uranium, page-16

the ann of 3/5/07 stated...
The new entity will hold high grade U3O8 deposits estimated to contain in
excess of 1.9 million pounds (a non-JORC-compliant resource – see page 2 for
details) and is expected to begin mining operations, given satisfactory
confirmatory drilling results and statutory approvals, within the year...
1.9Mill x $135 (current spot price) = $256.5M
This doesnt seem like a huge resource to me, am I calculating wrong??