mean much. They have a good location. In their last report they only had 2 million cash on hand..but they wont have any troubles raising more. They dont have too many shares on issue. Not too bad.

"Historic resource (non-JORC) estimated by Gold Fields – potential
for +8,000 tonnes U3O8 (approximately 18 million lbs)"

I wanted in on these at 16 cents..but never hand the funds. Currently all my money is in ERN and BMN. I still think you cant go wrong with explorers that have historic resources. Good luck ppl.

Halba

20th-April-2007, 06:54 PM

My historical research did not indicate anything positive, too low grade and the resources were quite scattered. Probably leave this one. Needs fresh drilling results, otherwise rises are pointless.

chris1983

20th-April-2007, 07:20 PM

My historical research did not indicate anything positive, too low grade and the resources were quite scattered. Probably leave this one. Needs fresh drilling results, otherwise rises are pointless.

I still like ERN and BMN more atm. But I think this one could still run. Was thinking it would run from 13 cents. Its taken awhile but it has started. Just look at DYL and their resources in Namibia..now that is scattered! Check out DYL's market cap too. Its super high..sorry to DYL holders. Atleast WME have their 17 million pound historic resource on one license :) If I had to choose a third uranium play in Namibia it would of been this one or EXT. Probably this when it was back around 18 cents. EXT management is useless. I'm not looking for an entry level on WME but I think they are quite good for a spec play.

imajica

20th-April-2007, 07:51 PM

Halba

20th-April-2007, 08:57 PM

nice bit of downramping there Halba, make sure you fully research a company before you make any comments - grades will be much higher across the remaining 70% of their tenements - the 18 million lb historical resource is enough on its own to warrant a higher market cap.

ie- current U explorers are valued at around $7.50 per pound of U in the ground

18 million x 7.50 = 135 million market cap

WME market cap = 52 million

even at 135 million no exploartion upside is built into the price

I have researched this company extremely well. I hate to break the bad news, but its not going to meet the 18 million pound figures. Are there any drill results to back up that 18 mil pound figure? Because the figures I read on Namibian govt ministry document suggests the exploration results at the marenica license were poor. Until I see some good drill results over good widths, I would not consider investing in this company.

Re: grades will be much higher across the remaining 70% of their tenements, anything to back up that statement of yours?

I'd give WME a miss.

kennas

20th-April-2007, 10:01 PM

nice bit of downramping there Halba, make sure you fully research a company before you make any comments - grades will be much higher across the remaining 70% of their tenements - the 18 million lb historical resource is enough on its own to warrant a higher market cap.

ie- current U explorers are valued at around $7.50 per pound of U in the ground

18 million x 7.50 = 135 million market cap

WME market cap = 52 million

even at 135 million no exploartion upside is built into the priceActually, I think U explorers/developers are being measured on a higher market cap per lbs at the moment due to the appreciation in U spot price, but from what I've read $8 is the worst case standard right now, based on future U price averaging $40/lb.

So, by these calculations WME is looking OK.

However, I don't see how you can make this statement Imajica:

"grades will be much higher across the remaining 70% of their tenements"

Please add some justification to this.

Cheers,
kennas

kennas

20th-April-2007, 10:03 PM

Halba,

Please refrain from giving any buy or sell recommendations. This is telling people NOT to buy:

I'd give WME a miss.

Cheers,
kennas

imajica

20th-April-2007, 10:14 PM

However, I don't see how you can make this statement Imajica:

"grades will be much higher across the remaining 70% of their tenements"

Please add some justification to this.

Cheers,
kennas

Sorry about that Kennas, forgot to disclose my source - latest research report states: (it is a prediction declared in this report)

"WME expects to be able to define higher grade zones based
on drill data sourced to-date which has reported higher grade intersections including; 9.7m at 0.098%
eU3O8, 8.1m at 0.05% eU3O8, and 3m at 0.075% eU3O8. Information has been obtained on
approximately 1000 of Gold Field’s drill holes with the remaining 1000 expected to be sourced 1Q07.
Trench sampling over 18km2 (2H06) confirm broad zones of near surface uranium mineralisation.
Trench results include 60m @ 0.05% U3O8 (A1T2) and 80m @ 0.024% U3O8 (A4T2). Sampling
indicates higher grade mineralised extensions may exist to the northwest and southwest."

source: Resource Capital Research Report dated: 26th March 2007

chris1983

21st-April-2007, 12:37 AM

Guys...all in all they claim to have a 18 million pound historic resource..whether its the truth or not is yet to be seen because they need to redrill the resource.

Look at Acap resources with their supposed 30 million pound historic resource. Boy oh boy I wish I got them at 60 cents..I said I was going to but never had the funds to do so. Well I think ACAP have about that much of a historic resource from memory...I cant be bothered going through the reports to confirm but I'm sure its about that much. Anything that has a sniff of a historic resource IMO has more chance of bringing you gains than plain grassroot explorers with nothing. Thats all I'm trying to say. I dont think WME is the greatest play out there..but its not a bad one. If I could make a good profit on these what I would do is sell enough to free carry the rest just to ensure I have locked in profits and see what they could do..thats just what I would do. What ever decisions you make though is purely up to you. :) Good luck people.

mick2006

21st-April-2007, 10:11 AM

Good to see that the last week or so that the general market is starting to pay a bit more attention to WME. Seems that some people have different views on the stock which is fine that is what these forums are about, not everybody has to agree on which is their favourite stock.

As for WME compared against its fellow Uranium peers defining resources out of Namibia here are the following market caps as of this morning taken from commsec.

PDN- $4841 million
BMN- $274 million
ERN- $35 million
EXT- $149 million
WME- $52 million
DYL- $553 million

Each of the above companies are at varying stages of exploration and development in Namibia and I am sure that by taking a poll on which one people thought was the best value you would get votes spread over each one of them.

