more interesting reading-nuclear uprates in us, page-8

Actually, im not. Given the ability to JORC more resources (more quickly and with less further drilling) now that we have all the historical data from the 912,000 metes of drilling etc, i see the medium term strategy now unfolding.

Get initial JORC , obtain an initial global JORC estimate and then concurrent with getting in to production by 2012, there will be a further drilling program to prove up further JORC compliant resources to feed the 3 million pound per annum plant for a number of years.It will definitely improve the EPS and of course the value of the company if we can proceed with the 3 million pound plant , rather than a 1.5 million pound plant.

The company has already stated that reduced drilling is required for JORC work as we have all the data from the historical drilling.

If we cease drilling shortly when we have done enough to prove up Ross and Barber and then cease drilling for a prolonged period and only proceed with the 1.5 million pound plant, then we could easily find ourselves subject to a takeover at well below maximum value. We have a pretty wide open share register.

I believe that it is probably inevitable that there will be some ownership consolidation in the area in the future as it will be economically attractive to do so.

Management dont control enough of the stock to prevent this and nor should they if the price is right.It is however incumbent on them to maximise the value of the company for both their and our own financial benefit.

It is actually insulates the company from a takeover to a certain extent, as it will be a more expensive exercise.

Once the historical data is modelled i would be very interested to see the cost of proving up a further 10 to 20 million pounds versus its in ground value, given the relative low cost of production as compared to open cut/decline/underground extraction.