new resource estimate

Well the latest JORC is finally out. It has not caused many ripples in the pond ... as expected, but it is nevertheless a very important milestone. Certainly it is a really confidence builder for me.

What I particularly like about it is, that it is seriously building the confidence level in the project, and in doing so, it is also INCREASING the HIGHER grade portion of the resource too.

Now with most of the resource in the Measured/Indicated bracket, and the grade solid at around 220ppm, it will be of significant importance to potential suitors, JV partners, or institutions who need the resource to be above the "Inferred" category..

Another interesting point is the size & grade of the deposit at HIGHER cutoffs ... for example on page 9 it shows that only mining the higher grade ore at a cutoff of 200ppm still gives a very good resource of 104mlbs at over 310ppm ... which is very respectable, and indeed economical even at present uranium prices.

There is no doubt that the Aussie retail market has no idea how to value BMN, and that the lack of a decent register is now its single biggest hurdle. The only way for things to improve is for the market to be FORCED to properly value the stock. This will only come via seriously good news from the company on the resource/mine progress ... but more likely will be trumped before that by takeover or JV news.

Thats what I am looking for now with this high confidence level JORC now out there. While not being in EXT's league (but then who is?), the resource is brilliant and of world significant. Currently it must appear as a bargain price to potential suitors.

We shall see.

ps .. It is looking technically solid .. the key is the MA. Currently it is holding nicely above it with the trend leveling off and looking to curve upward.) If this continues, it looks to be the start of a serious uptrend. Early days, but good signs!