# WCU - White Canyon Uranium



## shanty (11 January 2008)

Hi, any fresh thoughts out there? RC is no fool and Mr Shumway has an impressive cv along with his family.


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## shanty (10 March 2008)

Well, well! Not a lotta comment! How about WCU being one of the few shares showing green in a sea of red.


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## BULLFROG (1 May 2009)

Does any body know how the mining lease supposed to be issued is looking. A large volume a shares traded on Wednesday this week Looking for some announcements in the coming week.


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## bigdog (2 May 2009)

BULLFROG said:


> A large volume a shares traded on Wednesday this week Looking for some announcements in the coming week.




WCU White Canyon ASX ANN

29/04/2009 Change in substantial holding from GDN
http://www.asx.com.au/asx/statistics...idsId=00948004

Golden State has sold 6,000,000 White Canyon Uranium shares to a number of domestic and international clients of RBC Capital Markets.
-- proceeds were $1.2 million


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## sigmadelta (5 May 2009)

Very interesting action today. After an article on Proactive Investors. 

Article link

The article indicated that :

- a mining permit is a given, expected 20th May. No environmental or public concerns voiced.
- Co. expect to have the mine operational using current cash
- Ramp-up to production to start immediately after permit recieved
- Production expected later 2009

The next ASX-listed uranium miner has come from leftfield and, given the recent buying, surprised a lot of people. Options look good value for leverage.


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## STRAT (9 May 2009)

sigmadelta said:


> Very interesting action today. After an article on Proactive Investors.
> 
> Article link
> 
> ...



I bought some options this week Im very happy to say. Seems to be pretty much under the radar although for this stock the last two weeks could be considered major activity. Perhaps next week it will get noticed.


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## Oracle (28 May 2009)

Permit has been granted 

http://www.proactiveinvestors.com.a...um-mining-in-utah-first-in-30-years-1562.html


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## brewbob (2 July 2009)

G'Day, Mates!  

I just discovered WCU on a Yahoo uranium forum for UEC.  I've read the info on the WCU web site and the info on the ASX.  I haven't seen, though, any reference if the construction has started at the Daneros site.  Does anyone know if this happened?

The press release on 27 May 2009 indicated it would start immediately and continue for the next 100 days.  I want to invest in WCU but also want all the info I can get.  The Yahoo quote page for WCULF.PK has zero info.  WCU is listed in the USA on the Pink Sheets, which are very risky and usually avoided.  

Thanks in advance for any further details you can provide.

Cheers!

Bob


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## AndyTheMan (6 July 2009)

Hiya,

I hold WCU - bought in just before they got there approval to mine a few weeks back.

Although many still see the stock as being risky, I see lots of upside and have done a fair amount of my own research to verify my holding.  Some good points:

Approval to mine issued - I've looked through it and it looks pretty standard - I'm in the planning/approvals indsutry)

First approval for a U mine in The Utah in 30 years.

On the hotcopper forum members have received emails from managment sayting consruction is underway and going to schedule (I have no reason to disbelieve them but have not verified myself)

Directors buying on market a few weeks back.

White Mesa Mill a few hundred clicks away to process U, mill currently shut down for maintenance - go to the management mneeting minutes of the company that run the mill and they are upgrading their feeding facilities.  PLanned start-up for mill (direct from mill company) is August.

America showing renewed interest in nuclear fuel to reduce reliance on overseas fuel supplies - recently announced funding for 3 new nuclear power stations. 

Meant to be production Sept/Oct - I'm holding out till the first product leaves the mine site!


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## YOUNG_TRADER (1 December 2009)

For a stock that has been completing its mine in order to dig up its Uranium and should any day now be announcing that it has hit its Uranium resource and so will become the next ASX listed Uranium producer it has a non existant stock following

very strange


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## YOUNG_TRADER (3 December 2009)

so very quiet

flying under the radar

one announcement due soon will change all that 

for those that follow and invest in Uranium well worth a look as this will be the next ASX listed Uranium producer


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## enigmatic (6 December 2009)

YT I haven't looked over this much but i seem to be having some issue finding details on there actual resource size and there actual expected output.. all the numbers seem to be non existent.. either that Or i haven't looked far enough back yet..

Info like what are there operating cost per lb going to be profit per lb these are the important details no point i guess digging the yellow stuff out of the ground if it is going to cost nearly the same as you sell it for..

But interesting stock neither the less.


