re: bid unlikely to succeed I spoke to the company today and the $1.10 share price is based ONLY on the 13.7mil pound resource... ie. it does not factor in any potential upgrade to the existing resource based on further drilling at Dibwe and Mutanga, which has already been completed. It also has no factor for any potential upside from Bungua which could be massive... drilling has also been completed there.
All drilling samples from Dibwe, Mutanga and Bungua are currently at the lab and results will be released to the market as they become available (most likely early January).
If that increases the resource estimate from 13.7mil pounds then is the $1.10/share offer still appropriate?!?!
Also, drilling results may make it possible to upgrade the resource catagory of Dibwe and Mutanga to JORC compliant indicated. We all already know this, but it's important to note that managements decision to recommend the offer is based ONLY on the existing 13.7mil lb uranium. I get the impression that after drilling results are released to the market, things will progress from there...
You do the logic.
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