pierpont's article from yesterdays afr, page-8

the issue I have with MTN's 'model' is that it is all computer based, and hardly any on the ground exploration has been done by their staff.

Why has it been announced now? Haven't they been sitting on this for some time?

Why did previous companies do so much drilling yet do little in terms of reserve delineation.

I'll give one point for management, they have generally been fairly honest in their announement and have made it clear themselves that they are a long way off from development.

However i still find it disappointing and a bit of a warning sign that this 'information' seems to have some to light now.

I also, as I've stated before, think that you need a grade of at LEAST 0.1% to have confidence that a project MIGHT proceed...irrespective of level of uranium prices! Inoput costs are rising, it would be a brave bank that would finance a low grade uranium mine.

Again these are just my thoughts...

Cdchi1