SMM - Summit Resources

[nizar]

Yep, it's a big if. Life is a gamble. We take a risk every time we walk out the door. But we do it because we make calculated judgements of how safe it is and the potential rewards. I am risking that the Labor Gov are going to change their national policy by analysing who has been saying what and the feeling I get from even the national green groups is that we must change our mindset in regard to uranium mining and power. We will change imo.

kennas
Even if national nuclear policy changes i understand Queensland state government are against U-mining..

where does this leave SMM ?

 

[dj_420]

hey nizar

if policy changes at federal level it effectively overrules state policy. so beattie had better wisen up and realise its not going to affect his precious coal mining industry.

 

[nizar]

hey nizar

if policy changes at federal level it effectively overrules state policy. so beattie had better wisen up and realise its not going to affect his precious coal mining industry.

Oh thanks, this stock has alot of potential...
If only the stocks i held werent already so good... LOL

 

[Sean K]

kennas
Even if national nuclear policy changes i understand Queensland state government are against U-mining..

where does this leave SMM ?

nizar, I've read somewhere that Beattie stated he would follow whatever the party decided at the national level. Carpenter said he would never however, but my understanding of this 'policy' is that it's binding at the state level as it's one of the parties core policies.

 

[dj_420]

did anyone see the ann from SMM today?? some very nice grades at andersons, mirrioola and watta. lower grades for bikini and tjilpa.

but the first three are shaping up to be something pretty good IMO. i thought andersons would be a nice deposit and from those grades its looking excellent.

shouldnt be to long till JORC now. the qtrly provided a nice boost for the sp today.

 

[dj_420]

i dont know if anyone saw ann today but highlights were:

andersons drill results
ANDERSONS 28m 4.87lb/t (0.22%) U3O8 & 5.94lb/t (0.27%) V2O5
ANDERSONS 8m 2.36lb/t (0.11%) U3O8 & 6.67lb/t (0.30%) V2O5
ANDERSONS 27m 2.65lb/t (0.12%) U3O8 & 6.52lb/t (0.30%) V2O5
ANDERSONS 20m 3.90lb/t (0.18%) U3O8 & 6.37lb/t (0.29%) V2O5
ANDERSONS 40m 4.52lb/t (0.21%) U3O8 & 6.91lb/t (0.31%) V2O5
ANDERSONS 33m 3.15lb/t (0.14%) U3O8 & 7.99lb/t (0.36%) V2O5
ANDERSONS 4m 2.62lb/t (0.12%) U3O8 & 4.92lb/t (0.22%) V2O5
ANDERSONS 7m 2.08lb/t (0.09%) U3O8 & 3.07lb/t (0.14%) V2O5

mirrioola drill results
MIRRIOOLA 18m 2.43lb/t (0.11%) U3O8 & 1.48lb/t (0.07%) V2O5
MIRRIOOLA 5m 5.59lb/t (0.25%) U3O8 & 1.68lb/t (0.08%) V2O5
MIRRIOOLA 18m 2.11lb/t (0.10%) U3O8 & 1.36lb/t (0.06%) V2O5
MIRRIOOLA 5m 4.08lb/t (0.19%) U3O8 & 1.54lb/t (0.07%) V2O5
MIRRIOOLA 14m 1.16lb/t (0.05%) U3O8 & 1.46lb/t (0.07%) V2O5
MIRRIOOLA 7m 1.68lb/t (0.08%) U3O8 & 1.36lb/t (0.06%) V2O5
MIRRIOOLA 16m 2.35lb/t (0.11%) U3O8 & 1.47lb/t (0.07%) V2O5
MIRRIOOLA 5m 5.54lb/t (0.25%) U3O8 & 1.17lb/t (0.08%) V2O5
MIRRIOOLA 17m 2.12lb/t (0.10%) U3O8 & 1.53lb/t (0.07%) V2O5
MIRRIOOLA 5m 4.16lb/t (0.20%) U3O8 & 1.87lb/t (0.08%) V2O5
MIRRIOOLA 8m 2.38lb/t (0.11%) U3O8 & 1.59lb/t (0.07%) V2O5
MIRRIOOLA 30m 1.77lb/t (0.08%) U3O8 & 1.83lb/t (0.08%) V2O5
MIRRIOOLA 5m 6.41lb/t (0.29%) U3O8 & 1.43lb/t (0.06%) V2O5
MIRRIOOLA 18m 2.03lb/t (0.09%) U3O8 & 1.29lb/t (0.06%) V2O5
MIRRIOOLA 16m 2.63lb/t (0.12%) U3O8 & 1.51lb/t (0.07%) V2O5
MIRRIOOLA 9m 2.44lb/t (0.11%) U3O8 & 1.58lb/t (0.07%) V2O5
MIRRIOOLA 14m 2.86lb/t (0.13%) U3O8 & 1.61lb/t (0.07%) V2O5

watta drill results
WATTA 33m 0.89lb/t (0.04%) U3O8 & 2.14lb/t (0.10%) V2O5
WATTA 47m 1.15lb/t (0.05%) U3O8 & 2.16lb/t (0.10%) V2O5
WATTA 6m 1.70lb/t (0.08%) U3O8 & 4.83lb/t (0.22%) V2O5
WATTA 7m 2.32lb/t (0.11%) U3O8 & 4.76lb/t (0.22%) V2O5
WATTA 8m 1.82lb/t (0.08%) U3O8 & 1.33lb/t (0.06%) V2O5
WATTA 43m 0.83lb/t (0.04%) U3O8 & 1.43lb/t (0.07%) V2O5
WATTA 13m 1.22lb/t (0.06%) U3O8 & 1.42lb/t (0.06%) V2O5
WATTA 4m 2.08lb/t (0.10%) U3O8 & 3.52lb/t (0.16%) V2O5


