NGM shares surge on uranium project buyadmin
Shares in junior explorer NGM Resources Ltd jumped more than 22 per cent after the company announced the acquisition of a uranium project in Queensland.
NGM will shell out over $5 million in cash and scrip to prospector Terry Byrt to secure a 100 per cent stake in the Marsh’s Creek uranium project west of Townsville.
Shares in the company surged to a high of 29 cents on the back of the news before pulling back to close at 27 cents, or 22.7 per cent higher than the previous opening price.
Uranium mineralisation was identified at the project by Utah Development Company, which explored the ground in the late 1970s and early 1980s.