I think reefton could be one of the best uranium plays on the market. I expect more info next week.
Reefton Mining NL

NEW URANIUM DISCOVERY

* Four radiometric anomalies identified covering over 68 square kilometres
in central Namibia, Africa.

* Significant radiometric response from ground truthing of the anomalies.

* Anomalies situated within close proximity to Rio Tinto's Rossing Uranium
Mine and Paladin Resources Ltd's developing Langer Heinrich Uranium Deposit.

The Board of Perth-based Reefton Mining NL is pleased to announce the Company
has discovered a new uranium target at its wholly owned Erongo Polymetallic
Project in central Namibia, Africa.

The Company has commenced radiometric surveying returning significant readings
up to 94,320 counts per minute thereby indicating the presence of uranium
bearing mineralisation.

A total of four radiometric anomalies have been identified to date totaling an
area of 68 square kilometres (km):

A. "Vergenoeg", 12 km x 3 km

B. "Sukses", 5 km x 1.2 km

C. "Hakskeen", 8 km x 2 km

D. "Hoopverloor", 7 km x 1.5 km

The series of radiometric anomalies occur within alluvial basins interpreted to
have developed on palaeochannels similar to the developing Langer Heinrich
uranium deposit owned by Paladin Resources Ltd located to the south of Hakskeen.

The Company is collecting soil samples from the radiometric anomalies and an RC
drilling programme has also commenced at Hakskeen.

The Rossing Mine - owned by Rio Tinto - is the world's fifth largest uranium
producer and is also located to the south of Hakskeen (see location map
attached). It has produced about 70,000 tonnes of uranium since it opened in
1976.

Uranium Market

The uranium price has been rising and has increased 79% since 2003 from a annual
month-end spot price average of US$11.54 /lb to US$21.75 /lb as at Feb-05
(according to The Ux Consulting Company, LLC - monitors the uranium market). The
price has risen due to increased demand for uranium as a fuel for power
generation.

There are numerous nuclear power stations under construction particularly in
China which plans to build 27 plants by 2020, India which plans to build 17
reactors by 2012, and Russia which wants to build 25 plants by 2020 (according
to the Energy Bulletin).

World demand is estimated to outpace supply by 11% in the decade ending in 2013
as inventories decline ("World Nuclear Association").

Uranium Geologist

Reefton also advises that it has engaged the services of Dr Christian Schlag who
is an experienced uranium geologist. He has worked on a number of projects
including the Oranje Free State project with Gold Fields of South Africa.

An ASX announcement containing a map of the area can be found on the ASX website
www.asx.com.au

Does anyone have any opinions on what is instore next for reefton?

What price shall i buy at?
3p?
4? 5p?

I am no geologist but 4 deposits covering 25sq km in an area with 2 ( once Paladin's mine is running) of the top 10 largest uranium mines in the world, only one has to be viable to send the share price skyward by factors of 3x, 5x, 10x?. I got in at 3.5p I am going to hold out for news and dont expect the share price to fall below 5p before more news. In my opinion get in whenever u can!!!

Down to 4p now people time to fill your boots with these!

I have put this on my watchlist,how can you be so confident given the recent sharp fall.Are you putting this down to profit taking and the poor markets.?
doughboy66

I believe the business without the prospect of uranium is worth at least 3.5p. Therefore at current prices the potential downside should their be bad news is minimal when compared to the upside should the news be positive.

I am putting it down largely as profit taking particularly those that had the shares before this started disposing of some of their shares to minimise potential downfall on bad results.

I will soon be upping my stake in these!

Does anyone have a guesstimate on how long soil samples will take and maybe some drilling results from past experience?

courtesy of another site:

Uranium miners top ASX trade
By Nicki Bourlioufas
March 31, 2005
From: AAP
INVESTORS are scampering to buy stock in uranium miners with a Western Australian based company Reefton Mining again dominating trade on the Australian Stock Exchange.

At noon today, the top-traded stock by volume was Reefton Mining, with 35.24 million shares traded for a total value of $4.21 million. The stock gained one cent to 11.5 cents.
Reefton told the ASX today it has located uranium at its mine in the African nation of Namibia.

looks like it's happening... excellent news... rns update should be out soon.

rns just out... looking good!!!