Just trying to highlight the fact that Namibia is certainly a world hotspot for uranium exploration and with a Government that is very helpfull in getting projects to production stage there is no reason why any of the above could become one of the next Uranium producers, obviously Paladin is already producing.

Yes WME is only in the early stages of exploration on their tennements but the above market caps certainly shows the upside potential of WME when more drilling results are released and they prove the historical data and confirm at least a 18 million pound uranium resource.

The fact that WME has started to be re-rated will continue on any positive drilling or sampling news due to the fact it is undervalued when you work out the value of the companies per pound of uranium times the historical reserves.

So WME might not be everybodies first choice Uranium explorer, but it certainly has some potential upside from these price levels, should be an exciting few months ahead with exploration results due.

Remember DYOR

dj_420

21st-April-2007, 04:39 PM

I have researched this company extremely well. I hate to break the bad news, but its not going to meet the 18 million pound figures. Are there any drill results to back up that 18 mil pound figure? Because the figures I read on Namibian govt ministry document suggests the exploration results at the marenica license were poor. Until I see some good drill results over good widths, I would not consider investing in this company.

Re: grades will be much higher across the remaining 70% of their tenements, anything to back up that statement of yours?

I'd give WME a miss.

halba you seem quite certain that a low grade uranium deposit is worthless along with any WA explorers. you state you have researched this company extremely well, perhaps you did not research the avg grades of namibia uranium deposits enough?

MIGHT i remind you that namibia uranium deposits are typically low grade. HAVE you even looked at the RIO rossing mine? do you realise it is at an avg of 300 ppm.

you also seem quite certain that historical figures are all wrong, well we might have a look at PDN langer heinrich mine, the grades historically were lower than what was eventually proven.

additionally there is a deposit called Klein Trekkopje which you might want to look at:

taken from http://ww7.investorrelations.co.uk/uramin/uploads/press/Trekkopjelicencegrant61106.pdf

SRK Consulting (U.S.) Inc (‘SRK’) is currently undertaking a Definitive Feasibility Study (‘DFS’) at
Trekkopje, which is due for completion in late 2007. In September 2006 SRK estimated Measured
and Indicated Mineral Resources totaling 61 million tonnes at an average grade of 137 ppm for 8,000
tonnes (18 million lbs) contained U308, reported using a cut-off grade of 80 ppm U308. SRK also
estimated a total Inferred Mineral Resource of 502 million tonnes at an average grade of 127 ppm for
63,100 tonnes (139 million lbs) contained U308, reported using a cut-off grade of 80 ppm U308.

so obviously here you would have overlooked the resource due to its poor grades, yet it shows that a large low grade resource can be financially viable :eek:

AND WME have higher grades :eek:

so before you completely write off a company because you "thoroughly" researched it i might suggest you look into similar style resources in the region in which the deposit is located.

mick2006

21st-April-2007, 05:19 PM

Another bonus is in the historical records of exploration by Goldfields they obtained using Alkali Leaching a 96% uranium recovery. Meaning virtually all uranium they manage to define is able to be recovered by a low cost leaching operation.
I notice that there has been some discussion on uranium recovery process and mining costs on the MTN thread would appreciate some analysis on mining cost in Namibia for WME.

imajica

21st-April-2007, 10:25 PM

a recent chart for WME

could someone with T.A. knowledge please interpret this chart

thanks in advance

dj_420

22nd-April-2007, 12:02 AM

on WME i see some short term support at 20.5, 22 and 23.5 cents. these levels were previous resistance levels. fridays trade saw it break 23.5 cents on around 5 million volume, most of it in last hour or so of trade.

this was also a break of yearly high, i want to see WME close above 23.5 cents for a number of days build up new base of support.

WME could also be going through re-rating as many othe uranium stocks have run and WME has stayed relatively steady with a much smaller cap compared to market peers, so increase of late could be akin to re-rating.

nizar

22nd-April-2007, 12:54 AM

mick2006

22nd-April-2007, 07:24 AM

Was lucky enough to get in at 18c and was hoping to grab a few more before the market caught on, but now not much resistance left between 26-30c. Will take my chances and grab some more on monday at the open, with such a strong lead from the US and the large run up friday arvo may have to compete with the masses to grab whats left on offer.

imajica

23rd-April-2007, 09:36 AM

strong bidding in the pre-open indiacting another bullish day for WME

WME is still ridiculously undervalued when compared to its peers on a resource value basis. (ie-minimum $9 per pound of U in the ground)

minimum 18 million lbs = 162 million market cap or around 81 cents per share

as always, DYOR

gregcourageous

24th-April-2007, 01:55 PM

Hello All. First of all, thanks for all the information everyone is posting, I'm new to trading, and the discussions on here are certainly helping me make sense of everything, slowly, but surely.

I was just wondering if anyone has any idea when the drilling results are due, I'm not sure whether i should hold on to my WME shares or look at getting something else, I like Uranium, and have been thinking about purchasing UEQ. Unfortunately i just missed out when they were down last week :(

dj_420

24th-April-2007, 02:03 PM

yeah i jumped off this bus after open yesterday for a quick 15%

a lot of resistance has started forming on WME with not a huge lot of support. they broke out and failed to close aboe that resistance so ill leave them be. oh well good for a quick run and small profit.

put money back into CTS, i think they have huge upside and potential producer status next year. lump them into same boat as URA.

gregcourageous

24th-April-2007, 02:18 PM

I almost did, but decided to hold at the last second, hopefully i don't regret my move. It would be nice to know when the next round of drilling results are due, could be worth gambling on them. Also, can someone please explain a little more in depth imajicas statement

WME is still ridiculously undervalued when compared to its peers on a resource value basis. (ie-minimum $9 per pound of U in the ground)

minimum 18 million lbs = 162 million market cap or around 81 cents per share

Is this based on the estimated results or already released figures?

