SMM - Summit Resources

[lancer]

bREAKOUT......up 26cents to $3.04

May have something to do with this posted by Maltesebull:

Nuclear report due

The final report from the government's nuclear taskforce says Australia should move quickly to export more uranium.

The Prime Minister is expected to make the document public today.

The report is understood to estimate Australia could double its earnings from exporting uranium oxide by the end of the decade.

It also reportedly suggests a nuclear power industry could generate significant environmental benefits.

The Prime Minister is likely use the report in his attempts to persuade state Labor governments to remove restrictions on approving new uranium mines.

 

[LifeisShort]

I believe this large movement is due to Federal Liberal Government announcement today supporting uranium industry in Australia and encouragind Labor states to change the 3 mines policy. You'll see most uranium stocks going forward today especially SMM as its one of the biggest ERA has jumoed significantly as well

 

[mmmmining]

The report is understood to estimate Australia could double its earnings from exporting uranium oxide by the end of the decade.

I believe the earning should be more than double. The long term contract price is US$15 if they get lucky, and the spot price is US$72. Existing producers just need to wait and do nothing more until the contract expired.

 

[Fab]

SMM going up but PDN not moving today

 

[lancer]

PDN has had such a run and now that the news is out about construction mine completed, well I am just happy it did not drop (buy on rumor, sell on fact) I think the fact it has stayed even after the HUGE increase says something...

 

[Fab]

PDN has had such a run and now that the news is out about construction mine completed, well I am just happy it did not drop (buy on rumor, sell on fact) I think the fact it has stayed even after the HUGE increase says something...

I guess you are right Lancer. The fact that it is the first U mine in Production for a long time is a very very good news and it comes at the right time too. I have always believed in U stocks for the last few years. I come from Europe and I have seen nuclear working very well (In France), I think Australia is starting to realize that they are sitting on dynamite with Uranium it has the potential to make this country even richer

 

[vizrock]

Is there a court case happening between Summit and Paladin over ownership rights? I heard that Paladin may be claiming that they own the majority of what Summit has. Is this true?

 

[markrmau]

Is there a court case happening between Summit and Paladin over ownership rights? I heard that Paladin may be claiming that they own the majority of what Summit has. Is this true?

My understanding - Summit had a farm in agreement with valhala where it could earn interest in valhala's ground by paying for drilling. Paladin took over valhala. the court case is over whether the farmin agreement is still valid.

You would have to read the asx announcements to get the correct details.

 

[vizrock]

Cheers markrmau.
It's probably been discussed previously on this thread but I am new to this.
It's fairly well summarised on their letter to shareholders on the 25th September.
They seem confident of an outcome with significant upside if it goes their way.

 

[Sean K]

My understanding - Summit had a farm in agreement with valhala where it could earn interest in valhala's ground by paying for drilling. Paladin took over valhala. the court case is over whether the farmin agreement is still valid.

You would have to read the asx announcements to get the correct details.

I actually believe it's in regard to the Isa Uranium Joint Venture (IUJV) between VUL and SMM which covers the Valhalla Uranium Project. As part of the JV agreements neither party is able to disclose information to a third party in regard to the project details. PDN has taken over VUL, but SMM believe that VUL have disclosed information to PDN during the dilligence, which breaks the JV arrangements. Part of the contract states that if VUL break the agreement then SMM have the right to acquire the entire project for 85% of it's market value to VUL. Good for SMM!!! If it doesn't come off, then SMM are in a 50% JV with PDN for the IUJV. Good for SMM!!

Still no news on the 6 x JORCs promised before the end of the year.....

Going great again this am, trading at $3.22 now after breaking through reststance at $2.90 ish last week. MACD turning up again. Blue sky ahead.

 

[dj_420]

looks like SMM will gap up this morning. could the drill results be here??

maybe market has clicked, director has stated that SMM will host uranium deposits among the ten largest in the world. could this have provided extra spark.

im eagerly awaiting these results. kennas any idea when the results are coming?

 

[Sean K]

looks like SMM will gap up this morning. could the drill results be here??

maybe market has clicked, director has stated that SMM will host uranium deposits among the ten largest in the world. could this have provided extra spark.

im eagerly awaiting these results. kennas any idea when the results are coming?

No DJ, the info I got from the company before Christmas said they were delayed but they'd have them out 'before the end of the year'. Shouldn't be too long though. Could only guess really.

You're right about the gap up. Lookin good.

 

[Sean K]

Like AGS, Summit gaped up a few days ago and has been consolidating rather similarly, perhaps forming a pennant ready to break up. Maybe. Will probably depend on overall market Uphoria holding up and the ann that is overdue. They've let the team down a bit on this one and they can't afford to leave it too much longer. Surprised they didn't ann that the ann was going to be late, like AGS did.....

 

[exgeo]

Listening to SMM's recent presentation (via webcast, accessible via www.minesite.com[/url)], it seems l...ly to be a scrapping of the ban on new mines.

 

[Sean K]

Announcement is becomming well overdue now, yet due!

This has come off along with a host of other players the past week after the post Christmas excitement. About to hit support around $2.85. Very ugly candle today! MACD looks a bit bearish too.....

U players are still responding to anns pretty well though. WME brought out an ann with very average results (IMO) and they jumped from 18 - 22 cents, then pulled back. Just shows that punters are still out there looking for the next U gravy train.... So I would still expect the ann for SMM to be positive for the sp.

Got any contacts at Summit to get an update Exgeo? he he.

(holding)

 

[lancer]

Up 12 cents, a good sign especially considering the recent market and the report being slightly overdue...

 

[56gsa]

Finally convinced to buy - is it too high?? $3 support seems to be holding tho... and I think all good news coming up:

Cameco Cigar Lake announcements - if this is less than good news then U price will increase - great news for PDN (I hold) and people will also more seriously have to start looking at where the future volume is going to come from - SMM has to be considered (I also hold PNN, MTN - sold AGS @$2 cause I thought it looked expensive )

Perhaps more significant for SMM is the April Labor convention - this will benefit the QLD deposits more than others I think - theres still a fight to be had in WA because of links with Pangea/nuclear waste - but I think Beattie will roll with the convention decision => SMM

 

[Halba]

email from MD of SMM indicates that they are finalise JORC's on 3 out of the 15 deposits

he is looking forward to a favourable 2007. this company has more uranium in the ground than paladin

the production rate is forecast to be higher. so its definitely a takeover prospect

 

[spooly74]

Just to add to the list 56gsa ...they are also well overdue 6 JORCS

 

[Halba]

reason for overdue

labour shortages of skilled personnel (of the lab ppl)