Yesterday's announcement is by any account a disappointing...

Yesterday's announcement is by any account a disappointing result. After a year of drilling the resource “upgrade” consists of a REDUCTION in resources from 7.56 million tonnes to 7.27 million tonnes AND at lower grades, such that overall contained tonnes of uranium ore falls 11.5% from 10,590 tonnes (23.4 Mlbs) to 9,340 tonnes (20.7 Mlbs). (In addition contained Vanadium has also dropped over 13%)

2008 Indicated: 2.33 Mt @ 1739 ppm for 4,053 tonnes U
2009 Indicated: 2.74 Mt @ 1530 ppm for 4,190 tonnes U

2008 Inferred: 5.23 Mt @ 1250 ppm for 6,537 tonnes U
2009 Inferred: 4.53 Mt @ 1140 ppm for 5,150 tonnes U

2008 Total: 7.56 Mt 10,590 tonnes U
2009 Total: 7.27 Mt 9,340 tonnes U

EME’s announcement talks about increasing the ‘resource confidence’ but despite 40 million tonnes shifted into ‘Indicated’- the overall Indicated U contained metal has gone up a mere 137 tonnes- not much to show for a year!!

I hold JRL (not EME)….