u price, page-11

A slow day on PEN thread & a wet day here in SE QLD. So watching the grand prix & doing some research on Karoo (whilst drinking Bundy)...who was it that said I can't multitask :)

I've never delved much into the Karoo stats, as it has (to me anyway) seemed more of a long term prospect. Always happy to get promising drill results as good news never hurts. But my focus has always been on Wyoming being the kick start for the company.

Has there been any announcements for estimate of costs as it will be open & underground mining involved?

Current estimate of ore at 90-150m lb's adds a significant increase to the share price bottom line. Would like to know how much EBIT it adds to the bottom line

The more current estimates are also showing relatively shallow ore body, reducing costs further for overburden removal..

I gather when they hit the 30m lb mark, there will be a more accurate business model/costing developed with the added information. It's amazing how much they ore they seem to have with so little drilling & how much is left to explore in the various tenaments (so far I've only read a little on site 29 & 45). I wonder if they have picked the eyes out these tenemants or if this level of ore will continue through the rest of the tenaments.

Fromthe Jan 2012 announcement

The Company’s target over the next 12 months is to delineate 30mlbs of eU3O8 (15-25m tonnes @ 700–1,400ppm eU3O8). The source of this material may include the historic mineral occurrences, their extensions and new exploration targets. If this target is achieved a
conceptual study has suggested that this quantity of uranium would support the development of a central processing facility near Site 29.

As I read more from the old Union Carbide announcements & PEN announcements I get the impression I may have underestimated the potential here.

M