Ann: Marenica Uranium Project - Update , page-14

From my readings and discussions, there appears to be a high degree of confidence that WME could define a resource of 100m pounds in place. That is more than decent and probably likely to happen in the next 12 months.

That being the case, if you then consider what an aquisition price might be, I'd say people will be very pleased. Based on recent aquisitions in the sector and the potential synergies between Areva and WME (for example), a price of US$5.9 per lb is likely. According to the recent HansonWesthouse broker report on the WME website, this values WME on its current resource (34m pounds) at 57c. If they tripple that resource to 100m pounds, they would theoretically be worth $1.71 as a takeover target (not taking into account capital raising etc). Not bad...

One thing people might have noticed is Polo just transferred their whole interest in A-Cap (a stock which they have been selling recently, along with WME) into a Honk Kong based investment company. Refer annoucnement today from ACB. I wonder if Polo will do the same with their WME holding?? Something to watch out for.