marenica-trying to understand...

Hello fellow investors,

I know i didnt post for quite a while, but i am still "all in" and probably as frustated and dissapointed about the shareprice as most of you out there.

Here is my understanding,of where we are currently standing:

1.The Resource

As good as it was,85 Mlbs at ~170 ppm,close to surface,etc... you all know what i am talking about.

2.The scoping study

A dissappointment !!!
Allthough it may be understandable,that things just changed,that could not have been foreseen (heap leach now preferred to tank leach) i am irritated of the fact,that MEY officially published presentations,where OPEX and CAPEX numbers where written down based on estimated tank leach figueres.
What this means is,that we have to wait for another 4-5 months till we finally see this study ( maybe a PFS instead of just a scoping) being released. Then we will really know where we stand economically.

3.Financing

IMO this is a crucial point here and should be done rather sooner than later.After all,there are currently no buyers in the market (everybody is waiting for the conditions of the financing) Valuation reached a ridiculous level.
We need to drill to further increase our resource,to show investors things are moving forward !

4.Valuation

IMO this stock was cheap at 0.15 AUD,right now at 0.08 AUD this one is valued below 0.40 USD/lbs !!!
Recent (meaning the last 3-4 weeks) take over offers in the uranium sector for explorers paid 2.40-2.80 AUD/lbs (see NGM/Paladin BKY/Kepco for details) And here we are talking about bureaucratic Spain and Civil War exhausted Niger. So i honestly cant see a reason why a resource in Namibia is traded with such a large discount ?

Conclusion:

I personally hope for a fast settling of the financing issue,and think an insider buying from managment at these ridiculous prices would be a stabilisation factor. Why they didnt do this already leaves me a little worried.
We are driven down dramatically on nearly no volume at all-a shame !!!

But as always,time will tell...

Wantedman