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I've been doing a bit of reading on AGS. It's an interesting little company in that it has more than one string to it's bow as far as mineral interests go. The gold looks like the quartz load variety and further results this morning show a fairly narrow ribbon with pretty good grades.


Their Uranium drilling area in theory looks like an excellent prospect and right on the boundary of an existing Uranium mine, which in iteself is fairly rare in Australian terms, since there are only 3 Uranium mines in the country. The other thing is that the JV partner is in fact the Uranium miner just over the fence so it would seem very likely that they could mine the Uranium that they find without too much trouble.


The company has some cash in the bank and no debt, always a good sign.


Since they are drilling the uranium prospect now, which lies between what is said to be the primary uranium source and the existing uranium mine, would suggest that the prospectivity of Arkaroola is about as good as it gets. The drill ressults will be interesting.

As usual though, nothing is ever certain and time will reveal all. Not that many shares on issue either ... 174,000,000, 41.5% of which belong to Abbotsleigh Pty Ltd ... so someone's a believer. That leaves about 100,000,000 floating about and available for trading. Hmmmm


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In reply to: diana on Thursday 14/04/05 11:01am

Agree with your sentiments Diana, however I should point out to you there are actually 4 uranium mines in Australia, and not 3. The 3 mine policy was abandoned in 1996 by the Federal Government, and now it is up to states/territories to decide if they will allow mining within their borders.

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In reply to: Thumper on Thursday 14/04/05 11:06am

Thankyou for that Thumper ... where are they and who are they ... just as a matter of interest.


Now that is in fact very interestiing. So now it is basically up to the State pollies as to decide whether a company can mine their Uranium or not. Hmmmm In your opinion, which states would be the most sympathetic to uranium mining?



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In reply to: diana on Thursday 14/04/05 11:10am

Diana, the four mines are: Ranger, Olympic Dam, Beverley and Honeymoon. Three are in SA, and the fourth, Ranger, is in the Northern Territory.


Honeymoon has been under construction for some time and not to far off from delivering its first ore. The South Australian government has made it clear that it is pro-uranium mining. I suspect the Northern Territory government would be the same, though this is unclear since the change of regime in that territory. This means that companies like DYL and ARU have more of a chance of actually shipping ore than a company like Summit, that has most of its tenements in Queensland. Beattie and co look like they are standing by their anti-uranium stance.


For further information on Australian uranium, I suggest you go to the the uic.com.au website.

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In reply to: diana on Thursday 14/04/05 11:10am

Sorry, forgot to answer your question entirely: Western Australia is anti uranium as well. WMC, apart from Olympic Dam, own the massive Yeeleerie deposit in that state of over 52000 million tonnes. You can see why BHP will own WMC, especially when BHP want to be the number one producers of every mineral in the world.


Personally I don't think uranium mining in Qld and WA is that far away, especially with the green house gas thing, and also the Chinese free trade deal on the cards. (the Chinese will want access to Australia's uranium).

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In reply to: Thumper on Thursday 14/04/05 11:55am

Thankyou Thumper ... certainly food for though there. It would seem seriously illogical for Western Australia to resist Uranium mining in view of all the other mining that goes on there. As you say, the greenhouse gas thing is becoming more pressing in the eyes of the politicians who are being advised by the experts "cough cough". China of course, with it's 20 odd new nuclear power stations will get the uranium they need from somewhere and it would seem pretty shortsighted to be uncooperative. If any bookees are taking odds, I'd go with the nod in WA and QLD as well. Summit starting to look like a buy again.



AGS doing nicely.

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Hi All & Di,


Here is some information that might help you on mining of Uranium in Australia.








Australia has deposits of many valuable minerals, including nearly one-third of the world's readily recoverable uranium resources.//

//The three mines policy restricted uranium mining

In 1984 the federal Labor government introduced their three mines policy. It confined Australia's uranium production to the three sites already being mined: Ranger, Nabarlek and Olympic Dam. At the time, the mining industry felt that this unnecessarily restricted uranium mining.

Present government policy is to allow uranium to be mined and exported

The three mines policy was abandoned when the Coalition government was elected in March 1996. The Coalition's policy is to develop the export potential of Australia's uranium industry by allowing mining and export of uranium under strict international agreements designed to prevent nuclear proliferation.

Today the Ranger mine in the Northern Territory and the Olympic Dam mine in South Australia continue to operate, but the Nabarlek mine has closed. There is now a third uranium mine operating (Beverley), with approval given for a fourth mine (Honeymoon). Both of these mines are in South Australia.//


April 2005

Australia's Uranium Mines

There are three operating uranium mines in Australia, Ranger in NT, Olympic Dam. and Beverley in South Australia. A fourth is cleared to start construction: Honeymoon, in South Australia.//

Calendar year 2004 production: 5137 t from Ranger, 4370 t from Olympic Dam, 1084 t from Beverley - total 10,591 tonnes.//


Known Recoverable Resources* of Uranium
tonnes U  percentage of world
Australia  989,000  28%
Kazakhstan  622,000  18%
Canada  439,000  12%
South Africa  298,000  8%
Namibia  213,000  6%
Russian Fed.  158,000  4%
Brazil  143,000  4%
USA  102,000  3%
Uzbekistan  93,000  3%
World total  3,537,000 


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