At the beginning of January 2009, I wrote about the proposed Crosshair Exploration and Target Exploration merger and so far everything has gone as planned. The Target Shareholders meeting will take place on March 23, 2009 and all indications point to the merger being approved. This comes as great news to both companies as the merged company will have the required capital to earn-in fully into a uranium asset that is located within an existing uranium producing region and that has a timeline to production.
This flagship project is located in southern Wyoming and Target is currently compiling data from over 600,000 feet of drilling in order to complete an NI 43-101 resource estimate for the end of April 2009. Target has drilled less than 60% of the historic resource area (11 million pounds of uranium) and they consider the drilled area to have a potential of 4 to 6 million pounds with the remainder of the historic resource open for capture with additional drilling. This potential is well above the minimum mining threshold for this part of the world and once the resource is completed, the market will have a better understanding of the potential of this project. The company will then begin prefeasibility studies and permitting. Once a prefeasibility study has been completed, the project is slated to be producing uranium in as little as four years.
In addition to working on the uranium project in Wyoming, Crosshair/Target are planning to carry out a significant program on their gold projects in Newfoundland. I’m expecting more news in the coming weeks. With the completion of the merger, the uranium resource estimate and the gold program, Crosshair/Target are slated to have a series of news events in the coming months.
Any idea why Universai Uranium has been selling large amounts of CXX shares over the last few weeks?
Date Insider Name Securities Transaction # Bought / Sold Unit Price
10-Mar-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -98,000 0.1400
9-Mar-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -2,000 0.1400
6-Mar-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -50,500 0.1330
4-Mar-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -19,500 0.1500
4-Mar-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -52,000 0.1350
3-Mar-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -14,000 0.1350
2-Mar-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -4,000 0.1350
27-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -9,000 0.1500
26-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -21,000 0.1500
26-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -100,000 0.1450
25-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -100,000 0.1300
25-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -5,500 0.1350
25-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -67,500 0.1320
19-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -100,000 0.1700
17-Feb-2009 Universal Uranium Ltd. Common Shares 10 – Acquisition or disposition in the public market -99,500 0.1750
FYI
http://seekingalpha.com/article/125858-uranium-producers-worth-a-look?source=wl_sidebar
Watched both bus. channels…cnbc and bnn last night…all of a sudden what’s his name Gartner calls a bottom or he believes so….numerous others are hyping a bottom….as far as we’ve come…I still haven’t myself felt the capitulation that I thought it would take to finish the selling……..so this may be a rally but I’ll bet it gets sold into…….???????????????????????????????????????????????????????
Peter nice call on the market rally….it does look like it could continue for a bit after a breather…if the djia makes it thru res. 7600 looks obtainable…your thought?
meant to say 7400 on the djia..not 7600
# 1 At 11 cent a share, it doesn’t amount to much, also it seems like a drop in the ocean. So I bought a bunch at 11 just in case there is something to peter’s news!
are you still recommending puchasing ndm at $5.89
CXX heavy BUYING all day with a nice 40% POP,,,,,,,,still cheap……..TARGET PROPERTY alone worth north of 50 cents and CASH IS KING withh 8 million in the CXX coffers,,,,,,looks like a REAL STEAL at these levels……a long base pattern is set and lets see if BUYERS keep CXX in the current uptrend and a REAL BREAKOUT out of the pennies..the warrnats should be trading at 20 cents,,,,,,,,,,makes CXX a FIRE SALE