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Posts on this website are general "tips" and nothing more than that and should never be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy.

BMN looking wildly undervalued on latest results

December 11th, 2009

Bannerman resources an Nambia Uranium explorer is starting to look very undervalued. It currently has a JORC of 160m pounds and is valued at ~1/10th of uranium in the ground / market cap as compared to EXT. But looking at their latest drilling results it seems more than likely that they rae going to have a JORC = to EXTs or possibly even bigger.

The latest report has a diagram of their projects that indicates a strike length of approximately 10km and up to 3 km wide in places. The grades seem to be good ranging from 3,000ppm to 170ppm and are near surface. BMN is turning into a monster.

bmn-11-12-09

Extract to Mine Rossing MOU Pending

July 17th, 2009

From today’s Miningnews.net

Excerpts:
“EXTRACT Resources says it has been contacted regarding the development of its flagship Rossing South project in Namibia and has quashed recent media speculation concerning possible takeover bids.

The Perth-based uranium play confirmed that it has been approached by a number of interested parties concerning the Rossing South development.

“The company, assisted by Rothschild, continues to review the various corporate and business options aimed at bringing Rossing South into production in the most effective manner,” Extract said.

Extract resources now one of biggest new uranium finds worldwide

July 2nd, 2009

This has been a wonderful story and it seems to be getting better all the time.

Excerpt from today’s Miningenews.net
Extract grows Rossing South again
Kate Haycock
Thursday, 2 July 2009

EXTRACT Resources has increased the resources at its flagship high-grade Rossing South project by 34% to 145 million pounds of uranium, firming the deposit’s position as one of the biggest new uranium discoveries in the world.
It has been a tough year for the company with corporate raids from the United Kingdom and an attempted board ousting that has ended with managing director Peter McIntyre resigning from his position.

Despite the boardroom drama, Extract has continued to push ahead with exploration at its flagship Rossing South project.

The resource upgrade announced today has upped resources at Rossing South to 145Mlb of uranium at a grade of 449 parts per million uranium.

The overall estimate includes an indicated resource of 21 million tonnes at 527ppm uranium for 24Mlb uranium, and an inferred resource of 126Mt at 436ppm uranium for 121Mlb uranium.

Perth-based Extract said Rossing South was proving itself as the highest-grade granite-hosted uranium deposit in Namibia.

The next step for the company is to define a resource at the Zone 2 area, with the resource due in August.

The project has attracted a great deal of interest, with Rio Tinto buying into the company last year, and the corporate drama from UK companies Kalahari Minerals and Polo Resources proving Extract has attracted a lot of attention.

(IMO BMN will soon be shown to have a similar resource.)