URANIUM SAMPLES RECOVERED ERONGO PROJECT, NAMIBIADrilling has commenced to assess the potential for all commodities on the ErongoPolymetallic Project. The first palaeochannel targeted has been drill testedwith 3 holes. Samples have been submitted for precious metals, base metals, raremetals and uranium. Carnotite (uranium mineral) has been located on the surfaceas exploration utilizing ground radiometrics, soil geochemistry and drillingprogresses. HIGHLIGHTS * Carnotite (uranium mineral) identified at surface and samples submitted for analysis. * Positive results continue from ground radiometric truthing of Hakskeen Uranium Target C. * 44% of the radiometric data is 2 times background indicating an extensive anomalous structure. * 5% of the radiometric data is 5 times background indicating a highly anomalous uranium source. * Initial results of wide spaced drilling show shallow anomalous radiometrics downhole.BackgroundThe deeply eroded Southern African terrain contains an abundance of world classorebodies in regolith areas of deeply weathered profiles or large areas of freshoutcrop. Alluvial systems both conceal orebodies and carry indicators ofprecious metal, base metal, rare metal and uranium mineralisation.Orebodies of the size of the Navachab Gold Mine (126,000,000 tonnes containing4,700,000 ounces of gold) located adjacent to the Erongo concessions have beendifficult to locate due to the erosional regime. The detailed examination ofthese alluvial systems, particularly the deeper concealed palaeochannels(deposited when the climate was humid subtropical) is expected to presentexploration targets for significant mineralisation.The first palaeochannel target is located in the south west corner of theCompany's Erongo project area within Namibia's uranium province. Uraniummineralisation is typically found in palaeochannels and examination of thissystem led to the Hakskeen Uranium discovery.Uranium DevelopmentThe Company is pleased to announce it has recovered samples of carnotite (yellowoxide mineral of uranium) from the surface of Hakskeen Target C at the ErongoProject in Central Namibia, Africa.The carnotite samples were collected during soil sampling of Target C and theyhave been submitted for analysis.Soil samples have also been collected from the radiometric lines of Target C andsubmitted for assay.A radiometric ground truthing initiated a ground radiometric survey toinvestigate the Hakskeen area. Airborne anomalies cover over 68 squarekilometers.Positive results have continued from a detailed radiometric survey of Target C.The ground radiometric survey has now tested a total of five lines and iscontinuing. Each line was approximately 1,000 metre in length with 400 metreline spacing (reduced from 1,000 metre) and 20 metre spacing of readings.The radiometric data returned significant results with 44% of the data at +1standard deviation or 2 times background (anomalous), and 5% +2 standarddeviations or 5 times background (highly anomalous).An RC rig has completed an initial 3 holes (TC3/RC1, TC3/RC4 and TC3/RC8) of aplanned 19 holes.The holes have been logged and the samples are to be submitted for assay.Radiometric surveying, soil sampling and drilling are continuing at the ErongoProject.Award of Tender for Laboratory Work - SGSReefton has engaged SGS Lakefield Research of South Africa in Johannesburg tocomplete all laboratory analysis of the samples recovered from the ErongoProject.SGS is recognised as the world leader in quality laboratory analysis.This appointment further underpins the commitment of the Directors to utilisingthe best resources available on the Erongo Project to ensure timely results withconfidence.NamibiaNamibia is located in south western Africa and is politically stable with nocivil unrest and low sovereign risk. The country became an independent republicin 1990 breaking away from South Africa. Namibia is a former German colony andis governed by Dutch Roman law.Under the Namibian Mining Act, Reefton tenure comprises Exclusive ProspectingLeases and the Company has applied for the inclusion of uranium in thedevelopment rights.The country has been actively mining uranium for decades including Rio TintoLimited's Rossing Uranium Mine (located to the south of Hakskeen) which openedin 1975. Paladin Resources Limited's Langer Heinrich deposit (also located tothe south of Hakskeen) is planned to start mining in 2006.An ASX announcement containing some pictures and a map of the area canbe found on the ASX website www.asx.com.auG R HemmingDirectorEnquiries to:Mr Simon Gilbert - Chief Executive OfficerChief Executive OfficerPhone: +61 (0)8 9322 7822Facsimile: +61 (0)8 9322 7823This report accurately reflects information compiled by Mr G.R. Hemming,MAusIMM.,MAIG., a Director of Roscoria Pty Ltd, who has sufficient experiencewhich is relevant to the style of mineralisation and type of deposit underconsideration and to the activity which he is undertaking to qualify as aCompetent Person as defined in the 2004 Edition of the 'Australian Code forReporting of Exploration Results, Mineral Resources and Ore Reserve'. Mr Hemmingconsents to the inclusion in the report of the matters based on his informationin the form and context in which it appears. This information is provided by RNS The company news service from the London Stock ExchangeEND

Nice one Jimbob ! I have bought a few of these this morning.
DB66

lots of sells at lower than the selling price,also my buy has not shown up at 9.45am.news looks good so why people selling,may be banking there profits.

trades delayed by 2 hours

Who got some at 4p when I suggestted it ?

Would have thought they would go up more as better news than last time when it peaked above 10p

ZBA is attracting interest.

ZBA was expecting news this week as i read on the other board,but no evidence of that ,do you have any idea why such a delay.

Hi, to anyone who, like me, does not or did not understand two hour delay in publication of trades, giving a confusing impression on 'Buy/sell' prices.

I am sure most of you know, but in case there is one person out there who needs this info, be patient.

I sent an E-mail to LSE last week and received this reply.


REEFTON MINING NL. RE: TRADE REPORTING ETC

Thank you for your Email of 23 March 2005

In order to appreciate the answers to your queries, it is important to understand the distinction between trade REPORTING and trade PUBLICATION.

In the case of shares traded on our SEAQ competing market maker platform, which includes AIM shares with more than one market maker (Reefton Mining currently has five), trade reporting is done electronically to the London Stock Exchange ("the Exchange") by the market maker and should in general be done within 3 minutes of the time of the trade. Late trade reporting is a breach of Exchange Rules and may incur a fine.

Trade publication is effected automatically by the Exchange, not the market makers, according to a predetermined rime which varies according to the Normal Market Size ("NMS") of the share and the size of the trade.

