Ann: Quarterly Activities Report , page-12

Mega hoped to have Lake Maitland in production in 2011. Mega sold 35% of Lake Maitland for US$49M. Lake maitlands JORC is 23.83M pounds (@376ppm, 100ppm cut off)

Lake Maitland has 20.7M pounds @ 497ppm using a 200ppm cut-off grade (published by SRK, commissioned by Mega)

Nowthanna has 10.4M pounds @ 446ppm using a 200ppm cut-off grade (based on Snowden report commissioned by Acclaim).

Nowthanna has 3 main stakeholders (including CITIC Nickel Australia and YRR) each with a percentage of the deposit. There is a complicated ownership structure through JV's etc.

When GPN (PDY) divested Nowthanna into YRR they claimed to have 70% of the deposit being some 7M pounds. Based upon my calculations this in correct. Reading the Snowden report reveals this is incorrect IMO. I have mapped the deposit, drill holes and results, tenements and Uranium anomalies all of which should logically indicate this to be incorrect. Again IMO. I have known this for a number of years.

I believe the source of the error goes back 10 years and lies in the misinterpretation of the Snowden report in regards to the split of ownership of the deposit for the relevant parties at the time (Acclaim and Dominion). I wont elaborate here as it is complicated and means little coming from me. Eventually the company will (should) confirm this in an official announcement....who knows when (I have been waiting years for it now)

By my calculations YRR has about 1/3 of this JORC deposit.

Nowthanna and Lake Maitland are similar in many ways so a direct comparison is reasonable.

35% of Lake Maitland cost US$49 = US$6.6M per 1M pounds (using the 200ppm cutoff). If YRR's percentage was sold on the same terms (which are now a year old) they would receive US$15-20M based on my calcs.
They could very easily receive 5c per share cash.

Don't get too excited though - I have thought this for years and it is yet to happen. Before the register blew out I thought they could get 20c a share easily. I was wrong.

The Mining Lease over Nowthanna has been pending for years. A plaint over this application was lodged after YRR floated and was withdrawn in November last year. This would have caused some hold ups but it is now time for action I would think.

Readers, its your lucky day.....the market is largely unaware of this I would think. Just putting it out there...and I do have a pretty good strike rate so far.

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Turners dome is hot for nearology to EME but if there is Uranium there I doubt it will be the same type of mineralisation. Most the deposits and targets in the area are hosted in or on contact with the sandstone. The tenement boundary at Turners Dome is slightly north of the sandstone unit responsible for these deposits. We may get lucky with associated drainage and there is some cover there possibly making targets less obvious. Keep in mind that EME had every opportunity to grab this land....and didn't.

Posters here were raving about YRR's Lake Maitland tenure while I posted numerous times it wasn't worth a pinch. These tenements adjoined Mega's and yet nothing come from them but wasted money on airborne surveys etc etc, and a ton of scrip to be issued. However some work does need to be done in order to retain the ground....and there is no point retaining it unless it has a chance of returning value...and we can't know that without doing work.

I am not a geologist and not qualified to make such an assessment. Based on what I can see however, I think it makes more sense to focus on the 2 JORC rated deposits at Nowthanna and Gabanintha as these are the most likely to return any real value to shareholders.

Just my opinion only.