presentation, page-8

I also note that Jim Malone recently released a letter to shareholders to give us an update on MRO's progress, and future developments. Reading between the lines, it sounded a bit more like a plea for the shareholders to show yet more patience.

One of the main gripes I have with these guys is that they simply never seem to sink enough money into the ground in terms of drilling meters. I think this goes a long way in explaining why Apex-Lowboy and Rio Puerco have essentially stagnated over the last two years. As far as I know, MRO have NEVER conducted any of their own drilling at Rio Puerco. There is only so long you can keep a Project on your books, carry out no drilling but expect to keep the shareholders interested. As mithrams said, this is obvious in the continual recycling of presentations we have seen.

They obviously are a fairly talented bunch of Geologist's from a theoretical perspectve, but as far as commercial sense goes, they're absolutely hopeless. To take an advanced Exploration Project and take it to the cusp of production requires a focussed campaign of near-mine development drilling. Instead we get the same vaugue ramblings about soil sampling, airborne radiometrics, the general state of the World Uranium Market and finally some driling program or other set to commence a few months down the track, ususally 'subject to permitting'. It's an incredibly conservative approach, which equates to huge frustration from us.

Ask yourself; just how many drilling results of their own have these guys released in the last 2 years??

Lets hope they prove me well and truly wrong during 2010, and that this year just might provide some hope for us.