Once North Pipes is proven, what might be the discounted present worth of an income stream amounting to $437,500,000.00?

What assumptions shall we use, 4.5 percent at 20 years? In that case, the present (or sale) value of the pipes should amount to around 170 million, or about 20 cents per share.

Shall we use 8 percent over 25 years? If so, that amounts to 60 million dollars, or 6 or 7 cents per share, but not so appropriate in this market, IMO.

However, these estimates assume a base price for uranium of 50 dollars per pound, not much higher than where the price is now. Given the price has risen 60 percent since early May, there is a likelihood that the estimates calculated above will prove to be very, very low by the time value is proven in the pipes.

This is way I see it, at least for now and based on information at hand (along with reasonable optimism).

VP