why the drop in the ?sp, page-4

Hi Jagman

A possible drop to below .50 has been discussed on this thread and I think 0.48 was mooted as the new support.
I have just had a read of the half-yearly report and there is nothing new in this, but it is a report ending December 2009. Since then a few more notices with reasonably good news have been published, but the half-yearly reiterates the fact that this mine is nowhere near production, doesn't have a mining licence yet and are still doing various preliminary costings and more drilling. I was also shocked to see the final pay-out figure to Savannah - seems this is the way to go; slap the threat of a law suit on someone, and hey presto, you're an instant millionaire.

As far as progress is concerned; there is an application for the mining licence in the pipeline - production of the first ores is going to happen in 2013; and the mine is yet to be built. I think people are tired of waiting for their investment to bear some fruit and prefer to take a loss than go on waiting. I must say, I am tired also of holding shares which are going nowhere, but will hang in a bit longer, especially since I got my children into this investment as well.

Unless BMN find another site with excellent concentrate of ore, or somebody buys them out, we will be waiting for a long time for the s.p. to recover. Even a buy-out could see us all taking a loss; I know there have been some valuations done, but so far nobody has come up with a figure per share for BMN. Then there is the soft spot price for U, which won't go away, until Uranium becomes the fuel of choice for dealing with global warming in the West as well.

If I last in the stockmarket, this will have been the last time I ever invested L.T. in a company. Sorry to be so down - I am more resigned than down.

Cheers

Taurisk


zzzzzz still holding