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From Egoli this morning:

 

http://www.egoli.com.au/egoli/egoliStoryPa...tion=StockIdeas

 

 

Thundelarra Exp - Cashflow imminent from nickel project

28/05/2008 By: Geoff Muers

 

Thundelarra Exploration Limited (THX) should gain increasing attention in coming months as the Copernicus nickel project commences open pit mining in June, following receipt of final statutory approvals. Drilling on three projects is due to commence in coming weeks and expected to deliver a steady stream of results to the market.

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Mining due to commence in June at Copernicus (40% JV with Sally Malay), expected to be completed within 12 months, with ore processing to take place over two years. First payment is anticipated in 3-4Q08, with concentrate due in October. Based on recent announcement, delivers cash flow of $18.7 million to THX (paid monthly);

Exploration drilling to re-commence at nickel-sulphide target Mabel Hill in June, targeting EM anomaly below previous low grade intersection (51m@0.28%Ni);

Exploration at Fleur de Lys uranium project in the Northern Territory to start in June. Previous high grade intercepts from neighbour Haddington Resources Limited (HDN) include 3m@6.05% U308. THX have identified rocks grading 1.6% U308;

Exploration at Sophie Downs base metal project, and Pyramid base metals target in WA in coming months;

United Minerals (UMC) in which THX hold over 20m shares (worth $33m at $1.66 per share) due to release maiden iron ore resources in WA in coming months.

 

 

In summary, THX appears to be a well managed company, with a diverse portfolio of assets. In the short term, we anticipate key drivers to the share price in the short term will relate to exploration success at Mabel Hill, with potential for high-grade sulphides, and drilling at the uranium project in the NT, which is beginning to attract attention from the global majors.

 

With cashflow imminent later in 2008 from Copernicus, and over $10 million in the bank, THX should be well placed to fund some serious exploration work, and look at other investment opportunities as 2008 progresses.

 

We will be watching THX with interest for the remainder of 2008 as the substantial exploration portfolio begins to evolve through the planned drilling and geophysical campaigns.

 

 

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In reply to: wolverine on Wednesday 28/05/08 09:44pm

At least i know you will have the cash to stump up our yearly bet when the maroons win the next two.....now that THX are going so well http://www.sharescene.com/html/emoticons/cool.gif

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In reply to: wolverine on Friday 30/05/08 04:27pm

upward outside day on the chart and best volume we had in months, into new highs this run. Might see 60 next week with any luck.

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next week will be interesting. I suspect the US and UK markets MAY tank, and ours will move accordingly. The bear market rally shows its first signs of weakness last week. Will be interesting to see THX's relative strength.
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