Coverage
Uranium price still glowing but share prices cooling a little
Barry Fitzgerald (www.theage.com.au)
2 July 2007
GARIMPEIRO
Bondi Mining
2 July 2007
CANADA'S Buffalo Gold has recently upgraded its Mt Kare gold project in Papua New Guinea to 1.4 million ounces.
That's been good news for locally listed Bondi Mining, the December 2006 float with a focus on gold/copper exploration in NSW.
Buffalo also happens to have been an early mover
in the Australian uranium exploration boom.
But because of the growing importance of Mt Kare, it was not getting
any value in its market value for the uranium interests.
The solution has been to shunt them in to Bondi in return for shares and options that will initially give Buffalo 44 per cent of the local outfit. The market liked the deal, driving Bondi to a record 85¢ in May. It was trading at a more sedate 54.5¢ on Friday ahead of formal approval of the deal.
The package picked up by Bondi covers a number of
uranium provinces in the Northern Territory and Queensland on which
the Buffalo boys have already identified 40 high-quality targets.
If there is a general theme to it all, it is the hunt for uranium under
thin cover close to known uranium occurrences/deposits.
Two of the projects, Murphy in the NT and North Maureen in north Queensland, are being readied for drill campaigns in the December quarter.
Heading the uranium push is Bondi's managing director, Canadian geologist Rick Valenta. Valenta, formerly chief operating officer at the gold and uranium-exploration success machine Fronteer Group of Canada, has set up base in Brisbane with his Aussie wife for a repeat performance with Bondi.
