etango's bannerman still talking to chinese, page-2

There has been no new encouraging announcements or indications from BMN that would send a signal to Hanlong that their offer is undervalued. Would be nice to announce a resource increase, new high grade discovery, reduction in operating costs or even the granting of the mining licence. What we have had instead is decreasing Uranium spot prices and the news that BMN intend to increase the plant's throughput.

DYL put out their annual report today. An excerpt from the report stated the following regarding grades. Their OPEX is approx $25/lb. Would be interesting to hear what BMN's take is on the following statement.

The Board and Senior Management for DYL have always believed that grade is a key component of our exploration strategy for economic reasons. We have thus focused on grades of 400 ppm and upwards in our hard-rock (alaskite), primary mineralisation projects and at least 300 ppm in our shallower calcrete, secondary mineralisation projects. We believe that anything less than this cannot be mined and processed profitably at uranium prices between USD$40 and $70 per lb. Even though we have set these extremely high benchmarks for our exploration teams, ably led by Dr Leon Pretorius, we have consistently produced set after set of outstanding, economic grade drill results, mainly in Namibia but also in Australia.