Sorry if I'm making no sense, like I said, I know very little about trading & mining! Any help is appreciated! Cheers.

imajica

27th-April-2007, 11:51 PM

the 18 million pound Uranium resource was historically defined by the previous owner of the tenement, Goldfields in the 1970's - they didn't proceed with the project further because of depressed U prices - although it is non-JORC - it was extensive and defined a resource of approx 18 million lbs - this exploration only covered 30% of WME's overall tenement at Marenica and does not take into account the large and as yet untested paleochannnel which indicates higher grades of mineralisation and therefore the increased potential to massively upgrade Goldfields resource estimate. :jump:

gregcourageous

28th-April-2007, 02:06 PM

Sounds good to me. I got in at 0.23 so I'll hold for a while. Any idea when the the next round of results will be due?

imajica

30th-April-2007, 08:46 AM

according to historical precedence, WME generally reports to the market every 4-6 weeks. last annnouncement was on March 22nd - we should have a price sensitive announcement very soon regarding more results from Marenica

imajica

30th-April-2007, 08:35 PM

It is hard to believe that there are barely any ASF members on this one!

nice 1 cent gain today to 26.5c and finishing on the day's high - anticipation will increase as we inch closer towards the quarterly report regarding results from Marenica - exciting times ahead for WME

imajica

30th-April-2007, 09:37 PM

just finished reading the quarterly

a very comprehensive, well-written document

WME is on track to define a resource by the end of 2007, thats for sure!!!!

they are waiting on assay results and will be reported to the market as soon as they are received

they are also investigating 'Rossing' style primary mineralisation

Go WME!!!!! wooohooo

Gurgler

1st-May-2007, 07:35 AM

Yes, Imajica, a nice 40+% gain in the past month and one feels it has yet to finish its current move.

Picked it again in stock tipping this month; we'll see if it appreciates.

I read on the Uranium Bull thread that Grigor ranked WME as fully valued. See what the market says.

imajica

1st-May-2007, 08:25 AM

Warwick Grigor merely ramps stocks he has a vested interest in, he is not to be trusted. saw an interview the other day and he was going on about Monaro Resources as one of his favourite U plays (that's because he has a s**tload of shares in them)

WME is nowhere near fully valued, reasons:

1. 30% of tenement has an historical resource of 18 million lbs (this alone would value WME at a market cap of around 162 million = $9 X 18 million)

2. most mineralisation occurs near the surface (50m depth or less) which means it is cheaper to mine than an underground pit -this is what CTS will have to do which is far more expensive - nice one Grigor!!!!

3. Marenica is in a highly prospective uranium province - down the road from Rossing and langer Heinrich - and contains similar geology to the Rossing area

4. Namibia is U friendly - a mine will be up and running here at least 2-3 years soooner than a new U mine in Australia

5. upgrades to the 18 million lb resource is practically a given as the remainder of the tenement is displaying higher average U grades

some people on here have been whinging about the grades from the historical areas, I think we all forget that Rio Tinto's Rossing mine has an average grade of 300ppm - nuff' said

as always , DYOR

imajica

3rd-May-2007, 09:47 PM

New article from RESOURCESTOCKS - provides a good summary of what WME is alll about.

Big plans for uranium play

Thursday, 3 May 2007

THE resurrection and potential production of a Namibian uranium project that one of the world's biggest mining houses walked away from 25 years ago is showing real promise among the plethora of new uranium hopefuls. By Mark Mentiplay, RESOURCESTOCKS*.

Uranium oxide samples

A view of the landscape at West Australian Metals' Marenica uranium project in Namibia

West Australian Metals plans to begin drilling its Namibian uranium project within months with the objective of defining a JORC compliant resource containing 8000 tonnes of uranium oxide before the end of the year.

WA Metals technical director and acting chief executive Leon Reisgys told RESOURCESTOCKS drilling on the Marenica Uranium Project was scheduled to begin in the next quarter of this year, the latest phase of a fast-track process begun only last year to validate and build the resource previously outlined by international precious metals major Gold Fields.

Back in April 2006, WA Metals executed an agreement to acquire 80% of the highly prospective Marenica project by spending $A335,000 on exploration. The remaining 20% is held by a Namibian citizen, who will be free carried through to a decision to mine.
In light of current uranium prices, the existing resource, the project's geological signature and proximity to two major uranium mines, the entry price seems very attractive.

Gold Fields had previously estimated a palaeochannel related resource of around 40 million tonnes at 200 parts per million equivalent uranium oxide (eU3O8), containing 8000t (about 18 million pounds) of eU3O8 based on extensive exploration, including 32,000m of drilling.

Although not JORC code compliant (it didn't exist then), the estimate and uranium inventory summary was prepared and submitted to the Nuclear Development Corp of South Africa and conformed with the then internationally accepted protocol for reporting uranium mineralisation to the International Atomic Energy Agency.

Higher-grade zones within the mineralisation included 9.7m at 980ppm eU3O8, 8.1m at 500ppm eU3O8, 11.7m at 240ppm eU3O8 and 3m at 754ppm eU3O8.

The resource was found within the eastern half of the over 700 square kilometres now controlled by WA Metals in shallow palaeochannels and weathered basement rocks to a maximum depth of just 20m.

But the area explored by Gold Fields covered only 30% of WA Metals' exploration licence and did not include about 25km of the major Marenica palaeochannel interpreted to traverse the project area.

"I'm pretty confident about the Gold Fields work and have no reason to doubt the integrity of their data or numbers," Reisgys said.

"But they do require validation and that's what we have been doing over the last few months via trench, pit and rock geochemical sampling, radiometry and inputting historical data. The results are encouraging and confirm the presence of significant and widespread areas of near surface uranium mineralisation.

"I expect there will be higher grade resources within those outlined by Gold Fields, which we will target sooner, rather than later. That's what the drilling will be aimed at, as well as targeting other areas," he said.

Coupled with a low-cost entry project, WA Metals is nicely cashed up to the tune of about $2.5 million following a recent $1.9 million capital raising.

