us media on sentinel u308 activity, page-6

BK2409, thanks for sharing your observations. The following are my own & I'm also interested in those of others.

You know, in all the time I have been following/holding PMH, I have seen it be referred to as a copper co/-, as a uranium co/- and at times a combination of the two! Which appears to be the current status quo.

I find the continued drilling at AM and surrounds, and the continued acquisition and targeting of extensions, in the absence of moving forwards on pre-feasibility work, let alone talk of extraction interesting. Even more so when compared to the likes of other players (with smaller holdings) in the area e.g. NCC.TSX and QTA.TSX who are very bullish about near term production.

NCC finalised the PEA in March, are confident of the economics over a 10 year mine life, with a CAPEX of 500M, and are moving towards a definitive PFE in late 2008. Their resource (from memory) is about half of our current JORC! QTA talk of MacArthur as an opportunity to “consolidate a Copper District with near term production.” There is clearly an expectation that the DISTRICT will go to production, yet no talk of financing, seemingly no qualms about it either. Gives me the sense that there is an elephant in the room.

In the meantime, PMH holds the “commanding position,” and continues to add to it. I’ve seen no planning beyond the JORC upgrade, except perhaps for further acquisition and drilling. Of course, this might change post the upgrade, or I could be entirely wrong.

I almost sense the market expects PMH to mine AM itself, and as Danube correctly points out, with a $1B CAPEX, without an obvious financing strategy or partnership arrangement, talk of extraction would lead the market to be concerned about dilution and significant debt. I’m not so concerned! We have a very valuable asset, and even turned to cash, it would add volumes to the MC. And, well if there is an elephant in the room, then it makes sense to cover the area and get the best possible/potential value out of it.

In the meantime… Sentinel is being tagged as ‘near production’ which implies intent. Interesting again. Here we are, the only current U308 explorer in N.Dakota, rapidly taking on exploration, concurrent with moves by the State to revise U308 mining regulations to allow ISR, and where “rules that apply to a conventional mill, as planned by the Australian company, already are in place”. I understand there is one other explorer wishing to move in – probably more as the regulatory environment changes. I agree with you, this was unlikely to be stumbled upon. Looks like positioning to me. The buring question is why would they establish this 'near term' position if they intended to be establishing a major mine in the coming years?

I guess in the end the answer lies, perhaps not in what they are exploring, but rather what we think they will do with each of asset and what leverage each provides the other.

Again guys, my musings.... Donna