WMT - Western Metals

giss said:

i'm sure that wmt will bring out some sort of followup announcement. they seem to be well aware of whats happening. probably a good time to buy now.

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I agree giss, I think announcement is expected anytime soon, and other announcements will follow up.
cheers

To be honest Kennas, lack of trading plan..

I was planning on holding this stock short term, but I've recently changed my mind to make this an investment rather then a trade.

For me, Friday closing higher and today's open are indications that this is set to move (also market depth to some degree).. but because I'm no longer looking at this for a short term trade, I wanted to get back in around a turning point and hold it long term. Low 30cents seemed a good place to start. My eyes are set on 6months or maybe a new high for the year.

Psychology played a part in it too.. I wanted to have money in the market as a driving force to continue my study.. if that makes any sense. :luigi:

WMT have announcements pending on four of their projects for the end of May,beggining of June - good luck to all who held tight with the recent retrace - should be an exciting few months coming up.

AndyMc said:

My eyes are set on 6months or maybe a new high for the year.

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Why not hold for a year to minimise capital gains tax?

Thats my goal these days - i think the difference is 30% as opposed to 50%

Gecko1 said:

WMT have announcements pending on four of their projects for the end of May,beggining of June - good luck to all who held tight with the recent retrace - should be an exciting few months coming up.

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I think most people still holding probably regret not taking profits when the share price was mid forties..I suppose the never never sell, sheep mentality kicked in.

Royce

Royce said:

I think most people still holding probably regret not taking profits when the share price was mid forties..I suppose the never never sell, sheep mentality kicked in.

Royce

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Either that or like me they are holding for the forseeable future? I think your statement is a little general.

Another way to look at this is the announcement which they mentioned in April. Is the selling of Unmarketable Parcel which are shareholding with a value of less than $500 as of the 22nd May.

I think doing this (apparently it effects quite a few account holders) is good house keeping. As they mentioned. Keeping these parcels of $500 or less is not financially viable. You can read the announcement in their news. Tidy up and get on with business.

Now if you had purchased your shares in the early stages (like me at 8 cents or less) $500 gave you 6,000+ shares. I noticed the last few trades going through were 6K and 8K amounts of shares. Have not been on all day to see the other amounts.

I think will be an interesting day today for many stocks and WMT,
Most of metals up like Au,Cu,Mo and weekly spot Ux U3O8 prize US$125.00

bravo said:

I think will be an interesting day today for many stocks and WMT,
Most of metals up like Au,Cu,Mo and weekly spot Ux U3O8 prize US$125.00

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Very interesting day. Well, there's a few things up. Didn't count on the Chinese ripple effect today I suppose.

WMT not out of the woods yet. Once again, support as shown, still in tact, and should provide a bounce. Resistance on the way back up as shown and this is not 'officially' going back up till it clears 38, IMO.

Now, where are all those announcements due before the end of the quarter. That's....tomorrow!!!!

kennas said:

Now, where are all those announcements due before the end of the quarter. That's....tomorrow!!!!

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Isn't that a month away?

Watching this one very carefully for an entry point. Thanks for the chart Kennas.

ALFguy said:

Isn't that a month away?

Watching this one very carefully for an entry point. Thanks for the chart Kennas.

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Aren't we in June? Ooops. LOL Can I delete that comment? Please? Before anyone else reads it and laughs?

kennas said:

Aren't we in June? Ooops. LOL Can I delete that comment? Please? Before anyone else reads it and laughs?

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Heehee.........you're the moderator. You can probably delete mine too and pretend it never happened

kennas said:

Aren't we in June? Ooops. LOL Can I delete that comment? Please? Before anyone else reads it and laughs?

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ROTFLMAO

Too late kennas; get Joe and he might save your a$$ on this one

But even if he doesnt' delete it, RIP knowing you might have just elevated lotsa folks' blood pressure here watching the en masse bleeding of mkt caps this arvo

Announcement out today:

The Board of Western Metals is pleased to provide an update on uranium exploration activities in Tanzania

Drilling Commences

Following the end of the wet season and construction of 12 kilometres of drill access tracks,
reverse circulation (RC) drilling has commenced on the Mtonya project in southern Tanzania. A
total of 4,000 metres of drilling is planned for June on several areas of uranium anomalism
including the Henri prospect which has yielded high uranium grades from surface trenching.
Results from the assay of the drilling samples are expected to be received in early August
dependent on transportation of samples and laboratory schedules.

Helicopter Radiometric Survey Completed

A high resolution helicopter radiometric survey has been completed over the most prospective
areas of the Mtonya project. The survey comprised 5,150 line kilometres of data collection on 250
metre spaced flight lines.

Preliminary interpretation of raw data is considered encouraging with identification of more than
15 anomalies of interest that warrant further detailed exploration. Field parties will commence
accessing the anomalies from June onward to conduct geological data collection and sampling.

Helicopter Supported Reconnaissance Completed

A field party was deployed via helicopter during April and May to conduct preliminary
reconnaissance on anomalies identified from historic broad spaced airborne radiometric surveys.
The work involved ground checking of selected anomalies, ground radiometric surveys, geological
observation and sampling.

The results of the reconnaissance are considered encouraging. Several anomalous areas
identified will require further detailed exploration during the second half of 2007 including drilling
and detailed airborne radiometric surveys. Assay results of samples and details of sites visited will
be released when the assays are received.

Prospecting Licences Granted

Two Prospecting Licences, previously announced as applications, have been granted as
PLR4432/2007 and PLR4476/2007. These two licences cover 6,498 square kilometres in
southern Tanzania mostly over areas of uranium prospective Karoo Basin.
Preliminary reconnaissance work will be conducted on these areas during the remainder of 2007.

