market cap, page-4

Wipeoff,

I think MLS is more advanced in its exploration of Mile 72 than Xemplar is in respect of Cape Cross.

MLs has undertaken an extensive programme of ground sampling, trenching, radiometric and geological mapping and some channeling with very positive results.

It has identified near surface, high grade gypcrete uranium mineralisation in what seems to be a massive paleochannel (ancient river system) over 44 sq kms. This style of mineralisation is similar to Paladin and Deep Yellow.

It has also identified significant alaskite and shist "intrusive" rocks that are comingled with the existing country rock. This suggests there is significant depth potential to the uranium mineralisation, as is the case with Extract Resources and Rio Tintos Rossing Mine.

The market cap of other ASX listed companies whose primary uranium assets are in Namibia includes:

Bannerman (200m = 80% interest in their project)
Deep Yellow (400m)
Extract (2,2bn)
Paladin (4bn)

Other things to consider which will impact on the economics of mine development and operation:

The city of Swakopmund, with a population of 35,000, lies only 67 km to the south of Mile 72 by sealed road and the city of Walvus Bay, a major deepwater port for Namibia,
lies a further 35 km south. Labourers may be sourced from nearby Henties Bay which is 20 kms away.

The closest power to the property is available at Henties Bay. Water may be potentially sourced from the nearby Omaruru River or potentially via desalination of sea water from the nearby Atlantic Ocean.