for vendor, page-8

Dr Cash

I think you're right just under 50% approx of the West Rand gold resource has been assayed.
that's because only one of the 2 West Rand tailing heaps have been tested.

So with the West Rand inferred resource sitting at 1.7 mill oz.. you can safely say that the total West Rand resource should at least double.

So the West Rand gold resource (inferred) should be safely 3.4 mill oz(probably just over)... assuming similar grades in the untested heap.

Now if you add the East Rand gold resource .. it gets really exciting.
Of the newly acquired 1.7 bill tons of tailings(50% of which is net to MLI) .. only 10% have been tested thus far for gold.
This has produced an East Rand gold resource of 1.67 mill oz.
now assuming the rest of the dumps contain a similar gold grade .. we're talking about a 16.7 mill oz indicated gold resource.
That's 8.35mill oz net to MLI from the newly acquired East Rand tailings.

so assuming similar gold grades for the untested portions of the East Rand (90% untested) and West Rand (50% untested) tailings ..
MLI's total gold resource = 3.4Moz inferred (West Rand) + 8.35Moz indicated (East Rand) for a whopping 11.75 mill oz.

Let's call it 12 Moz .... wow !!

I cant wait for the rest of the East Rand tailings to be tested for the gold and then start to be tested for the U3O8 and FeS2(pyrites).
apparently the East Rand tailings are expected to have a slightly higher U3O8 grading than those already tested in the West Rand.

So the East Rand tailings should have triple the U3O8 content of the West Rand tailings and the final U3O8 resource should at least quadruple to 120 mill lbs.

But there'll be even more tailings heading MLI's way!!!
..the South African government wants to get rid of the environmental risk that tailings pose as quickly as possible.
MLI will be making more deals soon to help clean up the landscape and should end up cleaning up big time in the process.

Whilst I expect MLI to eventually trade at double PDN's market cap .. I think PDN's market cap should not be higher than $2.5 bill .. but i think we'll both be happy if MLI's market cap gets to $5 bill.

The only thing I fear is that one of the major shareholders like Merril Lynch may make an offer of $1.50 per share soon(over the next year or so) .. before MLI gets to the $5 share price level.

And that perhaps explains why MLI is doing things slowly .. just assaying for the gold in the East Rand for instance and
isnt in too much of a hurry to show the world what the East Rand tailings hold.