some company value calculations, page-53

A few brief thoughts on using 30 or 37/lb or whatever as the C3 cost or the like.

Payback on this project occurs (using the 60/40 debt:equity) in 2 or 3 years absolute tops - even allowing for ramp up.

Thereafter C1/C2 costs are the far more relevant figure as sustaining costs are minor.

In any event, assuming the resource base grows in accordance with the exploration potential of the project, the mine life should grow in tandem, thus any annual D & A charge will be reduced proportionately.

Also, to suggest firstly that your C3 figure does not include a general g & a costing is dubious at best and certainly not industry practice and even discounting that, to say that such costs would be $10m + per year ($7/lb)?

Finally, also note that from an accounting perspective, exploration and development costs, including g & a costs (I believe) attributable to Karoo will be ring fenced assuming the Karoo is a likely starter.....which we'll know well before Wyoming comes on line.

But, as I said, a lot of semantics getting played out here....

fb