any news from u conference, page-2

Hi spovend,

I attended the last session of the conference today, heard pdn, toe, ext, ags.

I was spellbound, Peter McIntyre gave an excellent presentation, but they were all less than 20mins so pretty rushed to get all the info in. I guess most at the conference were either delegates or pretty savvy type investors.

The presentation was really nothing different from the last one, which is already posted apart from the new resource figures. And I was surprised at the lack of attentendance and smallish audience number - it was nearly 5.00pm and was the second last speaker for the 2 days. They must be all nuts not to listen to what he had to say!

He was pretty cool considering the enormity of what they have, just said something like - there's no denying what a world class resource we have and did go on a bit about the high grades. Said there was heaps more ground to be explored, that there was a possibility that zone 1 and 2 could be connected. That scoping study would be out in a couple of weeks.

The buzz around was pretty positive on the outlook for U price. Michael J. Connor pres of Nuclear Resources International showed a few charts which suggested that some of the majors were having supply probs and considered this was good news for quality juniors. He was an interesting speaker, long grey hair with pony tail, and a wicked sense of humour. Think he's written a few books might be worth checking out? Said there had been a considerable turnaround in supply/demand levels in the past year.

A few of them talked about nuclear as being the clean energy. Greg Hall from TOE said realistically for jnrs the price of U needed to be greater than $50, less than 100, rknd $75 would be a good incentive to get them going, but once operational only needed $60-65. Talked about opex being $30lb so need price to be double that.

John Borshoff from PDN had the hall filled, standing room only, his discussion was on the immense difficulties involved in U explor/development, probs with funding, necessity of coys to look at numbers carefully "rethink" them. Pointed to the number of failed mines and said heaps of the new startups will fail too, (not pointing finger at any present - that drew some laughs)

He gave the example of the long road and difficulties they had encountered and said to be viable you need to have a long pipeline of exploration, discovery, preparation, and mine development. Used example of Ni and IO as having worked hard to develop supplies, now their current prob is demand - not so with U. He said unless there are more Extracts, and more discoveries there is going to be serious supply probs down the track.

(sorry, bit longwinded, but its fresh in my mind)