Member Info for Petronius

this is a slow burner for sure but look on the bright side - the 6 month interims @ 31/12/09 show cash in hand £2.2M and the cash burn for the period was only £475,759 so no worries in the short term.

A new drilling programme is due to start in late Q2 2010 when the dry season begins, at the Mtonya prospect. Still no news on the RTX coal project.

on 12th May Mike Unwin bought 300,000 shares @ 2.79p

has been posted to the URA website: http://www.uraniumresources.co.uk/downloads/tanzania-investors-presentation_10.pdf Report is fairly upbeat and positive about the future, choosing to describe their Uranium target at Mtonya as 'world class'. There is a busy period of exploration for the remainder of the year and they make much of their 'established relationships with the major mining companies' and in particular, the JV with Rio Tinto. This will no doubt come into play when they try to 'unlock value potential of the portfolio'.

Are you confusing our invested company Uranium Resources Plc (LSE: URA) with another company listed as Uranium Resources Inc (NASDAQ: URRE) Please verify source regarding Gold/Diamonds if related to URA

http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article7009629.ece

went through yesterday. Also enclose a link for a Bloomberg story regarding future demand for Uranium, that you may find interesting: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=alUulItu4b8o

the Andrew Bell comments came from http://www.minesite.com/ out of an article on RRR dated 11/11/09. Lots of interesting info on numerous miners to be found here.

I agree, this is a 'buy and hold' stock and do not expect anything to happen in the short term, although the partnership with Rio Tinto might liven things up if they find the coal they are looking for. I have started to take a position on Uranium, first buying into RRR where they hold 20% of Resource Star Ltd which currently holds early stage uranium assets in Malawi and Australia + 15.81% in Cue Resources Ltd with uranium prosopects in Paraguay. Their director Andrew Bell makes the comment: “China adds every year”, he says, “the equivalent of the total French nuclear capacity”. In hard numbers, China currently operates 11 nuclear plants, has a further 17 under construction, and another 34 in the planning stage. At the moment, Andrew continues, half of all the plants planned in the world are in China, but the precise details of the uranium requirements that the country will have in the future are being kept well under wraps until, he reckons, the Chinese have locked in enough supply. The thinking goes, then, that once China becomes open about just exactly how much of the world’s uranium supply it plans to be sucking in for its own domestic purposes, there’ll be a supply squeeze and the price will rocket. As Captain Jack says "the 21st century is when it all changes - you've got to be ready" !!

as a 'sell' was in fact a 'buy' (mine). Being for 2.32p and below the mid price, it was consequently recorded as a sell.

Its money in the bank and thats what counts. It will be some time before all the dust settles, so in the meantime we can move on and look at others.

The first problem is that MANA currently trade at 6.6p and African Aura trade at 15 cents ( on the Toronto Exchange) so when (IF) the merger is completed, at what price will the market value the newly merged company? Whatever it is, if the proposed 1 for 8 consolidation takes place, your pre merger 3,275 shares will become 409 shares post merger, with a 'corresponding' (probably not like for like?) lift in the share price. Once they start to issue new shares to raise further working capital, there will be a dilution. In short, I don't think anybody has a clue where the share price is going on this one, so any trading activity now seems to be a clueless walk in the dark. Taking what profit you now have, seems to be a good option

Plenty of punters diving in but have they considered the proposed 1 for 8 share consolidation AFTER the merger (assuming it goes through - no knowledge yet of the TSX Venture Exchange approval)? More to the point, why has it been proposed? My guess is that they need to raise SIGNIFICANT sums through share offerings, to finance their activities going forward and this will cause a dilution in share value. This will not look quite so bad if the share price had been revalued upwards (by the share consolidation process) prior to having to raise the cash - but there will be a dilution. Also have a problem with the largest item in the balance sheet 'deferred exploration costs' shown as $29M in the Q1 2009 statement - not quite sure what this is or how this ends up as a hefty asset. Maybe somebody can explain what this is. Sorry to be a party pooper but still think this is not the right time to take a dip.

The share consolidation and resulting name change will only proceed upon the completion of the Combination (consent of the TSXV being a condition precedent to the entering into the Combination). So the question is, after the deal has gone through and all the dust has settled, what kind of price will the new company be trading at AFTER the 1 for 8 share consolidation? I do not think the Evolution sp of 17p takes this into account and if that is the case, it would be more like £1.36 sp (with shares in circulation reduced by a factor of 8 ie if you already hold 64,000 shares you will end up only holding 8,000). Am I reading this right? I wouldn't mind some comments from Mano watchers/punters of long standing. In the mean time, I think I will hold off any thoughts of investing until we get a clear view but I will be keeping a close eye on them.

is probably due to a full page article in the new edition of Investor's Chronicle (out today at all good newsagents at £3.75 but being a tightwad, I skimmed a copy at the stand) with a recommendation to buy. It talks about the upside to the three mining activites, gold, diamonds and iron ore and the forthcoming (presumed) merger with African Aura (AA). It also mentions the down side with the political risk and funding requirements for long term commercial exploitation eg. $2bn to build a railway and port handling facilities to get the iron ore to market. The brokers Evolution Securities have put a (conservative) price on the enlarged group of 17p (on a sum-of-the-parts basis). This is a stock which interests me but I have only recently come across it and still researching. The Q1 2009 interims contain note 15 - subsequent events: Assuming the vote for merger goes through, Mano will aquire all outstanding shares of AA for which AA shareholders will receive 1.57 Mano shares for every one AA share. The new combined entity will be renamed African Aura Mining Inc. owned 75% by Mano (original) shareholders and 25% by (previous) AA shareholders. That much was already out in the open but there is another point mentioned in the summary of the Combination - a proposed 1 for 8 Mano share consolidation (one new post-consolidation share for every 8 pre-consolidation share). Continued ................

Ed Milliband unveils the government's renewable energy strategy tomorrow (15th)

RNS today - Director S J Day purchased 60,100 shares @ 4.00p on 24/06/09

RNS announcement on friday 24/04/09 stated Barclays Stockbrokers Ltd & Gerrard Investment Management have increased their share holding in the company from 1,800 to 5,144,829 and now have 5%+ of the company. It looks like they have a client who is building a stake in the company and it would be interesting to know who they were and what designs they have for the company going forward!