finally....., page-10

I still can't see a takeover for EXT.

How do you value a company that has such enormous potential? There is SO much more to drill and I agree that this licence area ought to be in the billion lb+ region BUT they have to apply for their mining licence (from memory the conditions have to be met by April 2011) and part of that is the DFS with environmental impact etc... That's the focus of the companies energy & resources for now.

With the presence of Itochu it seems to me that there is a company that is interested in off-take agreements and securing their supply of good high grade uranium for the next 20-30 years so they can supply their customers. Why would they want to raise funds to buy the company? They have what they need together with a big enough presence to deter bidders (assuming RIO want to block it too). Of course if RIO want to buy then perhaps they could but what have they been waiting for? They can still secure a healthy supply of uranium from RS without buying the company - or just sit back and share the profits...

Ultimately, who knows. Just a few thoughts. I think that Extract gives outstanding value at this level but more as a longer-term dividend income than anything else and it'll remain here for a while longer. For that reason (and only that reason) I'm holding off for a little while.

GLAH,

W&G