The NMS for each share is prescribed by the Exchange according to a predetermined formula based on the volume of trade in the previous twelve nonth period. In the case of Reefton Mining the NMS is currently 1000 shares. The NMS equates to the minimum size which the market makers must display in their screen quotes. In the case of Reefton Mining all the market makers choose to display a size both ways of 25000 and have certain dealing obligations in respect of trades in up to that displayed size. They have no obligation to deal in greater than their displayed size but as you can see, in the case of Reefton Mining, in practice they do.

The Exchange's Trade Publication rime can be found at:-

http://www.londonstockexchange.com/NR/rdonlyres/7D079D10-AAC8-467F-A6B0-D56E0AF1A9B0/0/GuidetoTradingServicesv82CWTS.doc


[Alternatively, from our home page www.londonstockexchange.com click on "Products & Services", then on "Membership & trading", then on "Trading services", then on "Guide to Trading Services" (under "Downloads")].

Go to page 124 and/or 180 (this can be done by clicking on the page number in the Contents table at the beginning of the document).

You will see that for SEAQ stocks with NMS less than 2000, trades of greater than 6 times NMS are published with a two hour delay after the time of the trade.

The NMS's of all shares are reviewed every three months, and it may be, if the current much increased level of trade in Reefton Mining is sustained, that its NMS will be increased in a subsequent review.

I hope this solves your conundrum.

Yours sincerely


Philip M Caine
Manager, Regulatory Complaints & Enquiries
Trading Services
Tel: +44 (0)20 7797 3523
Fax: +44 (0)20 7920 4529
pcaine@londonstockexchange.com

Good trading
Alan

So when do you think that sample results will be due in?

mornin all: read the thread, became interested, been to ASX and RTM web sites, dint realise about the Skeleton coast project, so Im in, only small, because me and mining companies dont seem to get on, I end up getting buried!! But hopfully this might be different. good luck to all holders

Good luck Panic

What does anyone think about the director resigning?

Hoping for further news this morning fingers crossed

Jimbob,
I was going to punt a few of these following recent reports but stopped in me tracks when yer man resigned. I believe he was CEO and had been with compnay for some time. Was he fearful of the `positive` statements being released which maybe aren`t supportable ??? I`ve held off for now and await results of exploratory works. I may miss the boat and then again I might be glad I did !!

Thats the most painful morning ive had down to 2.5p.

It turns out they haven't had the mining license there for the past two years and are takeing the countries mining minister to court!!!!

Bad news. Is this going to be 0.5p by the end of the week?

Dont know

poo...... in at 4.5p and is down to 3.5p .......was hoping that the potential negative political fallout from Namibian Mines department would have made them sort the exploration licences out quite soon.......cos this type of thing usually dissuades other exploration companies from entering the country and investing their bucks and pennies.......was then hoping that they stick an RC drill hole smack-bang in the middle of the radiometric anomaly and tell us that the hole is of uranium ore-grade........that would make the price sky-rocket - i'd have my ten-bagger, and sell......and then after another 100 drillholes they could announce that it is not economically feasible to mine :-)

just read a rumor on www.sanford.com.au meassage board/forum that the whole uranium anomaly may be in the same ilk as that Canadian gold exploration company which salted it's samples in the Phillipines - resulting in the top level Directors heading for cover in the Carribean with pockets full of cash, and the poor old local (?) Head Geologist threw himself from a helicopter.....no doubt on his way to the Caribbean as well.....haha

although me thinks that this rumor is unfounded in Reefton's case, cos they only announced a radiometric anomalous zone - as opposed to an actual deposit........

aren't they due to be letting us know about their drill results soon ???

Taken from another site....as for its validity dyor...although nothing new except the statement "there is uranium"



TAKEN FROM OZ BULLETIN BOARD

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Subject re: vladimir sold out??
Posted 12/04/05 13:24 - 119 reads
Posted by vivonne
IP 144.138.xxx.xxx
Post #568686 - in reply to msg. #568660 - splitview

have just spoken to Simon Gilbert,
1 newspaper that published article re Thorium is to print retraction as people were misquoted,there IS Uranium there!
2 Lease status is still to be granted
3 Company hopes to release drilling results late this week to reassure market.

I read a statement by a geologist who did his doctorate on the geology of the area and he said it was very unlikely to be significant amounts of uranium and is actually a text book example of this other radioactive mineral that is often confused with uranium as the ores are very similar.

I'am out I think Its all crooked

U better check ASX website more news!

Hi
Cut and pasted from advfn.
well done John

John Mooore (Geologist) miss quoted .
from Hot Copper and ShareScene

. just received email from Prof John Moore (RE: The "Questions over Uranium Find" Article)

I basically asked him about the statements he has made regarding the find in Hakskeen. This is his reply:

Dear John,

I am afraid that I have been mis-attributed in this article. The reporter
phoned me, but I did not have any direct information regarding the Hakskeen
deposit.
He told me that the radiometric anomaly was reportedly related to thorium. I
then told him that if that was the case, then the anomaly could not be
related to carnotite in calcrete/gypcrete as carnotite does not contain
thorium. I then explained to him the nature of thorium anomalies - that
section is correctly attributed to me.
I told him that I visit the Rossing area (not Hakskeen area) on an annual
basis to show my students the difference between real and false uranium
anomalies.
All the references attributed to me regarding the nature of the Hakskeen
deposit and aerial anomalies are incorrect as I had no knowledge of the
geology of the area.

