announcement out: , page-15

I just hate the sound of the proposed 50M options deal for two reasons: just who exactly is the recipient and massive future dilution.

Notwithstanding the seemingly very poor management CTS suffers from, the latest eU3O8 results are really quite amazingly good. Thick and good grade intersections especially when it is a simple leach operation proposed (is that still proposed?).

For a MC of $12M or so and an EV of around $10M THAT SEEMS VERY CHEAP FOR THE POTENTIAL GIVEN THERE IS ALREADY AN INFERRED RESOURCE OF 9.2M lbs.

I see in the Half Year Accounts that the $US1M that Range lent CTS is due for repayment by 30/6/08. So part of the recent placement monies will be to repay this loan.