News

October 21, 2008

Eleckra Has Two Cabs Ready Two Roll Out Of The Rank, And A Possible Joint Venture Partner In Uranex On Thatcher Soak

By Our Man in Oz

Two cabs on the same rank, but which one is the best to catch? That’s the challenge and opportunity confronting the emerging Australian gold and uranium explorer, Eleckra Mines. The company is sitting on a promising gold resource currently ringing in at more than 700,000 ounces at the Yamarna project in central Western Australia. It’s also sitting on a one-third interest in the even more promising Thatcher Soak uranium project. In the background are exploration leads for iron ore, copper and nickel, over one of the biggest land holdings in a lightly explored part of a richly mineralised part of the world. But interesting as the other opportunities might be, the reality confronting Eleckra is that the tougher financial conditions mean that it will be one cab at a time, and the winner is likely to be uranium.

“At this stage it’s the uranium topping our list of potential developments,” says Eleckra chief executive, Ian Murray. “It is an easy to mine and easy to treat material, which represents one-third of the overall Thatcher Soak orebody, in which Uranex holds the other two thirds.” Until last month, both companies were in a limbo land created by domestic political conflicts, in that the Australian Government approved of uranium mining, but the WA Government, although from the same political party,...