I therefore cannot help you in this regard and suggest that you contact Dr
Steven.

Regards
John Moore

.....still don't like the sound of this.....better read the drilling results soon, otherwise i think that it may all go down the gutter....

Hi everyone
copied from aussie site


Reefton refutes report, requests retraction


Jesse Riseborough


Wednesday, April 13, 2005
EMBATTLED uranium explorer Reefton Mining has asked for a retraction from a Namibian newspaper that published a report casting serious doubt on the potential for uranium at the company's Erongo project in Namibia.

In a story recently published in the Namibian national newspaper, Professor John Moore of the Rhodes University Geology Department was quoted as saying he would be very surprised if Hakskeen, within Erongo, contained "real and viable" quantities of uranium.

However Reefton chief executive officer Simon Gilbert told MiningNews.net he had contacted Professor Moore regarding the story and was advised by Moore that he was quoted out of context. Gilbert said Moore had emailed this statement regarding quotes attributed to him in the story.

"I am afraid I have been miss-attributed in this article," Moore has told Gilbert.

"The reporter phoned me but I did not have any direct information regarding the Hakskeen deposit. He told me that the radiometric anomaly was reportedly related to thorium. I then told him that if that was the case then the anomaly could not be related to carnotite, as carnotite does not contain thorium.

"I then explained to him the nature of thorium anomalies and that section is correctly attributed to me. I told him that I visit the Rossing area (not Hakskeen area) on an annual basis, to show my students the difference between real and false anomalies.

All the references attributed to me regarding the nature of the Hakskeen deposit and area anomalies are incorrect, I have no knowledge of the geology of the area. I referred the reporter to Professor Jacobs and Dr Nick Stevens. It is possible he has confused statements coming from Dr Nick Stevens as coming from me."

Dr Nick Stevens, a Cape Town-based geologist who wrote his doctorate on the geology of the Hakskeen region, was also quoted in the story as saying he was very sceptical about Reefton's announcement of a new uranium discovery on March 18.

Stevens claimed the geology of the granite-based deposit is distinctly different to other known uranium deposits in the region including the ASX-listed Paladin Resource's Langer Heinrich deposit.

"It is what we call monozite, a rare earth phosphate normally associated with heavy beach sands but one that also can give off a radioactive signal," Stevens said.

Gilbert said Reefton were also awaiting a response from Dr Stevens regarding his comments to the newspaper.

"We are waiting on a response from Stevens as well which will hopefully come through today and then I would think the company would be in a position to form a response to that.

"We actually want the paper to write, essentially a retraction article because they have mislead the public in a big way. You could potentially say that article has stripped 20% off the value of the company because since that has come out we have dropped from 10c down to 8c," Gilbert said.

Meantime the company is still awaiting resolution regarding the renewal applications for exploration licences at Erongo.

Shares in Reefton today were up almost 4% this morning to 8.1c.

Strange goings on here scottie7

Did you not notice that the article you pasted from ADVFN purporting to be a direct e-mail response to a punter called John from John Moore has exactly the same text as your second posting which is attributed as a response from John Moore to Simon Gilbert? Too many John's if you ask me.

I'm not a holder, but I wish you good luck with this and hope that it is not some form of scam. LOL

Hi
Yes I did notice the duplication of the message. As they bear different dates 12 & 13, I put it down to pro-forma response. except the second had a positive effect on the ASX trade, but a negative reaction LSE.
The idea its all a scam.......too late to be caught....already taken loads on upswing back in again at 4.5p....ish looking for rocket gains within week and out if not not the downside can't be much lower and...EH .......its only money.
Then on the other hand I have no reason to think it is a scam, good community with solid near neighbours (RIO-TINTO)(good schools close to all amenities and buses, Southerly aspect, oh sorry, got carried away with my ramping)

Anyway the REEFTON assay report can't lie. so I'll sit tight.
good luck

One day there is going to be a big percentage blue here on this,just my gut feeling,may be because i hold some,and trying to give my self some comfort,there are some people out there who paid 10p for this,fingers crossed might get there money back.

One day there is going to be a big percentage blue here on this,just my gut feeling,may be because i hold some,and trying to give my self some comfort,there are some people out there who paid 10p for this,fingers crossed might get there money back.

LONDON (Dow Jones)--Reefton Mining NL was notified yesterday that on Mar. 31, 2005 Vladimir Nikolaenko, a former director of the Company, reduced his shareholding in the Company via on market sales on the date of his resignation as director on Mar. 31, 2005.

Nikolaenko sold 3,335,875 Ordinary Shares held by Goldmedal Nominees Pty Ltd, a Company in which he has a beneficial interest, for a consideration of A$379,090.13.

Nikolaenko's holding in the Company is now 2.26% of the issued fully paid share capital.

