Heavy trading in Aussie-listed Reefton Mining has prompted the company

to confirm it expects answers ‘imminently’ to its diamond and uranium

licence applications in Namibia.

AIM-quoted Reefton, based in West Australia and backed by Aussie entrepreneur Vladimir Nikolaenko, excited the market in March by announcing a ‘new uranium target’ in its Erongo polymetallic prospect in Namibia’s central zone, writes Robert Tyerman. Previously known for diamond prospecting off Namibia’s ‘Skeleton Coast’, Reefton saw its shares bounce from 2p to 6.75p on news of ‘four radiometric anomalies’ indicating potential uranium close to mining giant Rio Tinto’s Rossing uranium mine and Paladin Resources’ Peter Heinrich uranium deposit.

Since then, the price has fallen back to below the 3.5p at which broker Hoodless Brennan floated the company in 2002. Lately, however, there has been speculation about developments and chairman Bradley Moore’s statement on Friday that a decision from the Namibian authorities on renewing Reefton’s ‘exclusive prospecting licences’ at Erongo and the Skeleton Coast has sent the shares up 14 per cent this morning to 3.13p.

This has stirred the Australian Stock Exchange to put in a ‘price and volume’ query. In response, Moore says the company ‘continues to liaise with the Namibian ministry of Mines and Energy. In the most recent correspondence received from the Mining Commissioner of the ministry, he confirmed that the company will receive advice from the ministry imminently. There has been no suggestion as to what decision the ministry will take’.