important: mt gee u resource 16x larger, not 6

Having re-read the announcement again, correct me if you think I am wrong but the deposit at Mt Gee of 33,200 tonnes is actually 16.5 times larger NOT 6, than what they originally had anticaped at Mt Gee.

On Page 2 in last week announcement, the original estimate at Mt Gee was 2,000 tonnes. The original estimate of 5,230 tonnes actually applied to all 5 deposits not just to Mt Gee.

The table below shows how the origanl estimate of 5,230 tonnes was apportioned. Mt Gee's resource of 2,000 tonnes was 38% of the total 5 deposits.

Table 1 Exoil Estimates for Uranium Mineralisation in the POS
Deposit Tonnes U3O8 tonnes Grade kg/tonne (ppm)
Mt Gee 2,000,000 2,200 1.1 kg/t (1,100 ppm)
Hodgkinson 220,000 484 2.2 kg/t (2,200 ppm)
Armchair 680,000 680 1.0 kg/t (1,000 ppm)
Streitberg 600,000 600 1.0 kg/t (1,000 ppm)
Radium Ridge 1,730,000 1,211 0.7 kg/t (700 ppm)
Total 5,230,000 5,175 1.0 kg/t (1,000 ppm)


The announcement clearly states that the 33,200 tonnes is attributed to the MT GEE DEPOSIT ONLY.

Read the extract below on page 4:

The JORC compliant resource estimation indicates a considerably larger tonnage for the Mt
Gee deposit alone (33,200 tonnes of U3O8 inferred resource, Table 2) compared to the range
3,800 – 5,300 tonnes of mineralisation calculated by Exoil for five deposits of the Paralana Ore
System combined (Mt Gee, Armchair, Streitberg, Hodgkinson and Radium Ridge; see Table 1).
Marathon’s conclusion is that significantly larger potential of the Paralana Ore System should
now be considered over those predicted by these earlier estimates.


The other 4 deposist which are considered highly prosepective, including Hodgkinson which MTN believe have grades of 2.2kg/t were NOT included in the total revised estimate. Hodginkson is yet to be revalued. Please read the extract below:

The significant high grade mineralisation potential of the Hodgkinson deposit has been
demonstrated in the Exoil database. Marathon’s re-assessment, in conjunction with the EGC
consultants, is currently underway to validate the deposit size and nature, including structural
controls and a tectogenetic model for the mineralisation. A detailed gravity survey similar to
that done for the Mt Gee deposit is also planned to be carried out prior to resource drilling.

In the initial estimate of 5,300 tonnes, the other 4 deposits besides Mt Gee made up 3,300 tonnes, 62% of the total tonnage estimate.

If the remaining 4 deposits were to have the same tonnage percentage increases as Mt Gee, that is the other 4 deposits sill make up 62% of the total Uranium resource at Paralina assuming Mt Gee has 33,200 tonnes, the Paralina Ore system would have:

5,300,000 x 16.5 = 87,450,000 tonnes

87,450,000 x 0.7 (0.7kg per tonne assuming Mt Gee's grades consistent with all other deposit grades) x 2.2

= 134,673,000 pounds

= 134,673,000 x 29.50 = $3,972,853,500 US

Covert above value to $A=0.75

= $3,972,853,500 / 0.75

= $5,297,138,000

THE PARALINA ORE SYSTEM HAS THE POTENTIAL TO HAVE OVER $5 BILLION DOLLARS WORTH OF U.

This figure may be substantially more once more tests are conducted.

Please are there are comments because if my figures are correct, MTN is huge. In fact huge is too much of an understatement

COmments greatly appreciated

Cheers