Get out people! There's no way he would sell if there was a chance it was going to rocket!

your comments fail to mention the rest mate......

couldn't cut and paste the "Change in Director's Notice" from www.sanford.com.au because it is in .pdf format.....will try another way.....but in meantime, summary is the following;

Vladimir (the director that resigned just before the announcement of the exploration licence problem) has sold 3.3million shares as described in post above.......
However, His Family Trust still has 3,679,344 fully paid share, and 2,500,000 partly paid shares..........And his Goldmedal Nominees Pty Ltd company still has 1,821,813 fully paid shares, and 200,000 partly paid shares......

So he has sold 3.3 million shares, but still holds about 8.1 million shares...

Hi
copied from sharescene site.

was a little lost also, so I rang Reefton and spoke to Simon Gilbert again.
Advised the following;
1. Yes Uranium is present
2. Palaeochannel present, which is same as PDN has.
3. Will take a further two months (approx) to determine exact amount of Uranium and whether feasible or not to mine.
4. Probably take another 2 years (if all goes well) before they can commence drilling.

Ok that said, the impression I got from him was a good one, I asked the question about the stock decreasing, and his reply was the market overall today has gone down and this is just a result of that. He said that analyst will mull over the results on the weekend and act accordingly.

He seemed quite impressed about the find and suggested that I read the first page and look at the map that indicates everything. ("Well I did before ringing him obviously, but bit my lip and said yea no worries"). He also advised me to look at the palaechannel or in particular about the fact that there is one present. Advised that this is very similar to that of PDN and possible to go the same way.

Look after my discussion with him, I feel a hell of a lot better than before. I got the feeling that he seemed very confident about the find and he knows that its going to take a while before they can drill. He is a pretty easy guy to talk to, so give him a call if you want and let me know how you feel.

Cheers,
GG

when you stated; point 4. ".........before they can commence drilling" did you mean mining ??

cos to determine the exact amount of uranium and whether it's feasible to mine or not - it must be done thru drilling first.

so; it will take them 2 months to determine the feasibility to mine, and then after that another 2 years before they can commence mining ???

Good morning and Hi
Copied from Aus.
Good to see Reefton in bed with Rio and Paladin

(belisce6, Hi, In my opinion, drilling and mining are the same, their drills are BIG and this is drilling as in the Channel Tunnel was drilled.)



The Financial Review

Africa beckons uranium giants
Author: James Hall
Date: 15/04/2005

Source: AFR
Publication: The Financial Review
Section: Companies and Markets
Page: 69

The growing interest in alternative energy has sent local miners to Namibia,
writes James Hall.

Shares in Paladin Resources have risen 5.7 per cent over the past two days as the company draws closer to developing the world's first new uranium mine in two decades at its Langer Heinrich project in Namibia.

The south-west African country is fast becoming a far-flung region of the Australian uranium industry.

Near Langer Heinrich, Rio Tinto is carrying out a study that may result in it extending the life of its Rossing mine, which has been producing uranium since 1978.

Reefton Mining has also flagged uranium prospects in the area and is exploring a project at nearby Erongo.

Paladin completes its bankable feasibility study next week and is close to confirming that Langer Heinrich will provide at least $US120 million ($154 million) of uranium oxide in the next 15 years.

As other uranium-rich nations such as Australia and Canada grapple with the political debate over the controversial fuel, Namibia is becoming increasingly attractive.

Paladin managing director John Borshoff says Namibia is "clearly pro-uranium" and has a wealth of undeveloped tenements. If and when Langer Heinrich becomes operational, Paladin intends to explore for other deposits.

BT Financial Group resources analyst Tim Barker says many Namibian sites discovered during the previous uranium exploration boom of the 1970s remain undeveloped.

"A lot of uranium-rich land was found then but a lot of the projects were put back on the shelf," he says. "Now the price of uranium is back up, people are taking another look."


UBS head of resources research Glyn Lawcock says Namibia could "really find its place on the map" if the Paladin, Rio Tinto and Reefton projects gather pace.

Lawcock says the uranium market has made "a complete step change" in recent months, buoyed by BHP Billiton's $9.2 billion takeover bid for WMC Resources, owner of the world's largest known uranium deposit at Olympic Dam.

Uranium has also enjoyed a renaissance because of the cost and scarcity of quality new coal deposits, according to ABN Amro energy and mining analyst RobClifford.

"Our long-term view is that uranium will become a larger part of the global energy supply as coal reserves get harder to find and more expensive to mine and people push towards controlling greenhouse gases,"Clifford says.

But he warns success in Namibia is far from guaranteed.

"The smaller companies are always speculative," he says.

"You always get a share-price run when a commodity price goes up. It doesn't necessarily say too much about the underlying ability of a company to deliver."


The former German colony has one of Africa's most stable governments and one of its strongest economies. It is the fifth-largest exporter of uranium in the world, the fourth-biggest exporter of non-fuel resources in Africa and derives 20 per cent of its gross domestic product from mining.

Paladin expects to extract at least 1150 tonnes of uranium oxide each year until about 2020 and has recently completed a $37.8 million share placement to fund development. It expects commercial production to begin late next year.

Rio owns 68.6 per cent of Rossing, which exports to electricity producers in Europe, the United States and Asia. It employs about 830 people, producing 3600 tonnes of uranium oxide in 2004 and losing $US4 million. However, that was a 50 per cent jump on production in 2003 and a significant improvement on that year's $US19 million loss.