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## YOUNG_TRADER (7 December 2009)

Hey Enigmatic

yes those things are all very important fundamentally

but to begin with the mere fact that this is the next ASX listed Uranium producer carries with it alot of weight

to which the market is yet to fully wake up to

WCU has effectively now joined the ranks of PDN and ERA by becoming a Uranium producer

the market cap differences between those and WCU are huge then again so are the resource profit and production profiles

but you get my point


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## enigmatic (7 December 2009)

Fundamentally the size of the resource and cost to produce is a big factor however I can see were your coming from, being the next possible Uranium Producer on the ASX will be a big thing and with a current market cap of about 25mil. With very few peers and with energy and low carbon emissions becoming a big thing by 2012 I'm actually surpised at the price..

I'm sure there are alot of other uranium explorers not even close to production with far larger Mrk Cap.

If this breaks 27c and closes above it could possibly be a breakout and I might enter. from a TA prospective see chart below.


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## swm79 (7 December 2009)

WCUO offers some very very nice leverage at 2c... esp with the TSX listing on its way 

cant see why WCUO isnt higher - oppies lagging again - granted they expire at the end of Jan, but they seem like a no brainer... so i'm in


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## enigmatic (8 December 2009)

Well this didn't close at or above 27c however it was reasonable close and has opened higher the chart is looking interesting


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## YOUNG_TRADER (8 December 2009)

Hey Enigmatic

I could be wrong but for me this was a breakout above 25c on much larger than average volume

but the stock is still very tightly held with 80%+ being with the top 20 so dont expect too much volume to swish around either


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## enigmatic (8 December 2009)

Yeah that was what my blue line on the first chart was however would like to see it stay above old support rather then just break resistance for a day or two.. if it stays above 25c for tommorrow Ill most likely get it.


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## YOUNG_TRADER (10 December 2009)

25c support looks to have held and now its making a crack at 30c it seems

Given this is about to become the next ASX listed Uranium producer Im surprised its not higher


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## enigmatic (10 December 2009)

Definitely with you on that YT, looking over the buy and sell orders looks like there is far more buying then selling and some strong support a round 28.5-29.5c so glad I got in when i did. 

Will be interesting to see how this plays out come Mid Jan when they announce there first sale. 

I was looking though there announcements and it stated they were looking at about .5million Pounds a year, not really to knowledgeable about the cost and profit of Uranium mining.. Until i know those figures can't really make any calcs on expected value.

However looking promising.. DYOR


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## gaps (11 December 2009)

good anns out on options underwriting today. that will bring 23million to the WCU coffers. 

agree that we will see major re rating of this new uranium producer come jan, with the tsx listing. 

plenty of upside early next quarter, interesting play imo.


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## YOUNG_TRADER (11 December 2009)

YOUNG_TRADER said:


> so very quiet
> 
> flying under the radar
> 
> ...




Sorry to gloat but I just love it when things fall into place like you forecast them to  


and looks like its no longer under the radar alot of people starting to get to know about WCU know


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## wanlad1 (21 December 2009)

First of many anns out expected over the next few weeks, you little producer you! 

ASX ANNOUNCEMENT
21 DECEMBER 2009
FIRST ORE DELIVERED TO DENISONS WHITE MESA URANIUM MILL,
UTAH
US-focussed uranium producer White Canyon Uranium Limited (ASX: WCU) (White Canyon or the
Company) is pleased to announce that first ore has now been delivered to the White Mesa Mill
owned by Denison Mines Corp. (TSX: DML; NYSE AMEX: DNN).
This is another significant milestone for the Company which has progressed from uranium explorer
to become the first new producer of uranium in Utah, USA. This has occurred in just 22 months after
listing on the ASX. It is an extraordinary achievement, one which many companies take several years
to realise, and it is a tribute to the strength and dedication of our mining team led by Operations
Director Kelly Shumway. I expect 2010 will be a very good year for White Canyon now that
production is in place Managing Director Peter Batten said.
In October 2009 the Company announced that trucking of ore to Denisons White Mesa Mill, some
100 kilometres by road from the Daneros mine, would commence in December 2009 and that
proceeds from its sale of first ore to Denison were scheduled to be received in January 2010.
I am pleased to say that we are on track to receive first sale proceeds in January 2010 as planned


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## wanlad1 (19 January 2010)

Once the options are gone WCU will take the next leg up.

