the Kanyika project is valued about 5mA$ if you deduct 7.7mA$...

the Kanyika project is valued about 5mA$ if you deduct 7.7mA$ cash and 2.3mA$ for the other properties (Argentina, Livingstonia).

5mA$ is a clear vote by the financial community that the Kanyika project isn't believed to be developed. Because almost 14 mln shares have been dumped below .50$ (after the release of the 56Mt Jorc estimate) it can't be just one shareholder that is not convinced of the Kanyika project - it should be much more people who don't believe in Malawi in general and Kanyika in specific. Unfortunately GBE hasn't released a recent update on the Top20 structure but I'm sure that many of the (pre)IPO investors have already checked out for a bunch of different reasons:

- urgent need of money e.g. margin calls
- perception of better buying opportunities
- disappointment about change of focus (U -> niche product)
- general fear about the economy and/or mining sector

We have seen a sort of salami crash in GBE with constant but low volume selling; for example last 4 weeks with 900k shares sold below 0.30$ compared to volume of 2.54mln shares at the 31/3/2008 alone or 1.6mln shares traded within 3 days around mid April above 0.40$.

GBE can be fairly relaxed about the depressed share price because the have enough cash for at least 12-15 month if spending will stay around 1.0-1.2mln A$ quarterly including exploration and development expenditure. Within this period of time GBE will release much more news upon project progress in Malawi

- product marketing (pre-sale agreement with H.C. Starck)
- further progress on the high grade zone in the northern edge
- further details on metal separation and the handling of the uranium slag
- more details about Livingstonia drilling / resource model
- farm out of Argentinean land package (clear focus on Malawi)
- progress of PDN in Malawi will additionally help GBE
- road shows in Europe and Asia to attract bigger investors

Specially an offtake agreement with H.C. Starck would help. I don't know where GBE will find it's bottom but IMO 0.20$ will be a good support.

Last but not least it's quite interesting to notice that GBE currently stands below the shareprice of the first week of trading at the end of December 2005 when nobody even knows about Kanyika and GBE had just 3 uranium properties in W.A. (a no-go area for U) - this shows how ridiculous this market is.

Lenni