MPM will be a $5.00 stock this yearMPM issued a press release on January 25, 2005 announcing the acquisition of the Ben Lomond uranium deposit in North Queensland, Australia. The market has yet to react to this news. Between this deal and MPM's Mt. Kakoulima Project in Guinea, West Africa with joint venture partner FNX Mining , MPM will see $5.00 this year!
The Ben Lomond uranium deposit discovered in 1975, was explored by surface and underground drilling (more than 65,000 metres; from 1976 to 1982). The deposit has a completed feasibility study (1982) and an Environmental Impact Statement was accepted by State and Federal Governments in 1984.
From the press release:
The Ben Lomond resource estimation, which is not current, was compiled in 1982 for Total Mining Australia Pty. Ltd. for the portion of the deposit between 787.5E and 1537.5E using a database of 435 drill holes (percussion and diamond) drilled on north-south cross-sections at 25-metre intervals. The diluted minable reserves within the resource estimate were reported as follows:
Under-
Open pit ground Total
Tonnes ore 1,462,000 468,000 1,930,000
Grade %
U(3)O(8) 0.246
Tonnes U(3)O(8) 4,759*
*In excess of 10 million pounds U(3)O(8)
The uranium resource contains a molybdenum credit of 0.15 per cent.