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Sydney, June 15, 2006 (ABN Newswire) - On a day when you would be happy to see your shares drop only 5-10% rather than 10-20%, Korab has gone against the current and put on a healthy gain of 18% following an announcement of uranium resource at its Maitland joint venture.
Korab has told the market that it is sitting on 1000 tones of uranium oxide with an in-ground value of over $126 million. This is on top of the 300,000 ounce gold resource which the company hopes to put into production in the next 6-12 months. With just over $6 million market capitalisation, Korab could be one of the few stocks that are likely to come out relatively unscathed from the current correction.
It's a little wonder then that the company has attracted attention of several well known names from Western Australia's world of business and politics. Among Korab's shareholders are John Poynton, Mark Barnaba and Geoff Rasmussen of the boutique investment bank Azura Capital. There is also John Akehurst who for many years was the CEO of Woodside Petroleum. Korab's register also shows companies associated with several other influential business people from WA and the eastern states who prefer to keep a low profile and asked not to be named.
Executive Chairman of the company - Andrej Karpinski - was upbeat about Korab's prospects today.
"We are keenly aware of our shareholders wish to see the share price perform well on a day-to-day basis. Having said that, I also have to stress that we need to ensure that our growth is sustainable. And this can only come about if we take a strategic, longer term approach. I think this is the safest way to see Korab's stock not only outperform its peers but also to realise Korab's full potential."
Korab is working on 8 projects in WA and the NT ranging from gold and uranium to zinc, cobalt and magnesium. "We have been very busy for the last 9 months since our listing on ASX and it certainly does not look like easing any time soon."
Contact: Sam Lynas Staff Editor +612 99995810 newsroom@abnnewswire.net Asia Corporate News Network
