don't look back, page-40

Removing overburden is (relatively) cheap, as you just have to move it, not transport and crush it. My point was that the overburden for Zones 1 and 2 is much less, per lb of U, and per sq metre, than for Ida Dome. For example, see page 81 of the NI 43-101 report, a cross-section along N7506900. This shows the overburden at between 0 and 20m, and the total depth of the orebody extending down to 170m. The overburden appears to be a little deeper for Zone 2 but it is hardly an obstacle. It is much, much less than other comparable discoveries, such as Ida Dome. It is much smaller in proportion to the massive orebody that also needs to be removed. Consequently it's proportional cost, or cost per lb U, will be smaller. So when you say "They still have to move exactly the same amount of overburden to get to the resource. The strip ratios therefore will be exactly the same", I have to disagree with you.

As Rossing South is in two large contiguous blocks, this means less waste needs to be removed at the edges to allow for open pit mining. The strip ratio will consequently also be low.

Reference to figures being over the top for valuations - these can be argued back and forth as you like. I put forward an estimate here:

http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=873467#3940219

By all means disagree, but I'd like to know your reasons. You said "If you want a realistic valuation go back and read some posts prior to the massive move north EXT had" - well, why? Before EXT moved north, the full extent of Rossing South was not known. Now it is. That's why the share price has moved up so rapidly, and that's why valuations have also increased to $14 or more. I hope I'm not being dense, I really don't understand what your saying here.

The share price and associated valuations has risen to reflect the massive resource inherent in Rossing South Zone 1, and to a lesser extent in Zone 2 (as Zone 2 is not nearly so well defined).

There seems to be NO value given to the possibility of more in regions further south (Zones 3+). In my valuation I estimated Zones 3+ separately and, with minimal data, came up with a conservative value, adding about another $5-6 to the share price. Sure, there might be nothing there, that's why I valued it separately. At the moment it is given a value of ZERO so any find there will only boost the share price.

There seem to be many, many recent posts on EXT that run along the lines of looking only at the share price and it's rise. Try looking at the resource owned by this company instead. It's huge, easy to get at, close to existing infrastructure, high grades, and so on. At the moment the share price values this resource at about US$2 per lb (Ida Dome, Zones 1+2, US$0.70 = A$1, 233 million shares). Compare that to recent U purchases valued between US$6 to US$9 per lb for resources that are smaller and with much lower grades. Look at the interest shown by two major players and possibly a third in the EXT register. Now, I ask you, do you really think it is over valued?

I don't.