And the Marenica Uranium Project has a couple of successful, high profile neighbours.
The Rio Tinto operated Rossing uranium mine, 60km to the south, has been in production since the late 1970s and produces about 6% of the world's uranium oxide.

About 100km to the southeast, just beyond the Rossing mine, is Paladin Resources' Langer Heinrich mine, 32Mt at 700ppm U3O8, which began production at the end of last year in its run-up to 1180tpa uranium oxide over a minimum 17 years.

Reisgys said the Marenica mineralisation is similar to the Langer Heinrich palaeochannel type uranium mineralisation and the licence prospective for Rossing style mineralisation.
Although lower in grade, the Marenica resource shows significant amounts of uranium mineralisation and abundant scope to define higher grade zones.

It is also only 90km northeast of the town and deepwater port of Walvis Bay.

The Marenica uranium mineralisation was discovered in the 1970s, along with a number of other significant uranium bearing palaeochannels in the same province, including Langer Heinrich.

Gold Fields of South Africa Ltd completed around 32,000m of project drilling in more than 2000 holes, focused on the northeastern sector where airborne radiometrics, wide spaced trenching and pitting located four major uranium anomalies (Anomalies 1-4) covering about 7sq.km. Uranium mineralisation was also reported between and adjoining Anomalies 1-4, within a broader airborne radiometric anomaly covering about 18sq.km.
The four major anomalies were investigated by detailed geophysics and drilling. Closer spaced drilling, in places down to 40m by 40m, was undertaken to a depth of 35m with holes radiometrically probed to allow log-based grades to be calculated.

Exploration work on the project by Gold Fields ceased in 1982 as a result of depressed uranium prices – less than a third of what they are now – and in 1999 the company merged with Anglo Gold to focus on gold.

But there is no doubting the intensity and focus of the exploration up to 1982.

"Nothing has been done there for 25 years, but there is no doubt Gold Fields did a hell of a lot of work on this project, one suspects with a view to completing a feasibility study," Reisgys said.

The drilling by Gold Fields was focused largely on the testing of radiometric anomalies defined by airborne and surface surveys – the more easily identifiable surface/near-surface uranium occurrences.

Trial radon surveys by Gold Fields over areas suspected of hosting uranium mineralisation beneath surface cover reported anomalies over areas with little or no surface radiometric anomalism.

"Exploration technology has also improved greatly over the last 25 years, particularly airborne geophysical surveys, which have shown to be very important in South Australia for defining palaeochannels."

WA Metals has completed the first phase of a program to locate old drillholes, channel sampling of trenches, surface rock sampling, geological prospecting, structural interpretation using satellite imagery and further processing and reinterpretation of geophysical data flown by the Namibian Ministry of Mines in 1995, along with its own radiometrics flown late last year.

The program, concentrated on Anomalies 1-4 and to the immediate west extension of the 25km long Marenica palaeochannel, was aimed at confirming new and known uranium bearing areas, and identifying potentially higher-grade zones for future exploration including drilling.

The company has confirmed the presence of previously identified mineralisation and is assessing the prospectivity of targets outside the previously drilled areas. The immediate upcoming phase of exploration will include radon surveys to identify potential uranium mineralised zones below sterile sedimentary cover, and compiling of all work to generate drilling targets, including possible radiometrical relogging of old drillholes.

Drilling to both confirm and extend previously outlined mineralisation within the Anomalies 1-4 area, as well scout drilling of newly defined targets to the west in the Marenica palaeochannel system, is being planned.

Metallurgical testwork carried out by Gold Fields has indicated that mineralised material from Marenica can be treated using conventional processing techniques to achieve high uranium recoveries.

Perth-based RM Capital's RM Research says excellent potential exists for the discovery of further mineralisation within 25km of strike of the Marenica palaeochannel downstream of the defined resource.

The analyst has put a "speculative buy" tag on WA Metals and considers, given its capitalisation of around $55 million fully diluted after its recent capital raising, it provides a compelling alternative to the likes of fellow Namibian uranium aspirant Bannerman Resources, with a capitalisation of around $200 million fully diluted.

Punter

3rd-May-2007, 09:54 PM

Warwick Grigor merely ramps stocks he has a vested interest in, he is not to be trusted. saw an interview the other day and he was going on about Monaro Resources as one of his favourite U plays (that's because he has a s**tload of shares in them)

Haha imajica too right with your analysis here. All the stocks reccod by Grigor are backed by him or his company Far east. He is a shameless ramper, but he speaks well.

I would like WME to release some of its downhole results, they haven't released a fresh drill hole or logging yet...

gregcourageous

7th-May-2007, 02:11 PM

Hello All - Slow week for WME, I'm guessing people are getting sick of waiting??? Could be an opportunity to top up. Does anyone have any idea when results are expected? If i was to call the company would they be able to give a rough date? I'm trying to decide whether to boost my holding in WME or YML. Any help would be appreciated.

boy_888

22nd-May-2007, 03:39 AM

has anyone any idea when the next drill results update for wme is due? an activites update should be around the corner?

gregcourageous

22nd-May-2007, 11:37 AM

Its starting to annoy me a little waiting as well. I read somewhere or other that there was a hold up in the place that is processing the results, who knows but. Either way nothing has changed and there is no reason for the results to be negative, remember they KNOW that there is uranium in there, it just depends how much. Hopefully alot, i was almost going to forget about WME and put the extra money in YML when they were both trading at 23 cents :-(

gregcourageous

22nd-May-2007, 05:25 PM

I emailed the company and got this response.

Looks like we may still have a while to wait :-(
At least we know. Just have to hold and hope for the best.
------------------------------------------

Greg,

To date we still await results from the Laboratory in South Africa, as
you will appreciate the massive increase in exploration companies and
the sampling thus generated has put the Labs under a large amount of
strain. Whilst we hope to have the results sooner rather than later
there is little we can do to accelerate the process, the labs are only
designed to process so many samples per day and are currently running
above capacity - this is a world wide issue and applies to Australian
labs as well (as I am sure they would tell you should you wish to
question them). As a result we are unable to say when our results will
be available but we hope it will be in the none too distant future. In
the mean time we appreciate your patience.

