u308 ltd (UTO) Snapshot

Avocet Resources Limited. reported consolidated earnings results for the six months ended December 31, 2012. For the period, the company reported results from operating activities of AUD 2,774,738 compared to AUD 778,192 a year ago. Net finance income was AUD 85,931 compared to AUD 156,846 a year ago. Loss before income tax was AUD 2,688,807 compared to AUD 621,346 a year ago. Loss attributable to owners of the company was AUD 2,688,807 or 2.55 cents basic and diluted per share compared to AUD 609,649 or 0.58 cents basic and diluted per share a year ago. Net cash used in operating activities was AUD 381,652 compared to AUD 444,525 a year ago. Acquisition of property, plant and equipment was AUD 1,634 compared to AUD 10,853 a year ago.

U308 Corp. signed the definitive agreement to joint venture with Avocet Resources Limited. to explore U3O8 Corp.'s 100%-owned Sierra Cuadrada Project in Chubut Province, Argentina. Through this agreement, Avocet may earn a 51% interest in the Sierra Cuadrada Project by spending $1 million in exploration over a maximum of four years. Avocet will manage the exploration of the project. The Sierra Cuadrada Project is an early-stage prospect for sandstone-hosted uranium mineralization that is geologically similar to the state-owned Cerro Solo deposit in Chubut Province, currently being advanced by CNEA (Argentinean National Nuclear Commission). Despite the prospectivity of the Sierra Cuadrada concessions, U3O8 Corp.'s focus in Argentina is uranium in soft gravel at surface that has low exploration costs and should be amenable to low-cost mining. To that end, a preliminary economic assessment is presently underway on U3O8 Corp.'s Laguna Salada near surface uranium-vanadium deposit in Chubut. In addition, the company is advancing its flagship Berlin deposit in Colombia that a recent PEA shows could be a zero cash-cost uranium producer with significant growth potential.

Avocet Resources Limited. reported unaudited cash flow results for second quarter and six months ended December 31, 2012. For the quarter, the company reported net operating cash outflows of AUD 432,000. Payment for purchases of other fixed assets was AUD 2,000. For the six months, the company reported net operating cash outflows of AUD 737,000. Payment for purchases of other fixed assets was AUD 2,000.