comment from half yearly

Pg 11 of half yearly has an interesting comment that on first glance may be perceived to be a negative:

"The Company is a participant in the Bigrlyi Joint Venture with a 53.74% interest (2007:53.29%). The Company’s interest in the Joint Venture increased as a result of dilution by Southern Cross Exploration NL. Southern Cross have disputed the dilution and pursuant to the joint venture agreement the parties operate under, the matter will be resolved via a process of arbitration and should the dilution be found to be invalid, the total result would be to remove the dilution affect and revert back to the original percentages."

The dispute may be seen to be an annoying legal issue, however it could also be viewed as a positive...if Southern Cross aretrying hard to maintain as great an interest in the project as possible...this to me is an endorsement of how good the Bigrlyi project might actually be!

In my view it is an excellent project because of the decent uranium grade...but importantly also the HIGH vanadium credits (These must not be overlooked!). I think the vanadium price is around $5 per lb at moment...doesnt sound like much, but it ADDS SIGNIGICANTLY to the economics.

Cdchi1