survey results confirm previous ground-work, page-48

Good evening Burnett et al.

Apologies for the recent stint on the bench yet I am only now starting to feel somewhat recovered from a believe it or not (a) flu, (b) follow-up raw pork incident and (c) ear infection - when I thought I was on the mend there was something right there to pull me back down ... sounds a little like MLSs drilling campaign !!

In respect to MLS this is how I see it, and unfortunately there ain't no bows and ribbons.

The current lease renewal situation must be somewhat frustrating / concerning for mgt. In my opinion until the renewal is signed mgt. will not drill, irrespective as to whether they have targets already mapped - thus we could be a while away yet. Many here know how the ministry works ... yawn !!

This being the case I personally can see drilling occurring somewhere in July (likely late); like I said to a few large holders - they have been playing down the notion of drilling for a while now; just needed to read between the lines a little.

Now this is not to say that it is the right path or the wrong path to take, although I can not see how they can jeopardize the project by drilling - the ministry will 'eventually' sign the renewal, they are a very well established jurisdiction and I can not see how they could demonstrate that MLS has not done enough. I guess the other side of the flip coin is IF they had pulled there finger out a little more they would have actually been 4 months more time advanced and would not have had to worry at all because they would likely have been well into a drill program ... food for thought Big-J !! Hindsight is of course only a beautiful thing if its worked.

At this stage, yet of course in my opinion, they have trapped themselves between a rock and a hard place. They likely now have no choice but to wait, and of course will come up with a multitude of reasons as to why - this has again been demonstrated in recent announcements eg. 'final field reviews' - these can last a while !!

Technically, although it should break I do not believe it will and even if it does it certainly in the short term won't hold.

Overall I am as frustrated as everyone else but I do believe before this year is out we will see many multiples on the current SP, theoretically it is just a matter of time. There has also been some fairly negative news of late, typically from Cameco - which has affected all the U industry.

MLS will have it's time in the sun, I mean it took 'The King' 6 years to get a title !! And on that note, it will likely be an OKC / Longbeach show - watching from the sidelines.

Take it eaze, NL