2009 will be an interesting year for Uranium in Western Australia. The change of Government has led to uranium exploration and mining being back in favour but the financial crisis has led to a lack of funds being available for exploration. However the outlook is positive. Uranium usage is tipped to increase with China and India leading the way and Japan also active in the sector.
On 14 January 2009 Universal Resources Limited (ASX:URL) announced its intention to raise additional funds for working capital purposes by way of a fully underwritten non-renounceable rights issue to existing shareholders on the basis of one new share for every two shares held on the record date, at an issue price of 1c per share. The issue was successfully completed on 25 February 2009 and raised A$1,720,112 before costs.
Yesterday the Australian shares market appeared to be decoupled from Wall Street. The local shares shrugged off the bad lead of US stocks and finished firmer with rising in all sub-sectors, as traders put more of their attention to the local news. The benchmark S&P/ASX200 was up 2%, or 74.8 points, at 3743, while the broader All Ordinaries surged 1.9%, or 68.6 points, at 3695.8.
Resource Capital Research ("RCR"), an equity research company which focuses on small and mid size resource companies, today launched its major quarterly research report covering 16 global uranium exploration and development companies.
Most Asian stocks tumbled massively yesterday as the Obama government suggested a bankruptcy for the struggling US car makers. Most major indices in Asia opened higher on Tuesday despite sharp loss on Wall Street, largely due to optimism of the local economy and corporate performance.
Corvette Resources Ltd (ASX:COV) (The Company), has received the last batch of assays from the remaining 5 holes from its first phase of Reverse Circulation (RC) drilling programme, completed in December 2008, at the flagship Corvette Prospect within the Plumridge project area, east of Kalgoorlie.
Yesterday Asian share markets ended broadly lower after Wall Street's massive sell-off over the revised proposal to shore up U.S. banks. Japanese markets were closed for a public holiday. Hong Hong's Hang Seng Index dropped 2.5%, while South Korea's Kospi gave up 0.7%.
