further to latest results

Having had a little bit more time to disect the "Significant Uranium in Tailings Drill Results >100ppm" report attached to the release of July 10th, I cannot help get encouraged by a lot of little things which collectively, highlight that perhaps, even in today's crappy market, NMR are a steal.

Very rarely (if ever), companies go to the market with a report using the description of "Significant.....Results" unless they are trying to prepare the market for an even more boisterous announcement.

Perhaps without having the full results yet, the directors are getting one of those "warm and fuzzy's" that good companies occasionally get, when they realise what is on their plate. I am therefore hopeful that the next round will broaden what I believe is already an excellent opportunity for us.

I then looked at the overall report again and if you can indulge me a bit more, I will show you what I mean -

"...over half of the volume of tailings exceed a minimum average cut-off grade of 100ppm" - Does not say half of the tests, "half of the volume of tailings"!

"In total 32 drill holes intersected tailings on these 7 dams and they contain approximately 55% of the total estimated volume of 2,000,000 M3 of tailings at Mailuu Suu" This then equates to approximately 1,100,000 M3 of tailings expected to contain >100ppm. Not bad for a starter in the program I would have thought.

More importantly and, as a sider to the above point, of the 26 samples detailed in "Table 1", a total of 150.2 metres of sections analysed (at an average of 5.78 Metres per section), averaged 233.38ppm. Now we are talking some serious numbers and certainly justifies the "Significant" rating given by the company. I would point out also, that the maximum depth drilled to achieve these results was 14.3 metres; hell, I could do that with a shovel and a couple of beers if I knew what was in there.

Add to that the "Initial exploratory leach tests have been encouraging with up to 90% recoveries being achieved"......"encouraging" - get it! Leave it out guys, this is cutting edge results for a potential recovery process that is on the lower cost of extraction as you are ever likely to see in the industry.

I do not have the computer models available to accurately evaluate the potential value of the Uranium "in the ground" but I am guessing someone out ther does. I could take a wild stab at what I believe it should be worth but it is enough to make one salivate, and I would really enjoy seeing someone elses take on this.

I will take any criticism if I am being too careless in my assessment however, let's keep it constructive.

This is, an absolute ball tearer IMO and I fail to understand the market at the moment. I continued to top up last week and will monitor the reserves (cash) over the next period.