supreme court of namibia, page-63

Some further reading on this matter--makes fascinating reading just what these coy's get up to--just Google-Skeleton Coast Mining Leases

"Maybe there ain't no Uranium in the ground

The drop in price was due to the announcement made. As follows:

STATUS OF RENEWAL APPLICATIONS FOR ERONGO AND SKELETON
COAST EXCLUSIVE PROSPECTING LICENCES

As a result of significant delays by the Mining Commissioner of the Ministry of
Mines and Energy, Namibia in addressing renewal applications lodged in
respect to the Erongo Polymetallic Project (EPL 2805 ? 2811) and the
Skeleton Coast Diamond Project (EPL 2698 ? 2700), and in the absence of
any official correspondence from the Ministry of Mines and Energy, Namibia
as to the progress of the renewal applications, the Board of Directors have
resolved to engage legal counsel to pursue the same.

Section 71(3)(a) of The Minerals Act (Namibia), 1992 provides that mineral
licences continue to remain in force until such time as the Minister of Mines
and Energy refuses to grant a renewal for the licence.

With the renewal applications for the Erongo Polymetallic and the Skeleton
Coast Diamond Project having been lodged in March 2003 and August 2004
respectively, and despite assurances from the Ministry, it is the Board?s view
that the period of time the Commissioner has taken to consider the renewal
applications for the Erongo Polymetallic and Skeleton Coast Diamond Projects
is inappropriate and unreasonable.

The Board of Directors will provide an update in respect to this matter as
further information comes to hand.


http://www.magnamining.com.au/files/resourcesmodule/@random460b25facc910/1175136048_Dec2005_Qtrly_Cashflow_1.pdf


From the above quarterly----
During the Quarter the company held numerous discussions with the MME resulting in the re-submission
of Application for the inclusion of Nuclear Fuels. Unfortunately subsequent to the end of the Quarter the
Mining Commissioner advised the Company that the Honourable Minister of Mines and Energy, after
consultation and consideration had resolved not to grant the Nuclear Fuel rights.

After name change to Magna Mining N.L, 2008---

Erongo Nuclear Exploration Joint Venture ? Namibia
There was little progress in the review application by the Company?s wholly owned subsidiary Black Range Mining (Pty) Ltd
against the Namibian Minister for Mines and Energy and Ancash Investments (Pty) Ltd in the High Court of Namibia. The
matter was listed for mention on a number of occasions during the year pending being set down for continuation of
hearing. The Court has since allocated 6-9 April 2009 for the continuation of the hearing subject to the Company?s attorneys
filing a notice of set down.
Since the end of the year the Company has received notice from Erongo Nuclear Holdings (Pty) Ltd (Erongo Holdings) that
its wholly owned subsidiary Erongo Nuclear Exploration (Pty ) Ltd (Erongo Exploration), the other applicant in the review
application, has withdrawn from the proceedings and that its shareholding in Erongo Exploration has been transferred to a
third party. The Company has in turn given notice to Erongo Holdings that it maintains that Erongo Exploration?s withdrawal
from the proceedings and the transfer of its shareholding in Erongo Exploration constitutes a breach of the joint venture
agreement between Erongo Exploration and the Company?s wholly owned subsidiary Reefton Exploration (Pty) Ltd. The
Company is currently addressing these recent developments and its rights of action under the joint venture agreement with
its legal advisers."

I may have been correct after all.