its time, page-19

I don't have the offer doc in front of me but I believe the offer duration at the current price and terms was 28 days from announcement. The way it stacks up to me is as follows: none of us wanted this deal to go through at this price and clearly neither did most of the KAH shareholders. Frankly I don't believe CGNPC thought it would get up anyway, and a low ball was always where they were going to start. There are now only three possible alternative outcomes...the Chinese up the anti, an offer from another party, or we go forward to the next resource update coupled with results from the M.O.R.E program...and announce completion of financing, of which only the first stage funding will be necessary. All of these are value acretive.

The Fukushoma effect slips further into the past every week and further from the collective psychology of the Uranium investor. The fundamentals continue to improve and more importantly, said improvement is steadily replacing negativity in market reporting.

The Chinese cannot credibly continue (not withstanding an extension as per the offer doc) with the same offer price, as they now know that as far as 243p for KAH is concerned, it WILL NOW NOT SUCCEED! They have made extremely confident and potentially face-losing promises to the NAB gov. to the extent that I would not expect them to simply sod off back to Hongkong empty handed. They have stalked us for the better part of a year...This is still playing out folks but these scenarios take their own sweet time. Expect an Ann from (in the first instance) KAH in the next few days. IMHO