Regards

Ron Reid

Senior Geologist

boy_888

30th-May-2007, 05:45 PM

substantial increase in turnover in WME today. overdue uranium drill results must be getting close to being released.

gregcourageous

30th-May-2007, 09:34 PM

Well its been over a week since i got that email (see my previous post), so surely the backlog in the center has almost cleared. I'm a little over waiting! Going away next week and need to sell something for some extra cash. Would love WME to fly now...

Maybe the increase in volume today was all the boys in South Africa working down at the lab who couldn't believe their eyes when they saw what was on their tables ;)

mu5hu

31st-May-2007, 08:40 AM

You were right fellas,

Results have just been released!! Looks encouraging!:) :)

Wat do you guys think?

mick2006

31st-May-2007, 09:12 AM

good to see some hits over the average 200ppm uranium, the market seems to like the results the depth is building nicely this morning.

mu5hu

31st-May-2007, 09:15 AM

good to see some hits over the average 200ppm uranium, the market seems to like the results the depth is building nicely this morning.

SOME?? looked like MOST of them hit over 200 ppm lol.

And yeah the market seems to like it..but we'll see if it can hold it throughout the day and close on a high

boy_888

31st-May-2007, 09:49 AM

these results are promising! market cap for WME still small, iin actuak fact comparable to some grassroots explorers out there! lol!

gregcourageous

31st-May-2007, 10:21 AM

Remember this is only 5 / 150 holes drilled. So we still have 145 results waiting, which if on average as good as this they will get the go ahead to mine. Judging by that map the better results seem to be coming from the east, these holes are from the west. Sit tight boys, this is only the beginning of a steady stream of results, and if they keep hitting as good as they are now then put on your seat belts.

MBI

31st-May-2007, 11:27 AM

these results are promising! market cap for WME still small, iin actuak fact comparable to some grassroots explorers out there! lol!

It is indeed an encouraging drilling result, but notice that after the initial general market uplift this morning, the sp has gone down by 1cts right now.

WME has a high number of unexercised options. Did a quick calculation the share dilution is around 60%, which IMO is very significant.

Anyone has any to share on how this % compared to other counters?

Cheers ...

mu5hu

31st-May-2007, 10:51 PM

yes quite dissappointed with the stocks price. Didn't hold its high prices very well. Wonder what the market was thinking?

although it did bounce off 22c which seems to be a support/resistance level

mu5hu

13th-June-2007, 10:58 PM

If anyone is charting WME, Does anyone think that the SP is creating a double bottom. Although ive never found double bottom and cup & handle etc formations very effective..some ppl mite

just never see those pattern turn out

mu5hu

28th-June-2007, 09:09 AM

Some GREAT drill results. Thats a huge ppm in the 28-39m drill hole...1600ppm off the top of my head.
this would explain yesterday strong price movement yesterday...guess some ppl knew about it yesterday!!

vert

28th-June-2007, 09:26 AM

Yeah i got home as the market was closing and noticed this was the only stock in the green on my watch list, so after a quick look at the days price action i thought that something was up and bought some on the close. After that i thought i better do some research as to what it could be, they had completed 150 holes in april and had only received results of 12 on march 31. So my guess (hope) was that some more results of the remaining 138 holes were about to be released other wise why would there be a 10% gain on a day of blood shedding. Well here they are and from my limited knowledge and still learning they look allright maybe someone who is really clued up on u308 results could shed a bit more light. And there is more to come so should be interesting times ahead for WME

gregcourageous

25th-July-2007, 06:27 PM

More great results out today, yet no price action... I really want to know why the market hasn't taking notice, so I've put together my first ever analysis, it's very basic, I'd love it if people can help me out by picking holes and point me in the right direction so i can get better at this stuff...

Market Cap @ 24.5cents = $50m

Major Project is:

MARENICA URANIUM PROJECT – NAMIBIA - 100%
Target is to confirm 18m pounds of U308 within a JORC compliant resource. This is based on historic data from Gold fields in the 80's

Taken from quarterly report:-

The Marenica Project consists of a granted 706 sq km Exclusive Prospecting Licence
(EPL 3287) located in the same uranium province which hosts the Rossing and Langer
Heinrich uranium mines and the soon to be developed Trekkopje uranium deposit in
Namibia (Figure1).
The Company’s short term objectives are to delineate a near surface (less than 50 metre deep)
JORC compliant resource containing around 18 million pounds of U3O8 (within an area in which
an historic resource was reported by Gold Fields of South Africa during the last uranium ‘boom’)
and to identify new targets prospective for both secondary and primary uranium mineralisation
throughout the project area.

So far around 85% of assay results have been published to the ASX, slowly but surely validating the results. New zones have also been uncovered

My ESTIMATED Valuation
14M pounds U @ $15 lb = $270m = $1.30c WME
14M pounds U @ $30 lb = $540m = $2.60c WME

To be honest with you all, I’m not 100% sure if those rates are feasible or not, I’m working on about a 75% recovery rate from the 18m they *think* they have... I don’t nearly know enough to work out what it will cost to get the stuff out of the ground, SO I’m stealing YT’s estimates from CTS to get the profit of $15 & $30 / lb... Sound reasonable???

Not going to get into other projects because I don’t understand what I’m doing :-P besides they aren’t the hot topic at the moment...

All in all, to me it looks as though WME are worth allot more than the 20 odd cents they are floating around now... They are in very good company with their Namibian neighbors who are making a sh*t load off the same if not lower grades. Can someone please shut me down and tell me if/why i’ve got it all wrong??? I can’t work it out...

Cheers
Greg

mu5hu

25th-July-2007, 10:25 PM

I'm not much of a fundamental background trader, more charting and the chart but from my point of view, WME is about to break out, and i'm tending towards the upside rather than the downside.

