G'day Col.You have posed some very fair questions and here are...

G'day Col.
You have posed some very fair questions and here are some comments from my perspective.
Let me start by qualifying my comments up front -- there are no absolute guarantees on anything -- even with money in the bank nowdays !!
Having said that,I do believe that the lease renewal process in Na is essentially administrative in nature, although I am sure that MME do review compliance with undertakings given at the time of granting the lease.
I posted some weeks ago that the process is laid down in Na legislation ; the Minister must notify the leaseholder if he has any concerns that may give cause for non- renewal and give the leaseholder the opportunity to respond.
So, what do we know at this point?
MLS own the rights to a lease granted for 3 years on epl 3308 in May 2005.
MLS has applied for renewal of the lease prior to the expiry date , as provided for by Na legislation.
MLS has advised that it has met or exceeded the exploration activity that it committed to as part of the original lease agreement.
The Minister has not raised any concerns with the Company.
MLS could , if it chose, continue exploration at the m72 site pending renewal of the lease (legislation provides for this).
MME has a backlog of work and appears to take several months to process applications for renewal -- for evidence see EXT ASX release in May 2008 advising of a lease extension for an EPl that was due for renewal in Nov'07.

My risk assessment based on the above :the risk of the epl extension not being granted = extremely low to non -existent.

DRILL OR NOT DRILL WHILE AWAITING THE LEASE EXTENSION
This depends upon you perspective:
Director -- has a fiduciary responsibility to prudently manage the Company resources therefore will err on the side of caution to minimise mishaps and the chance of getting sued for not acting prudently.
Geologist -- probably would want to get on with the exciting bits.
Shareholder -- need I say !!!
So, from my perspective , there you have it.
For the logic espoused well by Steve a couple of days ago I also bought some more earlier this week -- who knows they may get cheaper but you can't sell them for 0 and they can't get a whole lot lower.
I guess I am talking a calculated risk , in a speculative share at a time of extreme risk -- of course I am hoping that the payoff is commensurate !!
My fundamental belief is that we have a very solid chance that m72 contains a significant/ major deposit of commercial grade U --that underpins my logic and my actions.
I am absolutely sure that MLS is geared up and will leap into action as soon as that darned lease extension is granted.
Hope that provides a perspective Col-- I am only playing my cards in the context of my situation !
Best wishes
Q