help from the board, page-9

If you are looking for comparisons, I think a good place to start is Forsys Metals. They have the Valencia deposit also in Namibia.

With the information available now,

FSY have:
$250M MC
$9.7M cash
----------
MC-cash = $240.3 real MC
137.7M lbs total contained U
$322M Capex
3.5M lbs/yr @ $34.73/lb opex (expanded base case)
based on $70 u price = $123.44M *.67(tax) = $82.71M/yr profit
17 yr mine life = 17* $82.71M = $1.406B total profit


BMN has:
$195M MC
$22M cash
----------
MC-cash = $173M real MC
212M lbs total contained U
$638M Capex
6M(5-7) lbs/yr @ $42/lb opex
based on $70 U price = $168M * .67 (tax) *.8 (ownership) = $90.05M/yr profit
20+yr mine life = 20 * $90.05 = $1.801B total profit

I would say these two projects are directly comparable. FSY is currently trading at a 39% premium to BMN which may be attributable to them having a mining license in hand.

Also, In November of 2008 , when the U spot price was $56 and LT price was $70, George Forrest International made an offer to buy out Forsys for $469M. Forsys ended up terminating the deal with GFI when they were late on delivering payment.

GLTA