As you can see from the pic, the Bollinger bands are about to go into a squeeze. Which has a good chance of it breaking out. I lean towards the upside due to good results lately as well as volume increases last few days. Price consolidating for a few weeks now. MACD settled but Green line of the MACD is tending upwards.
But overall, its the good news lately and the SP holding steadily in rough patches in the market so is just a waiting game for now

Cheers

lol but i could be totally off the mark :)

MBI

26th-July-2007, 09:00 AM

Thanks for the nice work Mu5shu.
Like to add that the hanging man candlesticks for the last couple of days somehow do not give a clear signal that it is at the bottom, than if they were positioned below 0.24 support line. Will be interesting to watch how it will go for rest of week.

:)Cheers:)

mu5hu

9th-August-2007, 11:46 PM

HRM well this stock don't look to healthy atm. Buying depth has dried up so wonder wats happening. It Was alot stronger a week or 2 ago even though the market was down.

Hopefully this stock holds its price. Last few drops in SP have been on very little volume so maybe we should take that as a good thing?

Just can't shrug off the fact that the buying depth is very thin!

mu5hu

yuyry002

16th-October-2007, 03:39 PM

anyone know whats going on with this one?really high volume 8 mil today and 5 mil yestoday?:confused::confused::confused:

prs

2nd-November-2007, 07:38 AM

I'm led to believe that WME is pretty under rated. From my knowledge it exceeded its all time high yesterday and could be destined for better things when you look at its attributes and potential.

sydneysider

2nd-November-2007, 01:15 PM

More great results out today, yet no price action... I really want to know why the market hasn't taking notice, so I've put together my first ever analysis, it's very basic, I'd love it if people can help me out by picking holes and point me in the right direction so i can get better at this stuff...

Market Cap @ 24.5cents = $50m

Major Project is:

MARENICA URANIUM PROJECT – NAMIBIA - 100%
Target is to confirm 18m pounds of U308 within a JORC compliant resource. This is based on historic data from Gold fields in the 80's

Taken from quarterly report:-

So far around 85% of assay results have been published to the ASX, slowly but surely validating the results. New zones have also been uncovered

My ESTIMATED Valuation
14M pounds U @ $15 lb = $270m = $1.30c WME
14M pounds U @ $30 lb = $540m = $2.60c WME

To be honest with you all, I’m not 100% sure if those rates are feasible or not, I’m working on about a 75% recovery rate from the 18m they *think* they have... I don’t nearly know enough to work out what it will cost to get the stuff out of the ground, SO I’m stealing YT’s estimates from CTS to get the profit of $15 & $30 / lb... Sound reasonable???

Not going to get into other projects because I don’t understand what I’m doing :-P besides they aren’t the hot topic at the moment...

All in all, to me it looks as though WME are worth allot more than the 20 odd cents they are floating around now... They are in very good company with their Namibian neighbors who are making a sh*t load off the same if not lower grades. Can someone please shut me down and tell me if/why i’ve got it all wrong??? I can’t work it out...

Cheers
Greg

CTS is probably a bad comparison but you can go back thru the earlier Press Releases on AEE which has some good commentary on the economics of mining low grade surface u deposits, i think they make reference to the costs in Namibia as well. They made these comments in reference to a low grade u deposit they have in WA.

prs

4th-November-2007, 09:53 AM

G'Day Sydneysider
I would also be grateful if somebody would check your calculations and confirm your thoughts. I know nothing of this sort of thing and in order to speed up retirement and increase my super I have planted most of my money in MTN and now WME. I am being advised and updated constantly and the advice I received some time ago was that MTN was grossly under rated but WME is even more under rated.
The volume is significant which to me indicates a lot of interest considering its current sp. I was going to invest in some other uranium companies but I think I'll keep feeding WME for the long term benefit.

explod

4th-November-2007, 10:04 AM

coppo

30th-November-2007, 02:09 PM

not much action here with what i thought was a reasonable ann.
Has this one lost its flavour?, or are we still waiting on drilling results?

Share Bear

30th-November-2007, 02:33 PM

It seems to be the same with a lot of the speccy stocks at the moment fair to good results and still they go down. Uranium explorers do not seem to be in favour at the moment. Hopefully the next 12-18 months should see a big upside on the share price.

hk2000

17th-April-2008, 08:39 PM

I visited the WME Presentation and I send you my personal cognitions. I am sorry but the grafics are not shown and I don't know why. I hope you enjoy this report anyway.

West Australian (WME) presentation in Stuttgart / Germany 12.04.2008

Present of WME:
Rodger S Johnston, Chairman
Leon Reisgys, Technical Director

Dr. Christian Schlag, geologist, as Consultant

Number of guests / listeners: 22 participants

The presentation was divided into 3 parts
1. general enterprise presentation, Rodger S Johnston, Chairman
2. overview uranium deposit Namibia, Dr. Christian Schlag, geologist
3. resources representation and exploration activities WME, Leon Reisgys, Technical Director

subsequently, there was a Buffet (very delicious) with opportunity to personal discussions.... later more.

The meeting was opened by Martin Stephan (true prosperity), which had organized also the meeting.

Rodger S Johnston, Chairman of WME, placed those already well-known WME presentation forwards (on the homepage of WME available). At first nothing new, however 2 things were particularly emphasized by him. On the one hand, an overview information sheet mentioned " from Claim to wall socket ", which drew a smile onto the listeners face. In principle this is a listing of the substantial points some exploration enterprise crosses from the start to final production (most well-known)

From Claim to wall socket
- Seaming A project
- Exploration
- Deposit Discover and resource Calculation <
- Feasibility Studies
- Construction and Mining
- Sale of Product and processing
- Power generation and " wall socket "

The second point Mr. Johnston lit up was more important from my view. He showed a comparison of the development of an Explorer such as WME with the past process of the development of the enterprise URAMIN here. On the basis of a Chart, which is not to me unfortunately at the disposal, Mr. Johnston represented the development of URAMIN (I tried to trace, see diagram)

http://s7.directupload.net/images/080413/4lvlvqpl.png

Crucially for me was that Mr. Johnston probably counts on an assumption by AREVA and stands positively opposite, if the exploration activities and resources are confirmed as estimated. Also in the following personal discussion after the presentation with Mr. Reisgys (WME Technical Director) this was again clearly recognizable. One is to be resumed after own estimate, WME is in the position to bring up the project to the own mine and processing, but it shows in my view unmistakably clear that WME would accept an assumption / takeover in a stage similarly as like URAMIN.

