Ann: BMO Conference Presentation, page-7

I just had a quick look out of curiosity to see what kind of BS they would spin..and a couple of things stood out. Firstly, cash costs aren't projected to be much lower...this is pretty much just in line with the ongoing downward trend. Secondly, the interest payments are still substantially high in comparison to the amount of debt that was wiped.

Nothing strategically operational has changed, only reduced book debt and a transfer of ownership. I bet Deutsche Bank paid bugger all for their holding. There was a mention of current mid grade stockpiles running out next year so care and maintenance is also on the cards.

It doesn't really instill much faith...everything is hinged on the uranium price cracking 30 bucks within the next year. You would think uranium would have to push up soon, but with the amount of manipulation and political tactics being enforced between China, Russia, USA, France etc..where it moves is anyones guess.