News

December 10, 2008

At Mantra Resources, History Isn't Being Repeated Exactly – It’s Being Improved

By Our Man in Oz

History, as much as geology, makes Mantra Resources a “must follow” stock for anyone with an interest in picking the likely early movers in the next upward leg of the resources sector. Precisely when that leg will arrive we don’t know, but arrive it will, and when it does Australian-listed but African-focussed Mantra will be at the top of the pile. That’s because it has a resource in the ground, cash in the bank, and is led by a very commercial management team. If that sounds a little too good to be true, then show a little forbearance - discovering Mantra has been one of the few bright lights in an otherwise gloomy year for Minesite’s Man in Oz. Rather than finding a company cutting exploration, laying off staff, or closing a mine, Mantra is currently full steam ahead – and for a long list of very good reasons.

Top of the list is the resource itself, a uranium deposit in southern Tanzania called Mkuju River. Drilling has thrown up thick and rich intersections, and the results are currently being plugged into a resource estimate which should be released by the end of next month. Metallurgical test work is also underway and will form part of a scoping study scheduled for completion in the June quarter. That will be followed by the commencement of a bankable feasibility study in the September quarter....