UBS's Lawcock says BHP Billiton's new aggression on uranium which he says was in the top two reasons for both Xstrata and BHP Billiton's bids for WMC could put Rio in a tight spot.

Ignoring any potential Rio acquisitions or its own bid for WMC, the company has two main uranium projects: Jabiluka in the Northern Territory and Rossing.

But Rio values its social reputation too highly to risk developing Jabiluka without the permission of the indigenous people who own the land.

BHP has said uranium and natural gas would play a significant role in the future of the energy industry.

"Rio is treading more conservatively than other uranium players, which is their style and it has served them well, but you can miss opportunities by being too conservative," Lawcock says.

"Sure, the other [Australian uranium explorers] in Namibia are more aggressive because they have no other strings to their bow, but Rio could potentially turn this around a lot cheaper and a lot faster than Paladin."

Rio has been fairly coy on the topic, but unless it takes action, the mine will shut down at the end of the decade even though there will still be a commercial deposit at the site.

Reefton has encountered a few hitches. It announced last week it would take the Namibian Ministry of Mining to court over delays in renewing prospecting licences.

That issue has since resolved, but an article in Namibian newspaper The Namibian last week implied the discovery at Erongo was a sham.

Managing director Garry Hemming rejects this. Emails from two geologists quoted in The Namibian article, seen by The Australian Financial Review, seem to support Reefton's claims that they were misquoted, and had not said the Erongo site did not contain uranium-bearing minerals.

Reefton has assets of about $18 million, which its auditor has said are entirely reliant on the commercialisation of its projects.

Hemming says he's unsure if and when Reefton will commercialise Erongo.

Former managing director Vladimir "Roger" Nikolaenko, previously of other speculative juniors Nexus Minerals and Nova Resources, recently resigned as a director of Reefton

i think i can see what you mean, but for clarity;

you first drill to explore for a "deposit" or "resource"; and then you drill to shore up the resource/deposit into a mineable "reserve".......then after all of this drilling - if it is economically feasibly (only proven via even more extensive drilling), you then MINE the proven reserve.

(as a deposit/resource can also be either "inferred", "indicated", and/or "measured")

....so there is still a long way to go - for us optimists....

Hi
Sounds good to me!
To take the debate further,

From uranium ore to reactor fuel
Uranium ore can be mined by underground or open-cut methods, depending on its depth. After mining, the ore is crushed and ground up. Then it is treated with acid to dissolve the uranium, which is then recovered from solution.

Uranium may also be mined by in situ leaching (ISL), where it is dissolved from the orebody in situ and pumped to the surface.

The end product of the mining and milling stages, or of ISL, is uranium oxide concentrate (U3O8). This is the form in which uranium is sold.

Before it can be used in a reactor for electricity generation, however, it must undergo a series of processes to produce a useable fuel.

For most of the world's reactors, the next step in making a useable fuel is to convert the uranium oxide into a gas, uranium hexafluoride (UF6), which enables it to be enriched. Enrichment increases the proportion of the uranium-235 isotope from its natural level of 0.7% to 3 - 4%. This enables greater technical efficiency in reactor design and operation, particularly in larger reactors, and allows the use of ordinary water as a moderator.

After enrichment, the UF6 gas is converted to uranium dioxide (UO2) which is formed into fuel pellets. These fuel pellets are placed inside thin metal tubes which are assembled in bundles to become the fuel elements for the core of the reactor.

For reactors which use natural uranium as their fuel (and hence which require graphite or heavy water as a moderator) the U3O8 concentrate simply needs to be refined and converted directly to uranium dioxide.

Spent reactor fuel is removed, stored, and then either reprocessed or disposed of underground (see Nuclear Fuel Cycle or Radioactive Waste Management in this series).

the insitu method of mining is always the preferred one - less infrastructure required i think, and also better on the environment.....and with Reeftom coming out and saying that they think they are onto palaeochannels, i think that this type of mining method will be the one used, when they need to mine their 2million tonnes of uranium......whose price will be up at $45/tonne by the time they come to mine and sell their yellowcake.....

