Summit Resources (SMM)

Shares / Stock Code

SMM

Stock Exchange / Sharemarket

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Summit Resources (SMM) is a base and precious metals mineral explorer operating in Australia and New Zealand. The Company is actively involved in the exploration and evaluation of uranium projects in Australia. The principal projects of the Company consist of a uranium vanadium resource at Valhalla in the Mount Isa region. SMM made its debut on the Australian Stock Exchange (ASX) on April 7, 1994. The Company’s 100% owned subsidiary Summit Resources (Aust) Pty Ltd, controls tenements of around 4,200 square kilometers in three project areas situated in the city of Mount Isa in northwest Queensland. SMM has substantial landholdings in the Mount Isa region, hosting approximately 75 million pounds of uranium oxide resources under its control at Mount Isa. The Isa North Project spans around 1,360 square kilometers and includes several uranium-vanadium deposits and resources, such as the Valhalla, Skal and Andersons deposits. Paladin Energy Ltd holds 81.9% of the ordinary shares in Summit Resources. During fiscal 2008, SMM reached an agreement with MM Mining Plc for the farm out of 80% of the Company’s interest in several tenements located in the Mount Isa region.