- Development of the Daneros Mine
- Toll Mining Agreement and delivery of 2,000t to Denison’s White Mesa Mill (January 2010)
- Commence Toll stockpiling (January 2010)
- Ramp up of mining to 3,000t/month (February 2010)
- End of development stage and commencement of full scale production (March 2010)
- Reach target production of 4,500t/month (March 2010)
- Copper flotation and amenability tests (March 2010)
- Commence drilling to upgrade mineralisation to JORC compliant resource (April 2010)
6
- Finalise offtake agreement (August/September 2010)
- First toll treatment campaign (H1 2011)
- Deliver first product (July 2011)
- Commencement of drilling, exploration and studies on other projects
- Commence drilling at Daneros/Geitus (March/April 2010)
- Commence ISR amenability study on Yellow Cat (May 2010)
- Commence exploration at Lark Royal (May 2010)
- Work program is to be funded through the funds raised (~$A22m) pursuant to the
underwritten exercise of options that expire at the end of January 2010


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## enigmatic (19 October 2010)

I've been following this little Uranium specy currently a market cap of 22million.

They have been slowly accumulating land near there current mine, which they will be producing a small amount of uranium a year. 

Recent sales agreement has seen a move from 8c to 14c over the last few days.
The potential is there for this little specy uranium, however it seems thats all it is for now potential. 

Watching this one carefully.


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## enigmatic (5 February 2011)

Still no real interest in this New Uranium producer. has climbed to 20cents now and with Uranium exploding up to $US73/lb now no wonder its growing in price.
I have a feeling this one will only really start to shine once Profit figures come in and everyone realizes how low there P/E is.

Anyway keen watcher of this Uranium producer.
DYOR


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## pixel (5 February 2011)

enigmatic said:


> Still no real interest in this New Uranium producer. has climbed to 20cents now and with Uranium exploding up to $US73/lb now no wonder its growing in price.
> I have a feeling this one will only really start to shine once Profit figures come in and everyone realizes how low there P/E is.
> 
> Anyway keen watcher of this Uranium producer.
> DYOR



 Good company, enigmatic;
I've been swing-trading WCU a few times in recent months; since it's lifted to 20c, I'm now keeping a few for the long haul.





next resistance 33c and 44c


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## enigmatic (7 February 2011)

Continual uptrend for this one again today up 15% to 23cents. Not sure if this is solely due to the uranium price or the fact that people are becoming more aware of this little producer.
Just waiting for actual figures on the projects profit so i can do some actual fundamental analyst has been a little restrictive with sharing information about there operation and future outlook.


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## enigmatic (23 February 2011)

Not sure if anyone else follows this but looks like dension has made a cash bid at 24cents
which is 1cent higher then its current value.

I tend to think WCU is value is far greater then this due to there land holding in Utah and the simple fact they are the only company that has been given mining rights in this region for 30years.

Doesn't seem fair value so i can only assume the board is getting something from the deal


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## tothemax6 (23 February 2011)

enigmatic said:


> Not sure if anyone else follows this but looks like dension has made a cash bid at 24cents
> which is 1cent higher then its current value.
> 
> I tend to think WCU is value is far greater then this due to there land holding in Utah and the simple fact they are the only company that has been given mining rights in this region for 30years.
> ...



I follow, yes I'd say denison will be getting a good deal. Its bid is 4c higher than the price when the corresponding trading halt occurred, so I'm guessing the move up to 23c after the announcement is simply the market matching the anticipated future buy price.
I would agree definitely worth more, based on the value of the rate of ore processing they have scheduled and the grade of the ore. However if the directors are all in favor of just throwing in the towel when there is a bit of money on offer (based on the unanimous recommendation to shareholders to accept the deal), even when the company is worth more, perhaps the shareholders _should_ just take the deal.


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## pixel (24 February 2011)

Interesting, to say the least, is the sweetener that was given to Ms Lulu Yu.
For her $2.5M "Convertible Note" she now received 23M new shares *before the deal.*
You do the maths. I reckon the entire deal stinks and ought to be rejected.


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## enigmatic (24 February 2011)

Oh and off course the Directors would agree its a good deal they were just issued 20million options at 15cents little bonus of 1.8million between them assuming the 24cent offer goes through. 
If it goes higher the bonus is better offcourse but easy money.
The USA supply of Uranium will run short soon and the price has been on the rise no reason to jump ship yet.

Edit: Although i guess i should of looked at the Uranium price  its had a bit of a correction over the last two weeks.


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## tothemax6 (11 March 2011)

Probably one of my most boring purchases ever. Buy, then short while later a takeover bid is made, and trading of the stock grinds to a halt. When is it that this takeover is due to occur, so I can put the money somewhere more exciting - like in a sock .


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## tothemax6 (15 March 2011)

OK I posted that, and then reactors in fukushima proceeded to explode, causing uranium stocks to be hammered. To be honest, there is something rather dark about that .