Mr. Dr. Schlag, Geologe and Consultant for WME, took over the next part and gave a very good overview of the current uranium deposits to Namibia and those active enterprises. From my view (a geological layman) Mr. Schlag is a very competent specialist, who lit up very understandably individual uranium stores and enterprises. I personally attained good realizations now also as a layman. To what extent Mr. Schlag delivered objectively and independently its estimates here, I cannot naturally judge. But to foreclose: WME probably is in a position to become one of the most promising and most economical uranium deposits in this namibian area.

this is the first part...look forward to the other site (part 2)

hk2000

17th-April-2008, 08:43 PM

...second part

First Mr. Schlag described the area Namibia with its various uranium places on the basis of a radiometric map. Mr. Schlag descriped a comparison of the other uranium Explorers and already partly active uranium enterprises and compared them very descriptive with the Marenica project of WME. At present there are 49 concessions in Namibia.
1. Rio Tinto (Rossing mine) highly profitabel.
2. Bannerman (Xemplar), here is to be diminished according to its estimate the uranium very uneconomically. On the one hand because the geographical condition of the area resembles like a moonscape similar structure (by own photos occupied) and the uranium is in geologically unfavorable accumulations present. You can compare this with a sheet of paper perpendicularly in the soil, and in irregular distances in the appropriated area is distributed. So thus the drillings are implemented not perpendicularly but in an angle diagonally in the earth.
3. Long Heinrich (Paladin), production since 2006, 1200 tons uranium per annum, works together with Deep Yellow on an extension in the south of their area. The Paleo Chanel of Long Heinrich is shown also on a map in the WME Presentation as comparison with the Paleo Chanel of WME's Marenica project and clarifies the enormous potential of WME, said Mr. Schlag.

http://s2.directupload.net/images/080413/mrw2zsu6.png

4. Valencia (Forsys), production planned in 2009, 1300 tons uranium per annum, so far are however no mine activities recognizable. In photos Mr.Schlag made 2-3 months ago, locally is only one building, a small hall, to see, in which the drill cores etc. are stored. Likewise the water problem does not seem solved. The continuation of the water pipeline of Areva would be very cost-intensive in opinion of Mr.Schlag. Because the geographical situation by Valencia (the area lies around some more highly) makes it necessary to install conspicuous pumpsystems.
5. Rossing mine (Rio Tinto), production since 1976, 4500 tons uranium per annum maximally, at present approx. 3700 tons per annum, highly profitabel and at present they works on an extension of the area. In addition there is a 15% participation of the Shah of Iran... from here comes the Iran uranium. Who is surprised ?
6. Uramin Trekkopje (now Areva), production start end of 2008, 3800 tons uranium p.a. Characteristic: Own water supply by depth drilling (groundwater + desalination plant) 60000 cubic meters water daily available. Important point for WME: The water pipeline runs to the borders between the areas of Trekkopje and Marenica, lying next to each other, so that a water supply for WME has good chances. Particularly this source of water is hold by 50% from the State of Namibia and 50% by Areva.

7. Marenica (WME), production planned 2012, past conservative delivery of 1500 tons uranium per annum, geologically economic mining possible, the surface is very evenly and homogeneous. If you take Long Heinrich (Paladin) to the comparison, you already can see the size of the Marenica project, and the past resource estimations from WME could be in a multiplication of the uranium deposits, that¡¦s probable. Unfortunately to more exact conclusion none of the 3 gentlemen let itself in. Only Mr. Reisgys said to me in the personal discussion, that we will hear a lot of positive messages in the next weeks and months more of WME. Primarily and secondarily uranium deposits. The Paleo Chanel contains mainly secondary uranium, which the area north the Priority AREA also contains primary uranium.

Since we always discuss primary and secondarily uranium, I explicitly inquired Mr.Schlag, which differences exist here. Simple answer: Primary uranium is locked in the pieces of rock, whereas the secondary uranium results from it, that loose rock in many years is laped over from " uranium " , and the rock itself then gradually consolidated. My question about economy was answered by Mr. Schlag and by Mr. Reisgys clearly with cost advantages for secondary uranium. The rock is simple to diminish and / or in the mining process more economically, because it¡¦s more loosely. The uranium content with secondary uranium is substantially higher than with primary uranium, so that fewer rocks for the same quantity would be needed. According to Mr. Schlag, Primary uranium is assimilated if the uranium price is relatively high and economical. Therefore the more valuable secondary uranium can be reserved for times in those the uranium price is deeper, and an economical production is more strongly in the focus.

The conclusion of the presentation Mr. Leon Reisgys, Technical Director of WME, formed. With very interesting explanation he described the activities and past results, on the basis of the maps, which are also in the presentation on the WME homepage included. The Paleo Chanel is comparable to a riverbed, which leads rock uranium-deposit instead of water. The Paleo Chanel from Marenica is, as already mentioned, compared with the Chanel of Long Heinrich around a multiple larger. According to first analyses the uranium is just as stored as however in the Rossing mine of Rio Tinto, with a serious difference, on the Marenica Projekt area are 4-5 Alaskit Rocks with hopeful Uranium deposit. In addition the past drilling results point a nearly twice as high uranium content to e.g. Trekkopje (to the comparison: WME Marenica over 200ppm, Trekkopje approx. 120ppm).
Mr. Reisgys calls the Trekkopje Mine a low cost uranium producer with approx. 20$ production costs per Pound uranium, therefore he is very confident that WME will be substantially more economical with similar production costs. In addition comes, that Mr. Reisgys told me in the following personal discussion that per 3 Pound promoted uranium we can add also 1 Pound vanadium. It is out of my knowledge, but I¡¦ve never seen vanadium in a calculation and / or publication of WME. So there is an additional source of income which can not be underestimated with todays vanadium prices.

