slicing the cake , page-42

OK Yellowman.
The answer and connection between YRR and PDN is Acclaim Uranium.

Acclaim Uranium held the Nowthanna uranium tenements before YRR picked them up.
Acclaim Uranium also picked up Langer Heinrich in Namibia for $800k, spent $2.2M on it then sold it to Paladin for $15K plus 12 cent royalty per Kg of yellowcake when they changed company name to Aztec AZR and changed direction to iron ore at Koolan Island.

That same $15k purchase has now given PDN a market cap of $4.5B. Not bad.

Some more trivia for those interested. When Acclaim divested themselves of Langer Heinrich in Namibia to concentrate on Koolan Island they also offloaded their WA U308 assets at Lake Maitland and Millipede but at that point decided to hang onto the Nowthanna tenements. Wonder why??

Eventually they too fell away and were consequently picked up by GPN. GPN aka YRR are now sitting on a JORC indicated resource of 7,309,451 tonnes at 0.45 kg/t for a resource of 3,289 Tonnes contained U308
7,235,800 pounds of U308 already that we know of.

Include the vanadium with the additional strike of 4.2kms plus open at depth, 40 million shares escrowed for 2 years with only 17.5 million tradeable shares and you soon start to get the picture.

Douglas Range and Money Shoal Basin tenements plus the potential for more U308 tenements in the NT to be added and you soon start to see a very promising future that lies ahead indeed!!

Prime listed 2 weeks ago with a pre-JORC resource of 374,000 lbs of U308 and look what it's shareprice did.

YRR has a JORC indicated resource of some 7.2 Million lbs. You do the math.

The latest junior uranium explorer to hit the market is Perth-based uranium resource company Prime Minerals (ASX: PIM), which today has listed on the ASX, closing at a 190 per cent premium to its issue price, after its Initial Public Offer (IPO) was oversubscribed and raised A$2.2m.

Prime shares traded as high as 59 cents, a 195% premium of to the issue price of 20 cents, before closing at 58 cents, with more than 1.3 million shares traded.

The company issued 11 million shares as part of its IPO, valuing the company at $6.5 million on listing. In April 2007, the company will also issue all shareholders one loyalty option for one cent for every two shares held. These 20 cent options at today's trading would have a nominal value of 48 cents and will be immediately listed after issue and expire in October 2009.

Prime will complete a low-level airborne radiometric survey and an extensive drilling program over its Lake Mason Uranium Tenement in Western Australia, with a view to substantially increasing Prime’s uranium deposit. Lake Mason is located 40kms south of BHP Billiton’s 52,000t Yeelirrie deposit, which Prime reckons is the world’s largest calcrete uranium deposit.

Prime chairman Bruce Hawley said the company was pleased with its outstanding debut. “Funds raised during the IPO will be used to complete the radiometric survey of the Lake Mason uranium deposit and our drilling campaign,” Mr Hawley said.

“We are glad the listing process is now complete and we will now turn our attention to exploration at our Lake Mason project. This is an exciting time for Prime and we anticipate an aggressive drilling campaign starting shortly after next month's radiometric survey is completed.

"We also plan to carry out target generation over our iron ore, vanadium and gold tenements, followed by drilling of the priority targets.

"Prime will also be targeting the acquisition of complimentary projects, with the view of increasing shareholders wealth" Hawley said.

Prime says its Lake Mason Uranium project currently contains a pre-JORC target mineralisation of 374,000lbs of uranium oxide (U3O8) defined by aircore drilling. It is located 40kms to the southwest of BHP’s Yeelirrie Deposit which is the world’s largest calcrete uranium deposit containing 52,500 tonnes of U3O8. The opportunity exists to identify substantial uranium mineralisation within the Lake Mason drainage system.