interesting read

I have just read a post under the PDN thread by Jermaynew of all people about Phat profits recomendation for PDN, it really is a great read.

Jermaynew was just on the MTN thread bagging MTN about how MTN was overvalued, shouldnt be $15 and so on.

The story directly quotes about PDN taking over Summitt Resources, what is really eye opening in this story, they go on and describe Summitts resources U308 qauntities in the Valhalla resource and the Skal Resource, so i thought i would share this with my valued staunched MTN shareholding brothers. By the way i think that Fedex is clearly aware of what im going to post among a few others, but for those that dont like myself, here it is.

The Valhalla resource consists of 37.4 million LB's U308 (Jorc). Summitts share was obviously 50% of that, total summit share is about 19 million Lb's U308.

The Skal resource consists of 11 million Lb's U308, again Summit owns 50% which is 5.5 million Lb's U308.

Summit's total share of the 2 deposits is less than 25 million Lb's U308 combined, ofcourse there is huge exploration upside potential like we have with MTN.

But we have to look at Lb's of U308 in ground purchased by Paladin for $1.2 billion, which is 24.5 million Lb's of U308, thats about $49 per Lb.

That eqaution above seems to be wrong to me and extremely high, does Summitt have other deposits that were not qouted in the report or is that it? I think that i must not have the full summit story because $49 Lb seems way to high a number to pay.

Either way, MTN is going to have about 3.5 times more U308 in ground than what summit actually had, what would be a fair value per LB of U308 should be attached to the MTN market cap, MTN seems to be the buy of the century even if the SP was $10 let alone $5.50 that we have now. If we calculate aprox 85 million LB's of U308 @ a mere $10 per LB, we have a # of $850 million. If we divide $850 million by 60 million shares for MTN which is actually a few more than reality when fully diluted, we get a share price valuation of $14.16 for MTN.

I think that im going to have to invest 100% of my share portfolio in MTN, currently sitting and about 75%.

Please can someone confirm the Summitt Lb's of U308 and any thoughts on how i worked out a potential SP for MTN when the resource upgrade/scoping study is to be completed which dosnt include any exploration upside.