must read - great artilce, page-3

Absolutely! There is nothing to justify current buying at this level. Even if the spot price starts to climb this year, BMN's project needs a nominal U3O8 price of $75/lb before they can consider giving it the go ahead. The development costs are prohibitive and the Opex starts at $40+/lb increasing to $46/lb.

Put simply, there are much bettee plays out there at the moment. Two years ago, BMN would have been considered af ront runner in a strong uranium market but now other Coy's with much lower capital costs and cheaper production costs are on offer.

PEN for example will be a producer this year with a Capex of $68m and all up cash cost of $30.65/lb. AEE have two great projects that are scaleable, low capex, low cash cost. The market cap is only $8m...go figure?

There can onlyb e a couple of explanations for BMN's rise...

1. There is a big buyer taking a position? Why? What is there motivation?

2. The SP is being managed up for the coming raising. It was flagged in the half yearly report.

3. Someone has been controlling the SP technically so they can offload at this higher level?

4. The market is just getting ahead of itself?