anyone interested in, page-43

re: hey pirra Nice to see u guys comparing sword lengths.
Btw, EGM is this Thursday Nov 3. Mustave been the rum.

Just a bit more on the MPS report. No rating for U cos what can u say. But if we get that 4 mill lb pa means in my arithmetic we will prob be earning at twice as much rate as for the oxides. And if we can get 10+ years worth like prob what is any Olympian's target, then what does that make the target figure?

At CURRENT metal rates, MPS come up with an AUD 353 mill project value. U cld easily double that again for a successful U operation along the lines indicated thus far. Add abit more for the rest, and the Holy Grail is smack bang in the middle of the radar screen.

I know L/T metal prices used are much lower than current. And yes likely to come down first over next coupla years for mine before REAL resources boom starts on global paper burn .... but AUD will prob track them. So why not use spot. Espesh if IMO longer term prices are going MUCH higher. And U? Some gurus are expecting 300% higher prices coming up soon.

Sulphides figures indicated are crap for mine but why emphasise at this stage. IMO tho, only way u would justify a 400 mill buck capex for sulphides for such piddly size indicated (to give a 100 year minelife???...rubbish) is to produce own sulphuric acid and prob add 20 mill net to bottom line of EACH of the oxides and U production streams. Doubt shareholders would "allow" the kinda sulphides operation indicated. Better to pay back the 400 mill in cap returns and flog the reserve for half a bill further cap returns. In fact Q04 report indicated about 6 bucks NPV for a piddly 15 year / 1 mill tpa sulphides operation selling concentrates instead of producing metal here ...at prob only 150 mill capex. That would be more like it of course.

But leave the sulphides for the Golden Fleece later. Purely academic for now. Ive got my sights set for the Holy Grail on oxides + U alone, cos even MPS' figures point to it if u got a calculator and are awake. Thats a ten-bagger from here BY 2009. They sure come up with my targets dont they.

Meanwhile there is a conservative 300% re-rating further indicated over next 12 months with SA downside from here.

Personally hope they go equity only so all profits are net from day 1 and straight into separate U plant fully paid off by 2007/8. That would set us up CONSERVATIVELY A BUCK NET EARNINGS PER SHARE from a oxides + U twin by thei 2009 target date which my Chinese astrologer says is gonna be a spectacular year .... for me at least .... cos I will still be tied to the mast. Wonder how many of u will still be there?

IMBOOC