Diagram 1: Southern Tanzania Exploration Areas
General

Western Metals is entering a very exciting phase of exploration in Tanzania.
The Tanzanian office has been established with the Country Manager, Senior Exploration
Geologist, two Junior Geologists, Field Supervisor and Administration Manager in place. The
Tanzanian team will be supported by the Australian based geology team.
Exploration equipment has been purchased including downhole geophysical survey tools, surface
geophysical survey instruments and safety and communications equipment. The company has
developed and is implementing operating procedures to ensure work practices are conducted with
the highest regard for safety and environmental management.

Western Metals is now positioned to progress its exploration activities aggressively over the
remainder of 2007 and beyond.
George Bauk


BACKGROUND TO WESTERN METALS
Western Metals is a Perth based exploration company with interests in Australia, Tanzania, the
USA and Peru.

STRATEGY
The corporate strategy comprises a focus on generating a portfolio of high-quality, high value
assets supported by a base of people, knowledge and networks. Projects in the Western Metals
portfolio are selected for their prospectivity, low sovereign risk and high value commodity
exposure.

PROJECTS
• The company has an agreement with Uranium Resources plc including the Mtonya Project
in Tanzania wherein Western Metals can earn 60% by spending $4m. Western Metals also
has a 42.5% interest in an additional 10,413 km² of tenements in Tanzania bringing the
license area to 13,851 km² with a further 211 km² under a 45% joint venture. Exploration
results indicate strong uranium mineralisation at surface up to 6.6% U3O8 at the Henri
anomaly to be tested by drilling in June 2007.
• Western Metals has a USA uranium JV with USA group Lynx1 LLC. The JV holds
exploration and mining rights over prospective lands in Colorado and will be undertaking
exploration activities during 2007. Western Metals currently holds a 52% interest, with an
ability to earn up to 80% by spending USD$1.4 million.
• The company has entered into a JV in Peru with SMRL Rustica Claudia 5, a private
Peruvian entity, to target a large tonnage Cu-Mo-Au porphyry deposit similar to other giant
deposits in the region. Western Metals can own 100% through payments of USD$2.5 million
over a four year period.
• Western Metals has an agreement with BHP Billiton to explore for base metals in the West
Georgetown area in Northern Queensland. The agreement provides for Western Metals to
achieve 100% ownership at the completion of the FalconTM survey whilst BHP Billiton has a
claw back provision. The tenement area also hosts gold and uranium potential.
• Also in the portfolio is a 60% interest in the Queen Hill tin deposit in Zeehan, Tasmania in a
JV with Gippsland Limited. This includes a resource of 7.3 Mt at 0.69% Sn.

GROWTH
Western Metals continues to review global opportunities for grassroots to advanced exploration
opportunities in base metals, gold and uranium. Since the current management team was put in
place in June 2006 this has yielded four new projects in the US, Peru, Australia and Tanzania
which are now fundamental to the company’s aggressive exploration strategy.
Managing Director
Western Metals
08 9481 3003
Willie Rowe
Gryphon Management Australia
0417 931 254

Chart review. Might be turning. Too early to tell IMO, but worth watching very closely. Todays hammer candle, is a turn around signal. (unless it was just in response to the ann??)

Notes from Leavitt Brothers:

Hammer
Pattern: reversal
Reliability: low/moderate
Identification:
A small real body forms at the upper end of a trading range with a long lower shadow (the longer the more bullish) with no, or almost no upper shadow.
The Psychology:
In a downtrend or within a pullback of an uptrend, a sharp intraday sell-off is followed by a reversal which causes the stock to close near its opening price near the day’s high. This hints at the possibility of a reversal. Bulls most likely were shaken out by the intraday weakness, and shorts start getting a little worried with the bounce. The pattern is a slightly more reliable if the real body is white, but a strong following day on solid volume is still needed to confirm the pattern.

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Look for a strong day tomorrow for confirmation.

It might crash too.

Ahoy Officer Kennas

I think this is as Good as it Gets!
Technically speaking!
He who thinks is lost IMHO

Salute and Bon Voyage

Expect a gap up at dawn as I am very angry for hesitating today!

Such is life at sea I guess?

kennas said:

Todays hammer candle, is a turn around signal. (unless it was just in response to the ann??)

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Yeah. i think it was a response to the announcement.

Just did a review of the day for WMT.

Almost 9 million in the last 20mins (15:48)
Announcement made at 15:38. 10mins reading time? :lol:

kennas said:

Chart review. Might be turning. Too early to tell IMO, but worth watching very closely. Todays hammer candle, is a turn around signal. (unless it was just in response to the ann??)

Look for a strong day tomorrow for confirmation.

It might crash too.

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Not confirmed unfortunately. Pays to analyse why/when/how those candles are constructed. So, more waiting on WMT. Lucky we hesitated Capt Chaza, although it's still looking better than it did a week ago, that's for sure. Keeping an eye on it.

kennas said:

Not confirmed unfortunately. Pays to analyse why/when/how those candles are constructed. So, more waiting on WMT. Lucky we hesitated Capt Chaza, although it's still looking better than it did a week ago, that's for sure. Keeping an eye on it.

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Ahoy Officer Kennas

If you draw your down-trending cold front in correctly
ie: don't ignore any part of a day's trading range you may see that she is leaning back in anticipation to thrusting through

You could say that she is just kissing and toying with us at this stage?
Anyway, That is my story and I am sticking to it!

Salute and Bon Voyage

Does anyone know the expiry of WMTO and the strike price? .......................................................................................