resignation, page-5

If it had been personal circumstances, I would have expected that to be cited in the RNS.

I think what Daddy is driving at, and it is pure speculation, is that Graham may have seen his job was to get the resource proved up as 'world class', attract a buyer, and then depart. Areva acquired Uramin hot on the heels of their scoping study. Assuming Marenica's scoping study is about to deliver world class numbers (OPEX and CAPEX), and assuming that Areva has been waiting for these numbers to justify a t/o, then Graham may well believe that his job is done. His role as chairman would likely not exist under new ownership, so maybe this is a timely departure knowing that he has overseen Marenica's progress to date, and that he can benefit from a premium to any shareholding he retains.

ALL SPECULATION I HASTEN TO ADD.

One might also speculate that Graham was offered another job some time ago, and that he said 'yes' on the condition he sees Marenica through to positive scoping. A great note to leave on, and it might explain his selling of 1m shares at 20c a while back.

AGAIN, PURE SPECULATION.

What I do believe is that his resignation has likely not been prompted by anything negative in the scoping. If that were the case, he would want to stay in position to put things right as it would not look good on his CV to jump ship on the eve of a negative scoping. Aside from the fact that ALL indications to date point to improved grades, increasing resource numbers and amenability to upgrading.

I would expect that we'll get more clarity on this very soon.
And it could, as Daddy says, be indicative of paving the way for a new regime.