21 April 2005
Company Announcements Office
Australian Stock Exchange Limited
Level 4
Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Dear Sir / Madam
SOIL GEOCHEMISTRY SHOWS URANIUM
ERONGO PROJECT, NAMIBIA
Summary
Target C at Hakskeen is confirmed as a uranium depositing palaeochannel
(fossil river alluvial deposit). The interpreted palaeochannel is defined by
radiometrics with an anomaly of 8 km in length by 2 km in width. Carnotite
(uranium mineral) samples have been recovered from surface and have been
submitted for analysis. Drilling has returned high radiometric readings and
drill samples have been submitted for precious, base, and rare metals and
uranium. The soil samples from the surface of the alluvial system contain
anomalous rare and base metal content indicating a source of that type of
mineralisation upstream.
Another palaeochannel target has been located at Target D with up to
135,300 counts per minute (cpm) at surface compared with a peak of 94,320
cpm at Target C. The Target D anomaly is 7 km in length by 1.5 km in width.
HIGHLIGHTS
Target C
Initial soil geochemical samples collected to date contain
anomalous uranium of up to 40 grams per tonne (g/t).
The samples contain anomalous rare earth metals;
Cerium (to 62 ppm),
Lanthanum (to 28 ppm) and
with low Thorium (to 12 ppm).
Base metal levels are anomalous;
Copper (to 22 ppm),
Lead (to 33 ppm) and
Zinc (to 28 ppm).
1st Floor, 47 Ord Street
West Perth
Western Australia 6005
Email: quadrant@optusnet.com.au
Website: www.reeftonmining.com.au
Tel: (61 8) 9322 7822
Fax: (61 8) 9322 7823
A.C.N. 010 546 675
Erongo Project Namibia
EPLs 2805 2811 (100%)
The Company has received the results of analysis of initial soil geochemical
sampling from the SGS Laboratories in Johannesburg, South Africa. The
samples are located along the ground radiometric lines at the Hakskeen
Target C at the Erongo Project on Central Namibia, Africa.
The soils contained up to 40 g/t uranium proving that the area contains
uranium. The corresponding thorium levels were 12 parts per million (ppm) in
conjunction with anomalous rare earth metals of cerium (to 62 ppm) and
lanthanum (to 28 ppm) indicating a source of these rare metals upstream.
Similarly the base metals (copper, lead and zinc) were also anomalous with
copper up to 22 ppm, lead up to 33 ppm, and zinc up to 28 ppm. Again
further work is required to locate the source of these elevated levels.
Target C is now confirmed as a uranium depositing palaeochannel (fossil river
alluvial deposit). In addition carnotite (uranium mineral) samples have been
recovered from surface and have been submitted for analysis.
The Target C alluvial system also contains anomalous rare and base metal
content indicating a source of that type of mineralisation upstream.
This palaeochannel is defined by a radiometric anomaly with dimensions of 8
kilometres by 2 kilometres. Peak values are up to 94,320 cpm. The anomaly
occurs within an alluvial basin interpreted to contain a palaeochannel similar
to the Langer Heinrich uranium deposit being developed by Paladin Resources
Ltd located to the south of Hakskeen.
Drilling
As per the announcement of 15th April 2005, the Company has completed the
first stage of drilling on Target C totalling 19 holes for 693 metres. The
exploration results returned to date are outlining a palaeochannel system as
per the attached map. The downhole radiometrics of the drill holes revealed
high readings near surface up to 73,000 cpm over a metre width from 1
metre depth (TC3/RC7).
Target D
Target D (Hoopverloor) adjacent to the north of Target C is another potential
palaeochannel with a radiometric anomaly of 7 kilometres by 1.5 kilometres
and peak values of up to 135,300 cpm (44% higher than Target C).
Consequently, Target D has the potential to be more significant than Target C
with respect to uranium bearing deposition.
Target A
Target A (Vergenoeg) to the south of Target C appears to be an anomalous
source of uranium in granite, not a palaeochannel.
Uranium Market
The uranium price is continuing to rise and is currently US$23.20 /lb - weekly
spot price (as at 11/4/05), up from an end-March month-end spot price of
US$22.50 /lb (according to The Ux Consulting Company, LLC). This compares
with the month-end spot price of US$21.75 /lb as at Feb-05.
Yours faithfully
GR HEMMING Enquiries to:
Technical Director Mr Simon Gilbert
Chief Executive Officer
Phone: +61 (0)8 9322 7822
Facsimile: +61 (0)8 9322 7823
This report accurately reflects information compiled by Mr G.R. Hemming, MAusIMM.,MAIG., a Director of
Roscoria Pty Ltd, who has sufficient experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserve. Mr Hemming consents to the inclusion in the report of the matters based on his information in
the form and context in which it appears.

GLOSSARY
Reverse Circulation Drilling Drilling method that produces rock chips
rather than core. Air is forced through the outer section of a double-walled
drill stem through the annulus and the chips are carried upward to surface
through the inner section and are collected for examination.
Palaeochannel - The remnant deposit of a surface drainage system that was
active in the geological past and may be buried now.
Radiometrics - A measure of the natural radiation in the earth's surface,
which can tell us about the distribution of certain soils and rocks. Geologists
and geophysicists routinely use it as a geological mapping tool to tell them
where certain rock types change. Radiometrics is also known as Gamma-Ray
Spectrometry. A radiometric survey measures the spatial distribution of three
radioactive elements (potassium-K, thorium-Th and uranium-U) in the top 30-
45 cm of the earth's crust. The abundances of K, Th and U are measured by
detecting the gamma-rays produced during the natural radioactive decay of
these elements.
Carnotite A yellow oxide mineral of uranium.
issued through
FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311
231 South Road, MILE END SA 5031
Ph: 08 8234 9555 Fax: 08 8234 9566
admin@fieldpr.com.au
N E W S
R E L E A S E
FOR IMMEDIATE RELEASE
Thursday 21 April, 2005
NEW TESTS CONFIRM URANIUM AND BASE METALS
DEPOSIT IN WEST AFRICA FOR REEFTON
New soil geochemical test results have confirmed Reefton Mining NL has identified
at least two key palaeochannels (fossil river alluvial deposits) containing uranium,
rare earth and base metals at its Erongo project in West Africa.
Reefton (ASX code: RTM) announced today that its C and D targets within the
project area two of four sites that have been tested had been confirmed as
palaeochannels. Soil geochemical samples over the palaeochannel have returned up to
40 grams per tonne uranium.
The Company said Target C is a uranium depositing environment, although the soil
sampling work also indicated the presence of rare earth and base metals.
This is an enhanced outcome to the earlier test work and suggests that the Erongo
project has the potential to host an alluvial-based uranium deposit, Reefton CEO, Mr
Simon Gilbert, said today.
We are at the starting blocks only but the latest results show uranium mineralisation,
with Target D exhibiting the potential to be even more significant than Target C, Mr
Gilbert said.
The results occur at a time the uranium spot price has firmed to around US$23.20 per
pound up from $11.54/lb in 2003, he said.
The Erongo project is located in Central Namibia on Africas western coastline. Mr
Gilbert said Target C was defined by radiometrics with an anomaly of 8 km in length
by 2 km in width, with surface soil samples indicating a source of rare earth and base
metal mineralisation upstream.
The palaeochannel Target D anomaly 7 km in length by 1.5 km wide and running
parallel but to the north of Target C - had radiometrics of up to 135,300 counts per
minute (cpm) at surface compared with a peak of 94,320 cpm at Target C.
MEDIA CONTACT:
Simon Gilbert Reefton Mining (08) 9322 7822
Kevin Skinner Field Public Relations (08) 8234 9555 / 0414 822 631

