ERN has the potential to be a Uramin. Drill it deep and drill it...

ERN has the potential to be a Uramin. Drill it deep and drill it quick.

Uramin has very low grades, 104 to 150 ppm, but this didn't stop Areva from paying US$2.5 billion for Uramin recently. Areva missed out on Summit, but are actively seeking other reserves worldwide.

The Areva purchase of Uramin indicates that stocks with potentially large tonnage, relatively low grade near surface uranium (suitable for open pit mining) are attractive investments.

Erongo's market cap is about $67 million, a long way short of Uramin and Bannerman.