My sense is that the Legend/Gutnik phosphate deal has much more...

My sense is that the Legend/Gutnik phosphate deal has much more upside for GCR than the market currently understands. GCR gets to have a full and free u assay program done on the phosphates drilling program Legend will carry out. Similar style of U / phophate deposits in Louisiana and Florida have been mined by IMC Global and they typically carried 50-200 ppm per tonne. In fact these deposits produced almost one fifth of annual US requirements.

I do not know current production costs but they run according to various commentaries in the US$20-50 per pound range. Assuming we get a similar type of grade in the GCR phosphates then the target range is 48,390,000 to 193,560,000 pounds of u (very speculative assumption subject to verification). At US$75 pound the inground valuation runs US$3.6-14.5 billion. These targets are next to very substantial u reserves delineated by Summit for around 65,000,000 pounds of u. Summit owns half of these depoists in JV is located in Queensland and is worth $453,000,000. GCR is currently valued at $30,000,000 and is about to embark on a major "awakening". good luck to all longs.