why did the ceo resign ??

not more bad news on the way, in regards to the tenements fiasco again ??

I started this thread and bailed out a while ago

And I THINK ITS CROOKED !!!!!!!!!!

......a couple of paragraphs from;
www.theaustralian.com.au (business section);
headline = Dusting off old prospects hoping for slice of yellowcake
Robin Bromby April 27, 2005

extract;
" Meanwhile, Namibian uranium hopeful Reefton Mining will be searching for a new chief executive. The incumbent and former Iluka executive Simon Gilbert quit on Friday. This came three weeks after the departure of long-time managing director Vladimir Nikolaenko.
The junior has been facing problems getting its exploration licences renewed in Namibia. Industry observers say Mr Gilbert may have been uncomfortable at a junior explorer after being used to a large mining company. "

can't get much out of the above, but would really like it if they announced another useless soil sample with some uranium in it, so that the price goes up and i get out (and into vane.....)

Reefton Mining N.L.
21 May 2004

REEFTON MINING NL ('REEFTON' OR 'THE COMPANY')
RE;
21 MAY 2004

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The directors of Reefton Mining NL are pleased to announce the appointment of a
new Chief Executive Officer, Mr Simon Gilbert.

Simon Gilbert is a specialist in the technical, operational and corporate
financing issues of mining companies. He is currently consulting to Iluka
Resources Limited and has performed high-level consultancy to a number of mining
companies over the past five years including Doral Mineral Sands and BHP
Billiton.

etcetcetc........

so this bloke has been with the company for just over half a year, and is moderately reputable.....going from the companies he has worked for.....

so what, why and where is the potential scam ????

progress with licences ,up 24% in oz,could be coming back to life

revise that to 14% at 07:20 our time

Anyone's guess as to which way it goes. They seem to be hanging on it, so it could come down on the side of positive.

it probably will, as they are setting up that General Meeting in June, so that they can get approval for issuing more shares......which may be so that they can drill the crap out of their potential uranium ground.

these guys have tested my patience...am out with a decent loss, but i think that VML will go on and more then make up for it (for me).

RTM put out those super-positive radiometric RNS's and their sp hit a certain target which allowed them to go and issue one of the outgoing Directors (ex-CEO) with a bunch of options (equal to about 4p each or 10 aussie cents ?) that expire on 30June2006.......

and before that, they realised that they had not received the appropriate permits to explore on their tenements....how long were they sitting on that for ?? almost 2 years ??

ok -so a director resigned before and after this.....

don't like this story, and there are in fact a few other Uranium plays around which in fact have proven resources on their tenements......

good luck to these guys !!!
(at least i cut my losses in half by today's rise - sensational !!!!!
Vane Minerals - here I come !!!!!)

- although i may be back.......

High volume reported last night down under, and a cracking start this morning. Bodes well.

Bring on the news !

Trading halt,pending a licence announcement.Let's hope it's positive news regarding the nuclear inclusion.

am glad i got out when i did........but not so glad, i got in when i did.......

rtm ready to move north big time.everyone get in quick,long awaited re-licence and u news on its way.

I`m in already but i don`t share the same confidence as you kedar, i hope your right.
db66

Personally if it were not for the volumes in Australia I would be highly cynical considering all the directors resignations. This all hangs on the Namibia government granting "Nuclear Fuels" licence.

Stocks seek direction
Daily Telegraph, Australia - 2 Jun 2005
... The top traded stock by volume at 1235 AEST was Reefton Mining, with 32.3 million shares worth $2.45 million changing hands. Reefton ...

Reefton announced share issue 50,000,000 at 6 Aus Cents to raise 3 Million Aus Dollars - also these will carry options for a futher 50 million share in 2009

Could be worse, it's better than being whacked with a rights issue. At least they're well funded now, so that is one niggle out of the way.

55011 As the offer appears to be open offer at 6 Cents the current bid offer ASX is .069 and .071.

Things are hotting up here again, in expectation of uranium licence approval, which will be announced any day now. This share is about to erupt!

back to the diamonds on the beach....