Hi tronbirkI'm not sure which Savanna call you're referring to -...

Hi tronbirk

I'm not sure which Savanna call you're referring to - can you refresh my memory?

My take on BMN now is probably pretty clear by my recent posts - I've sold almost all my holdings and am just keeping a small package 'incase' somehow things turn good. But I am very pessimistic on uranium, given the downturn, and low-grade uranium particularly.

I'm concerned about the way the company is run, what with the very strange dismissal / resignation of the MD - highly rated a few months ago and now looked upon as not up to the job - and the p%ss%ng away of hard-to-come-by cash.

We were very clearly told at the time of the last capital raising that money was being raised to complete the bankable feasibility study. Now we are being told that more money will need to be raised to complete said study. This poses two questions: why haven't they allocated enough money for the study and used only the remainder for further exploration? If the answer is that they are somehow required to spend a certain amount on exploration (millions of dollars per quarter?), then why did they not raise sufficient money to cover this cost, and with whom is this agreement made?

Simply put, they probably aren't going to be able to raise more money - especially not with Savanna over their heads. People can argue that the resource grades are the same as EXT or DYL but that is not accurate - EXT have some much higher grade preliminary drill results and DYL have a substantially higher grade (albeit much smaller) resource.

Uranium price predictions for 2011 were made last year before this financial rot set in. Find a price prediction made in the last month and tell me what it says. Oil is under $100 again. The Copenhagen summit will have very weak targets because countries will cry poor after the financial crisis. Things will slow down and the uranium price will weaken from here.

Even without Savanna I wouldn't be overly confident in BMN. With the monkey still on our back we are not looking good at all.