Hello fellow suffering shareholders,I attended the meeting...

Hello fellow suffering shareholders,

I attended the meeting yesterday along with approx 15 other shareholders in an intimate setting at the Rendezvous Hotel.

My recollections of plans for the business moving forward are as follows;

* Board to be in meeting yesterday/today to finalise the details pertaining to our drill program at Tanzania for 2012. This should be announced to the market on friday.
* Strategy is to drill at Likuyu North initially whilst conducting ground testing at our other zones further south including Mteramwahi North, Mteramwahi South, Matemanga, Grand Central. Likuyu South to be drilled second, however quantities of holes etc will depend on results at Likuyu North.
* The goal/directive is to find high grade uranium across a number of mineralised zones within our tenements making our business more dynamic and diversified.
* I am lead to believe that UNX will be more selective in the spacings/locations of holes not only to preserve capital, but also this strategy will be backed up by a new radiometric survey to be conducted this year.
* My understanding is that the previous radiometric surveys were conducted in the 1970's and therefore when analysing our tenements do not provide the most accurate data for the exploration team to drill in the best locations. I am lead to believe this survey being conducted is CRITICL to long term success.
* Focus on coal moving forward will only be based on a JV basis so the new Exploration Manager can focus his attention on one tenement at a time. Dr Sean Muller is based in Tanzania and he camps within our tenement locations, walking these areas on a daily basis. He is old school and committed 100% to making the right decisions based on many years of experience. Having someone living on site is a huge advantage as he is there to oversee everything as it happens. This makes me comfortable.

Regarding the meeting itself yes some very hard questions were asked with some very poor answers given. My biggest gripe with the departing CEO and the board in general is the following;

* Today is May 1 and we still have not seen what the strategy is moving forward and will need to wait until friday. This to me is very very poor and is treating us as shareholders with utter contempt. This was put to the board by myself and was highlighted that they are taking the ..ss out of shareholders with such an approach.

* Matt Gauci was asked the question by a fellow shareholder his reason for leaving. He stated his reason for leaving the business was a professional one and that he believed it was being left in good shape. He stated he has not been selling any shares but rather would be purchasing more. I felt as though I was listening to an AFL footballer post match with not a lot given but rather we are focussing on next week type of dialogue..............

* I stated to Matt Gauci that my biggest fear is that his legacy has been based on over promising and under delivering. I asked him to disclose what was promised to North American investors in order to obtain financing recently at 32c and challenged the board to advise what action was being taken to make sure these investors were ok with these initial MRE results. Had we damaged these relationships long term due to deception? I was assured by Johann that they understood these things can occur having years specialising in the uranium industry. Matt stated that his discussions centred around 10 million pound at 350ppm. My sign off was that the board had better deal with this fast and ensure that Uranex still has respect/credibility within the industry. I think Alastair has been chosen as the go to man on this one and will handle himself with aplomb.

* Company Secretary John Nethersole looked as though he was falling asleep with his arms crossed and head down during proceedings. I very nearly got up to smack my hand on the bench underneath him but restrained myself. Had more important issues to press however was HIGHLY offended by this body language. Again I am not saying he fell asleep so let me clarify this but the body language was shocking.

* Alastair Clayton was the highlight for me and displayed clearly within the first 2 minutes of question time once no-one else could answer the hard questions that he could step up to the plate. Don't worry I was bloody ropable yesterday however it was like listening to someone with a knowledge base and intellect higher than any other member of the board. We are in great hands as long as he stays on long term and he assured me afterwards when I pressed him on this issue face to face that he was committed long term.

* Regarding the initial MRE being below expectations I was told that this was due to issues with radon gas in the large hits we had with huge ppm readings last May?. Because these holes were re-tested in December based on feedback received and provided a lower ppm this caused the lower PPM reading on the initial MRE. Initially I thought I was being fed B/S however when speaking to Alastair afterwards he explained these issues were encountered whilst at EXT and BMN early on in defining their initial or early MRE numbers. However this issue should have been immediatly identified before these extraordinary results were brought to market last May/June.

* My other gripe was that the board needs to be more pro-active moving forward with shareholders by providing regular updates and presentations to the market at any trade show, or presentation made to broker houses etc. They were clearly told that their performance was sub par and showed a lack of vision. The reply given was that disclosure was within industry standards, which sent me over the edge, as I stated that just because someone else relies on mediocrity does not mean you have to follow. We need to provide a point of difference within this business by holding - shareholder information meetings annually, videotaping presentations - shareholder meetings etc and making these available for viewing on the website. It is 2012 after all and not 1985 as some would like to believe.

I hope the above has given you a good summary and hope for the future. I am still hopeful and believe sometimes you need to encounter setbacks to learn and move forward. As long as we don't make the same mistakes again.

Cheers

Matt

NZ Rugby - Happy to have a chat - Have skype but have not used it yet. Let me know how to make contact with yourself

Hicbart - At least the company is saving cash this time around as there were no coffees on offer afterwards so I had to eat some sandwiches from another meeting next door :)