The further activities are specified after plan as in the presentation documents. Still in April it will give a message to new " target rank ". Center of the year in June / July 2008, we expect the results of the areas outside of the Priority AREA. Until to the end this year, it will give also a new calculation after JORC Standard.

http://s1.directupload.net/images/080413/3cydap62.png

the diameter of the red circles indicates the height of the uranium concentration

http://s3.directupload.net/images/080413/m5tfkiib.png

Map of the current activities

1 Priority AREA
2 + 3 are the areas from which we will receive the results of resources in the next weeks.
4 this area became now geological mapping. After the first evaluations in this area the primary uranium is expected.

The current drilling activities will be limited to the areas 1-3 in case of high costs for drillings. Since drilling is an enormous cost factor, we see here also the largest problem of WME....they require finacial capital.

The question for future financing WME was asked to Mr. Johnston. He insured that WME takes the financial situation very seriously. They look for contacts to investors world-wide, particularly he mentioned North America, without calling here concrete names. In my personal discussion with Mr. Reisgys after the official part, I experienced that the WME Team also was in Frankfurt this week. There they likewise held an enterprise presentation in a very small circle of investors (5-6 people). H. Reisgys spoke of fund-investors, wanted to call no names however. Both, Mr. Johnston as well as Mr. Reisgys, stressed several times that the following News and Resource updates will help WME definitely to further financial capital.
I am very anxious of whether the information politics by WME will be expanded in the next months. I complained the meager information politic of WME in the past months to Mr.Reisgys. He commentated with the sentence: ¡§I am firmly convinced that we all get a tide of good News and information from WME in the near future. Mr. Reisgys sounded to me as an very openly and honestly man, at all he was a very excellent and pleasant interlocutor. He explained even due to my demand for the northern area of the Priority area (where the primary uranium is assumed), on the basis one of its specialists provided map, the proceeding and the current conditions to me exclusively.

Finally my personal result: The resources and the work of the WME Team will bring us with security still many positive surprises. The next weeks and months will show it. From my view only the capital shortage is a small downer.

All the best..from Germany send you ...hk2000

hk2000

19th-April-2008, 03:16 AM

This a report of the WME präsentation in Stuttgart Germany
sended yesterday by WW (a German Stock Letter)
and there is consensus with my report (posted this weak

Today from WW
Paradigm shift in West Australian Metals

Not too much, I had promised to you in relation to the event from West Australian Metals.
As I have long called for the management finally gave the kind of restrained
Communication and also works else to a new corporate profile. In future will be
Particularly the North American investors, as the stock market in Sydney and the
Local investors are given their satiation with mostly worthless uranium companies for
Simply unsuitable. Unlike earlier had the management in this presentation in Stuttgart
At least imply, how much uranium investors in Namibian territory license Mare Nica
Actually lower limit than expected. The amount is far higher than I had previously suspected.
The abundance of positive information that leads me to an updated soon
Purchase recommendation to West Australian Metals (WAM) to publish. Preliminary key
News in brief:
Previously known is that the old Gold Fields core area (A) approximately 15 million pounds of uranium oxide at a
Cut off from 110 ppm includes (JORC-backed). Already in the next 14 days, Leon
Reisgys, the chief geologist of WAM, an "official estimate" for the primary exploration area (C)
Abgeben society. This is already very strong and analyzed ausgebohrte area likely
, In my view at least 50 million pounds of secondary uranium (at the natural cut-off of 110 ppm)
. (At least) also included in C primary storage facility is not in this
Estimate.

Even in July will be a new JORC calculation for this area is provided. Incidentally
I understand the word "minimum" in my estimation actually lower than the absolute limit.
Given the already received laboratory results for a majority of the samples drilled in C
Make 70 million pounds a more realistic size dar. Should also Paläokanäle,
The uranführenden, mostly subterranean veins above the rocks as hard uranreich
Present as AREVAs Trekkopje channel in the neighboring South, which we currently expect
, Is a lowering of the cut-offs at Trekkopje level (80ppm) automatically with a
Further increase in the amounts of uranium.

As i-Tüpfelchen Reisgys hinted in his lecture, and later the geologist Dr. Christian Headline
To demand that, given the excellent width with the corresponding Erzmenge
Paläokanäle in the region assume that AREVA the cut off at 60 ppm lower.
This is possible if in promoting the so-called heap-Leach-procedure
Can be. How easy, cheap and fast in this way in Namibia with this method of uranium
Can be dismantled, please separately addressed in the upcoming update.
Should Region C with a 60 Cut Off in a later production can be transferred, the
I originally forecast of 100 million pounds of uranium at Mare Nica project already exceeded.
In addition to the enhanced efforts in Area C in the coming months and all
Other parts of the license area investigated, or erbohrt.

Also, the WAM management depth with the deposits of Primärurans
Employ, first drilling within C start in a few weeks.
Conclusion: Mare Nica is probably one of the most heavily uranhaltigen licence areas of Namibia.
At least with the publication of the new JORC trial in July 2008, the time of
Dümpelnden prices of the shares over, the interest of large North American
Investors guaranteed. New capital measures are probably only then,
If the price trend upward again. Until then fed at least
Still 2.3 million from $ exercised options through into the coffers of the company. This money goes
To see at least 6 months for a further capital increase to forgo. Also
If the share of WAM currently located in the basement course, I remain very
Quickly rising quotations. My price target of 1.25 euros to the vision
I move next few years, given the existing Marenica quantities of uranium from not
Schwächelt uranium market will continue