Ann: Appendix 3B, page-6

Towie,

I need to correct you. Today BLR has a value of $6,2 million, not $20 million. If the market truly believed BLR was worth $20 m, the share price would be trading close to that market cap. Lots of people complaining about how much BLR is worth but no one is stepping up to buy BLR, except WU. Not even the people whinging here about how undervalued BLR is are buying BLR aggressively in the market.

I am quite sure if PDN, Azarga, TOE, Cameco, Areva, UEC, URE, LAM, Anfield, Uranium 1, Denison, Rio, or any other uranium company thought BLR was worth $20 million, they would have already bid over the top of The $18 million bid offered by WU. They haven't and they won't. BLR has a lots of issues, compounded by the fact that BLR doesn't own its deposits 100% outright, the HT ore is low grade and HT has permitting issues. It is the poison pill that repels everyone outside of Colorado. The poison pill that many on this forum can not and will not accept. But it is there for everyone to see.

And how do you get to a value of $100 million when the companies I listed above won't even pay $20 million? How do you justify your $100 million value? What formula did you use? What comps did you use?

Cait