ann out, page-51

Matchbox.

Probably best to give a value in-situ. Just on the V205 content(1.6 billion pounds) the current share price represents around .1% in-situ with the present market cap(around $20 mil). Add to this Fe (47m/t) and Tio2(18 billion pounds) and by anyones measure the share price is way undervalued. This equates to around $20 billion for the V205 alone in-situ. In fact if you were to add the Fe and Tio2 credits YRR represents around .05% of the in-situ value. To date management have deemed it prudent to fork out 130 million YRR shares for prospective uranium tenements. If, as some are suggesting, there is a doubling of the resource, it makes the uranium ground look very expensive. And I believe its these sort of transactions by management that have made investors wary and its having a long term negative effect on the share price. Its been stated before on this thread that around 1% of the in-situ value should represent the share price which is 10 times the current share price. Then you would need to value the other tenements.