melbourne seminar highlights

Just got back from the seminar where Nathan Macmahon presented an excellent summary.

Lots of the information was about stuff already known to loyal BMN followers. However, a couple of the more interesting new bits were:

1. One of the drill rigs from Anomaly A will be taken over to the 'Rossingberg 13' in 4 weeks time. Rio put a hole in this ground many years ago which returned 57 metres at 220ppm(?).

2. The next capital raising later this year will be almost exclusively to Nth American investors. It will raise approx $20 million (to approx 10% max of companies shares on issue).

3. Nathan emphasized the importance of getting more Nth American involvement hence the raising being focussed on those investors and gaining more 'traction' in the market. Basically the more shares they have the better the market and awareness of BMN will be.

4.The banks have indicated they will fund 60 to 70% of they project. As a large holder, Nathan expressed a desire to maximize the debt component obviously to minimize any share dilution.

5. The southern end of Anomaly A has only been drilled to a depth of 200 metres owing to drill rig workloads. He seemed very confident that the 100m lb resource was in the bag. Interestingly, he said this anomaly was targeted first because they knew it would be the easiest and quickest to prove up with a resource while the other targets are far more exciting - WOW!

6. The new boy Peter Christian got a big wrap for his ability to bring large mining operations into production (he was apparently involved with the monster Sunrise Dam mine).

6. The Savanah legal case will have no impact on the feasibilty and funding of the development of Anomaly A.

7. The open pit operation will ultimately include the Oshivelli anomaly to the north (nice bit of optimism here given they haven't even put a single drill hole into it yet!)

8. Nathan highlighted the immense prospectivity of the anomalies within the lease held.

9. BMN is currently in talks with two companies for the construction of the acid production plant.

All in all, A VERY BULLISH OUTLOOK and the company remains on track to becoming a huge Uranium producer (8 million lbs per annum) by 2011.