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?

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....