FYI the current opex target is $38/lb down from that $42.5...

FYI the current opex target is $38/lb down from that $42.5 figure but is yet to be 100% confirmed. They are confident enough that it was in the last announcement or two, and for those of you who know BMN management, they are a conservative bunch so I am happy to work on the $38 assumption.

This compares with EXT that has now crept up into the 30's when they consider the same OPEX components.

Most forecasts I've seen have spot uranium at 70-80/lb in the next year or so, with a few calling for significantly higher. Projections beyond 2013 generally state that there is a significant production shortfall, due to megatons for megawatts going offline, but not the extent to which uranium prices would rise. Determining price rises in a supply constrained environment is exceptionally difficult - you have to factor in when supply would start coming online after a price rise, whether it would come on in anticipation of a rise, and then the price/demand/supply impact becomes circular. I've seen numbers speculated above $100/lb for 2014 timeframes but I dont think their estimates would be much more accurate than yours or mine as there is too much potential for variance in the interveneing period.

BMN is viable at $70 based on current numbers, with a 6-700m CAPEX according to my understanding. Maybe not wildly profitable but certainly viable.

The long term price is currently $68-72 dollars depending on who you listen to, so technically yes it is viable at current prices assuming all numbers I've read stay the same. The problem with that is viable doesnt nescessarily equate to a fantastic sales case.

If we have a spot price at 70-80$ then the long term price will probably be $10-20 above the spot. This would make BMN a ragingly profitable mine and a screaming buy.

Every dollar above that $70/lb point and BMN's value starts increasing dramatically based on the current resource, even ignoring the current exploration work. If you were to draw a viability graph relative to the U price there would be a very distinct point of inflexion somewhere between 65 and 75 $/lb.

Being viable doesnt mean I think BMN is risk free, quite the opposite. The daily volatility is high. The mid and long term volatility is high. There is an element of project risk, and an element of market segment risk (demonstrated by fukushima). I wouldnt recommend it to anyone retiring in the next 5 years under any circumstances.

That said at this price, we are nearly the lowest ev/lb resource on the market. We have a resource that could become a long term strategic asset for a utility or a country.

If BMN is not viable, there wont be too many other mines that are viable outside of EXT and PDN, as well as a few of the low volume in situ mines.

The funding piece is probably the biggest hurdle for BMN. We NEED a JV partner at this point. If we get a JV partner and or a mining licence I believe the value of BMN should be many multiples of todays price.

I believe there is a great deal of possible upside to BMN, otherwise I wouldnt own nearly as much as I do.

Maybe I'm wrong, maybe I'm not, but I can guarantee that my money is where my mouth is.