curnamona not glitzy..., page-12

Bubwell,
Other holders here on hc with CUY are ahead of me in knowledge but I followed CUY closely throughout 2007 and kept notes from then which are easy to refer now (2008 unexciting but now moving forward again, surely ?)

As millipede points out the General Manager Mark Randell has considerable local experience. Furthermore last year CUY announced that the ISL mine will be based on the Smith Ranch model (Wyoming) which has 'done it all'.

Thought I'd recap the 2007 outlook : originally it was announced that construction of a FLT mine would begin in 2nd half of '07.....we're now 2 years on with all the hoops and regs that CUY have had to get through , but apparently there now. In early '07 JP Morgan invested $6.4 mill. buying 3.2 mill shares at $2 each - lots of euphoria then - which has kept CUY in the black. The Oban part of CUY's tenements in '07 covered 3.8km2 of very good uranium mineralization - that has since been increased considerably and thoroughly drilled - the FLT plant will be on the Oban deposit (as a comparison, the Beverley Mine which is now winding down covered an area of about 3 km2. Honeymoon initially 0.41 km2). By the way, CUY has several other areas they are drilling. Oban is but a tiny part of their tenements.

Moving to Dec '08, it was announced that 'at $45 /lb the financial model of Oban is robust and profitable. The Oban deposit contains sufficient sand hosted uranium to support a profitable ISL operation for many years' - so Bubwell, it is there but the extraction is the risk. Yes, Bob was up front in by-passing JORC procedures, hopefully his confidence in a successful FLT mine is proved without problems.

You referred to recent deal making with other companies. Includes the 2008 Mitsui (Japan) investing $104 mill. in Honeymoon (for a 49% holding). Immediately adjacent (to the west) of CUY's tenements a Korean consortium (Daewoo & LG) is in a joint venture with Scimitar Resources. I understand that Areva is also mixed up in that - must be a lot of money being spent. And yet CUY, a junior explorer, holds the largest area of exploration terrain in the Curnamona area...I wonder what talks are going on regarding financing (and avoiding a too soon takeover ?!).

By the way, regarding the EPA approvals, I rang CUY last Tuesday because I had always been concerned that in addition to their original announcement of two particular EPAs the same announcement mentioned there were others to achieve ; I saw further delays. I wasn't able to speak to anyone with much authority (Bob was unavailable = London ?). The person I spoke to, without hestation, said that CUY had received word that they could now go ahead with the FLT mine, no problems with approvals, and that Bob would announce all in his own good time. Frankly I was stunned (& excited) to hear that but at the time I was on a two day seminar course and buried under work all last week -and I had no cash to buy more then.

So, to punt or not to punt ?

Cheers, Furii