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?

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 !