Re: B77, Are we now looking as far as March-April next year in...

Re: B77, Are we now looking as far as March-April next year in your opinion for possible t\o, j\v?

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I was hopeful that a good scoping would - in 2010 - flush out an approach, or a bite from a new ii taking a stake, or a move by Areva. I think the change in approach as recommended by the scoping, suggests that we are 3-5 months away from releasing the key numbers that would provoke such interest. So it's a setback ...

BUT -

It is NO reason for the SP to be languishing where it is.

Last time we sat at 10c we had less than 30Mlbs resource and Areva hadn't taken a stake. In fact, a significant holder was Polo, and investment vehicle that was never interested in acquiring our U308, and who was always likely to sell their stake.

Areva purchased at 18.5c and they won't be selling.
They want our U308 at some point. They certainly won't want a competitor getting hold of it.

So our register has strengthened, our grades have improved and our resource has grown substantially since we last sat at 10c.

Moreover, Areva has raised billions to invest in African Uranium.
Russia has stated they will invest $1bn in NAMIBIAN uranium.
Uranium One and Cameco are both eyeing Niger and Namibia.

So acquisitions are highly likely in Namibia, and we are one of the few key players with a resource of this size (and so shallow).

We may have to extend our investment timeframes here.
Perversely, we may not.
At 10c a share (US$0.49/lb), with 85Mlbs in the locker and increased prospectivity on the deposit, an opportunity may be presenting itself for someone to try an audacious approach and grab us on the cheap.

Unlikely but not impossible, IMHO, and Areva would certainly have something to say in that scenario.

It's a delay, that's all.
Unfortunately, market clearly doesn't like delays.
But then, they don't seem to like 120% upgrades, improved grades, resource extensions and a more solidified share register.

Value investors must be smelling an opportunity.