ext v bmn, page-59

Sorry mark, in reference to the cut off of 100 ppm, obviously it will make a difference to the size and overall profitability of the resource, I was mearly pointing out that in that region a grade down to 60 ppm has proven to be economically viable. BMN is looking at a cost of around $23 US per pound. So whilst a higher grade is more valuable theoretically yes, it doesnt mean though that a deposit is not economically.

You the have to then look at the cost of extraction, BMN's resource is near the surface so will have a realitively low strip ratio. I think EXT's deposit is a little deeper? Then you have to go into extraction techniques, so whilst grade is important there are many other factors which need to be considered. Higher grades don't automatically equate to a more valuable resource.

The reason BMN hasn't had any corporate interest is due to the savana litigation. Which company in this environment is going to take a stake in a company who could lose there licenses? Short answer none. Now that this is off there backs I would be amazed if someone doesnt take a stake in line with the consolidation in the market.

Lord E, In terms of the two guys who are free carried, that will come to a end in june when the BFS is released. At that point they will either have to put there hand in their pocket or ship out. Not ideal, but june's not to far off.

In terms of the initial deposit, BMN have drilled that out as it is the most accessible of the deposits, its not there main target. It will be the next two targets on the tennemment which are of main interest. They are also doing an initial drill target over there other lease which is next to the langer heinrich deposit. That one is of major interest to me. So in terms of deposits, I wouldn't bother to try to guess.

As i said, I have been a holder of ext since 2006. There most likely will be consolisation in the U market with EXT going to RIO and PDN going to cameco who are continued to be plagued by Cigar Lake. Cigar lake was in line to produce 8 percent of the worlds U by the beginning of next year, now it looks like it may never get off the ground. They will have to cover that loss of production somehow and are cashed up to do it.

Anywhos at no point have I suggested to anyone to sell their EXT, I merely pointed out why i did.

Happy hunting y'all