- confirmation of $5 million georgina basin uranium exp project
- in addition to the georgina basin exp, still another fifteen prospects in mt isa area
- the plans of spin out for constance range iron ore into Pacific Mines to existing shareholders early 2007
- additional exp prospects for spin out Pacific Mines
- appointment of David Berrie as executive director. previously was with BHP in legal roles.
- most resources remain open to continued drilling to expand estimates
- JORC estimates currently been calculated for andersons, mirrioola and watta as sufficiant drilling complete
- excellent grades for andersons, mirrioola and watta (lower grades)

IMO the qtrly just confirmed everything i have stated about company. has excellent prospects, resources and IMO will see significant increase once additional resources are brought to light.

 

[Fab]

I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
I am interested in SMM,DYL , PDN .. Uranium stuff

Cheers

 

[Sean K]

I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
I am interested in SMM,DYL , PDN .. Uranium stuff

Cheers

Fab, by 'don't do it' do they mean that once you purchase the shaes with your margin loan you can not use the equity in the stock to purchase more shares, or do they mean that you can not use the excess equity already in your account to buy the shares. It should be the former.

 

[deftfear]

I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
I am interested in SMM,DYL , PDN .. Uranium stuff

Cheers

ANZ have SMM on their approved list of securities, as well as a lot of other smaller companies, but it needs to be a diversified margin loan ie you have at least 4 (I think) different companies in the margin loan.

 

[Fab]

Fab, by 'don't do it' do they mean that once you purchase the shaes with your margin loan you can not use the equity in the stock to purchase more shares, or do they mean that you can not use the excess equity already in your account to buy the shares. It should be the former.

Kennas,

I mean you won't be able to buy on your margin loan any SMM or PDN for example

 

[Sean K]

Kennas,

I mean you won't be able to buy on your margin loan any SMM or PDN for example

Hmmm. Strange. I was with HSBC and could buy anything. Anything.

With ANZ/Etrade now but haven't been able to buy anything due to their administration being completely crap.

 

[Fab]

SMM down 5%. That makes me very happy as I would like to be able to re-enter but not before it goes below $2

 

[dj_420]

i dont think it will drop that far fab. did you see the grades on the deposits they have released?? no-one seems excited but i think we have some very nice high grade deposits shaping up.

im hoping to top up 2.15 or there abouts. every time it has slight weakness there are many hands to pick this one up.

are you still holding fab or you out completely?

 

[Sean K]

There will be opportunites to pick this up lower. Eventually. Should have a consolidation phase. Perhaps that has started. Should be some support at $2.00, if it gets back down there...will depend on general market conditions. Some things are still flying.

 

[Fab]

i dont think it will drop that far fab. did you see the grades on the deposits they have released?? no-one seems excited but i think we have some very nice high grade deposits shaping up.

im hoping to top up 2.15 or there abouts. every time it has slight weakness there are many hands to pick this one up.

are you still holding fab or you out completely?

I got out at $2 on this one . A bit early but then I picked some ANZ and ZFX warrant which are more than making up for the lost gain of having dropped out a bit early of SMM.

I want to get back on this one but a no more than $2 as I believe as Kennas says SMM is due for some consolidation

 

[nizar]

I want to get back on this one but a no more than $2 as I believe as Kennas says SMM is due for some consolidation

Dangerous move, as i have explained to you before.
But every1 has their own style i guess....

 

[JimBob]

Kennas,

I mean you won't be able to buy on your margin loan any SMM or PDN for example

You can buy them using funds from your margin loan but as kennas already stated, you cant use the equity in shares in SMM as Comsec have a LVR of 0% for them, as opposed to 60-75% for most other shares. Ive got a margin loan with Comsec and ive brought some of them with my loan funds, they have done quite nicely lately.

 

[Sean K]

Dangerous move, as i have explained to you before.
But every1 has their own style i guess....

We'll see nizar. I hope it consolidates where it is, but the odds are it'll go up in peaks and troughs like every single other stock on the asx.

This is 'investment' material for me now, so I don't really care too much about short term price movements now. I am absolutely positive that if Labor change their policy, this is going to be worth a bundle.

So, to contradict what I said earlier slightly, this is a buy at this price atm, if you have a long term view. IMO

Unfortunately, not too many people have a long term view on this forum and jump in and out quickly or are in despair when something goes down a % or two. I am like that too with the speccies, but this is not speculative. This is the real deal.

 

[chicken]

We'll see nizar. I hope it consolidates where it is, but the odds are it'll go up in peaks and troughs like every single other stock on the asx.

This is 'investment' material for me now, so I don't really care too much about short term price movements now. I am absolutely positive that if Labor change their policy, this is going to be worth a bundle.

So, to contradict what I said earlier slightly, this is a buy at this price atm, if you have a long term view. IMO

Unfortunately, not too many people have a long term view on this forum and jump in and out quickly or are in despair when something goes down a % or two. I am like that too with the speccies, but this is not speculative. This is the real deal.

Kennas...I bought a few more today at $2.26....and am very happy to hold...as you said could be worth a bundle...so I placed my bet....as the Uranium policy will change...just the feeling I have....

 

[dj_420]

i would like to see the old resistance line form into the new support, which would be above 2.00 plus. a bit of consolidation around this level would be good for long term trend.