Commodities | Apr 02 2007
(All readers are advised to read this story in conjunction with the story “Misinformation Surrounds Uranium Discovery” equally published on Monday, April 02, 2007).
By Rudi Filapek-Vandyck
The reported discovery of a large new uranium deposit in South Australia with alleged potential to rival the country’s biggest deposit at Olympic Dam has given uranium stocks in Australia another boost on Monday morning.
The discovery was reported by regional newspaper The Advertiser on Monday. The newspaper quotes South Australian premier Mike Rann as saying “I am told it is uranium of the highest grade and has the potential to be a significant major mine”.
The find was made by unlisted Australian explorer Heathgate Resources. Share prices of Heathgate’s joint venture partners Adelaide Resources Ltd (ADN) and Alliance Resources Ltd (AGS) rose strongly on Monday morning.
Adelaide Resources’ CEO is quoted in the newspaper saying the new discovery could be the biggest uranium find in Australia in 25 years.
About a hour after the bourse opened on Monday morning, Adelaide Resources shares were trading nearly 18% higher at 56c while shares of Alliance were 13.66% higher at $2.33.