everyone needs to change their thinking, page-21

Hey guys, I sold my long term holdings as well for a biggish loss at 74.5cents. I have a small parcel which I picked up today (couldnt resist) but it will only be for a trade.

We/ Tibbs can go on about the 'fundamentals having not changed'. However no one can deny the following problems:

- How are BMN going to raise the required CAPEX in the current financial mess with the Savanna issue hanging around? If lending credit is so restrained that even quality projects (eg CVI) cant get financing, you can only wonder how BMN will manage WITH a pending court case.
- Uranium fundamentals are weakening with no signs of recovery. Spot price is now $51.. if we see this fall to $40 or below one may question if the project still has a positive NPV.
- Company will have to raise cash again soon --- DILUTION?!

I will not deny that BMN looks real cheap at the moment... worthy of a good 2 bagger trade but unless market conditions change and Savanna is thrown out, the long term future is looking grim.

Its a sad sad story, BMN had so much potential but has been squeezed through a mixture of bad luck (Savanna) and collapsing markets.