Definitely made the stock more interesting. I'd say if the stock remains at the current price (about 0.18), few people will reject the 0.24 offer .


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## pixel (18 May 2011)

pixel said:


> Interesting, to say the least, is the sweetener that was given to Ms Lulu Yu.
> For her $2.5M "Convertible Note" she now received 23M new shares *before the deal.*
> You do the maths. I reckon the entire deal stinks and ought to be rejected.



 Is it possible that the bidder fails to secure enough acceptances? Seeing that Denison keep mailing letters and extending the deadline, that seems increasingly possible.

Does anybody know where the threshold to compulsory acquisition lies? I understand that, once 90% of votes have agreed to sell, the last tenth will still receive the same consideration as everybody that accepted within the time period, except that they're forced to sell, whether they want to or not. That would mean, NOT accepting the offer won't disadvantage a holder.

And what would happen if they did NOT receive the required 90%? Will all acceptances be wound back? Or does the bidder simply end up with 70 or 80% of the stock without achieving full control?

I've googled _"how does a takeover bid failing affect acceptances?"_, but couldn't get a helpful answer.


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## skc (18 May 2011)

pixel said:


> Is it possible that the bidder fails to secure enough acceptances? Seeing that Denison keep mailing letters and extending the deadline, that seems increasingly possible.
> 
> Does anybody know where the threshold to compulsory acquisition lies? I understand that, once 90% of votes have agreed to sell, the last tenth will still receive the same consideration as everybody that accepted within the time period, except that they're forced to sell, whether they want to or not. That would mean, NOT accepting the offer won't disadvantage a holder.
> 
> ...




If 90% acceptance was the condition I believe the bidder can walk away, as one of the conditions is defeated. So all the acceptances are "wound back" as you put it. 

Other scenarios include the bidder lowers the threshold to say 75%, and they hold what they have and may be come back with a mop up bid down the track. Or they can throw in a sweetener in hope of getting that final 15%...

In the uranium space it wouldn't surprise me if the bidder's gone cold feet. But I haven't followed WCU in detail so pure random speculation only.


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## pixel (18 May 2011)

skc said:


> If 90% acceptance was the condition I believe the bidder can walk away, as one of the conditions is defeated. So all the acceptances are "wound back" as you put it.
> 
> Other scenarios include the bidder lowers the threshold to say 75%, and they hold what they have and may be come back with a mop up bid down the track. Or they can throw in a sweetener in hope of getting that final 15%...
> 
> In the uranium space it wouldn't surprise me if the bidder's gone cold feet. But I haven't followed WCU in detail so pure random speculation only.



 Thanks for that;
I did buy some at the recent dip, feeling I'm practically guaranteed 24c.  But hoping for more - who wouldn't


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## skc (18 May 2011)

pixel said:


> Thanks for that;
> I did buy some at the recent dip, feeling I'm practically guaranteed 24c.  But hoping for more - who wouldn't




Recent dip? If you bought some during the Japan earthquake then you are a brave man...:cowboy:


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## pixel (19 May 2011)

skc said:


> Recent dip? If you bought some during the Japan earthquake then you are a brave man...:cowboy:



WHat about the Japan quake? WCU is on the other side of the Earth. Sure, there was a knee-jerk reaction, but those are an opportunity more often than a risk. 
 I usually trade by the chart; Support at a strong Fibonacci level - in this case, 61.8% was even matched by an earlier resistance - is always worth a second look. Sure, risky it was: but not any longer once the blue arrow confirmed the swing change a few days later.




... and remember: I never put sheep stations into a single trade.


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## skc (19 May 2011)

pixel said:


> WHat about the Japan quake? WCU is on the other side of the Earth. Sure, there was a knee-jerk reaction, but those are an opportunity more often than a risk.




Pixel. That was a geniue praise about you being a brave man to buy a uranium play after the Japan quake. (Although the best I could find was a cowboy emoticon which isn't what I was trying to say).

Let's hope the takeover offer won't lapse.


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## pixel (19 May 2011)

skc said:


> Pixel. That was a geniue praise about you being a brave man to buy a uranium play after the Japan quake. (Although the best I could find was a cowboy emoticon which isn't what I was trying to say).
> 
> Let's hope the takeover offer won't lapse.



 Thanks skc;
I thought that might be the case - but I don't believe I deserve praise 

Today's 604 reports acceptances brought Denisons' holding to 73.85%. Not far to go; but if anyone wants to take  my parcel for 25: It's still available


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