Uranium remained the hottest sector in town last week, with shares in West Perth uranium company WildHorse Energy Ltd listing on the Australian Stock Exchange at more than two and half times its subscription price.
The market reaction will be welcomed by Nedlands-based uranium explorer XState Resources Ltd, formerly Oriental Crystal (International) Ltd, which has issued a prospectus to raise $6 million.
Similarly, investors in Northern Uranium Ltd, which has closed its initial public offering after raising $4 million, will also be hoping for a strong market performance when it lists later this month.
WildHorse shares charged ahead at listing on Friday to close at $1.08, 170 per cent up from the initial offer price of 40 cents.
In an announcement at the same time, WildHorse announced it had been granted two new prospecting licences in Hungary, effectively a seven-time increase in its uranium holdings at its core Pecs and Bataszek projects in southern Hungary.
WildHorse will complete a detailed program to evaluate its Hungarian projects, and where possible determine JORC-compliant uranium resources. The company has specifically acquired projects in Hungary and the US, areas with a history of uranium mining and production, and positive government and community support.
WildHorse also announced last week it had paid the outstanding balance of the purchase price ($US700,000) owing on its Sweetwater mining claims in Wyoming, US.
In the other uranium news, Northern Uranium said it expected to list in mid November.
Polaris Metals NL and Washington Resources Ltd will each retain a 25 per cent stake in the uranium explorer.
French explorer Areva NC and Canadian-miner Mega Uranium Ltd, have taken stakes of 6.25 per cent each.
Northern Uranium plans to focus its efforts on its Gardiner-Tanami super project, comprising 9,950 square kilometres straddling the Western Australia/Northern Territory border.
XState, which will issue 30 million shares at 20 cents each, funding a change for the company, which entered a deed of arrangement on March 11 2004 following the appointment of administrators in the then China-focused copper tubing manufacturer.
Oriental changed its name in September to reflect the new focus on uranium exploration in Arizona.
