EKA are expecting to mine 3.8 million lbs of Molybdenum this year. For the more sceptical amongst you, read this to confirm:

http://moneyam.uk-wire.com/cgi-bin/articles/200412150700023844G.html

They own the mine and the molydbenum in it has been independently varified as stated in the announcement linked above.

Molydbenum currently trades at around $38.50 per lb, you can check this at:

http://www.monterrico.co.uk/s/MetalPrices.asp

so do the sums 3.8m x $39.25 = $149m = 82m

Eureka Mining's market cap is 26m

In 2006 they expect to pull over 10,000 tonnes (20m lbs) of Moly out of that mine.

On top of all that they have recently aquired a mine in Russia with estimated contained metal of 3.32 million tonnes of copper, 3.26 million
ounces of gold and 98.9 million pounds of molybdenum. They hope to complete the feasibility study for this one in 2006:

http://moneyam.uk-wire.com/cgi-bin/articles/200501130700033169H.html

Papalpower, did u get a chance to look at UEP?

Yes, and put a note on the UEP thread. Here is hoping we get some more solid buying at EKA tomorrow, something is happening now and lets have some more of it.

Good info from an AFN post;

unionhall - 1 Feb'06 - 15:03 -

Meanwhile, Phelps Dodge Senior Vice President for Marketing Arthur Miele Tuesday forecast a $2 per pound copper price during the first quarter, along with a 3.5%-4% growth in copper consumption this year. He also predicted an $18 to $25 per pound average molybdenum price during 2006 with a first-quarter average price of $22/lb.

A really explosive formula building, BFS done on Chelyabinsk ? License conformation on Chelyabinsk ? Moly production a go ?, if they all come in then prepare for a shoot through 200p, risk yes, but big rewards very much possible with that risk.



unionhall - 1 Feb'06 - 15:21 -

I understand Shorskoye production mid-April.

Stockpiled ore from mining confirms required grades.

All equipment in country following delay at customs. Clear for takeoff.

Trying to force final positive confirmation re Chelyabinsk while work continues on site.

Latest news we have from unionhall is :

David Bartley was in Russia beginning of week trying to finalise Chelyabinsk.

In all day meeting in London today.

Back in Russia next Monday and Tuesday.

Todays rise, two things could be happening, either CER is now increasing their EKA stake with the money they have after the Gold Mine sale, or the Gold Mine sale by CER has paved the way for EKA to get Chelyabinsk sorted out and 100% owned. We might be getting news next week, keep a close watch on it, something is surely happening I think, and we might get to now it soon.

New thread started for the next phase of EKA progress, at link below

http://www.moneyam.com/InvestorsRoom/posts.php?tid=9428