I am a bit of a novice in the market, so can someone have a look...

I am a bit of a novice in the market, so can someone have a look at my logic...

The offer to buy BMN at $140 Million effectively values it's un-mined uranium at about 65cents a pound. Estimates to extract the uranium are at about $40 a pound.

Contrast this to ACB, at today's close, market cap is about $70 Million, effectively valuing it's un-mined uranium at about 30cents a pound. Estimates to extract the uranium are at about $35 a pound (2009).

I know ACB has rallied hard since the BMN announcement, but looking at the variables above in isolation, it looks like it should have rallied alot harder!

Can anyone tell me what accounts for the massive discount being applied to ACB? What am I missing?