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To: Condor who wrote (53878)	10/1/2004 8:34:37 PM
From: Taikun	Read Replies (2) \| Respond to of 74559

Hi Condor, In my original post to Jay, I noted the avg purity of uranium deposits worldwide is 0.20%. I also posted the link to the mines which ERA has. ERA is up 57.6% in 2 months (July 1-Oct 1 04), and this isn't some TSX Venture exchange stock that used to be a dotcom and has now issued a press release on some uranium drilling rights they acquired for a few shares. Jabulika grades: 0.48%, 0.51%, 0.57% uic.com.au Ranger is 0.21% uic.com.au I relied on Cameco's website and corporate profile for the 550m lbs, but I looked at the website again and I believe the addition of Cigar Lake pushes is what is puching up reserves to 731m lbs. The highest grade is 24.7%. See for yourself: cameco.com Remember also that Cigar Lake, 1/3 of CCJ's reserves, will not be in operation until 2007, but Jabulika has infrastructure in place and once approved could be in production quickly. Due to the fall in the USD against AUD, ERA's mkt cap is now USD856m, but CCJs has also risen to USD4.63bn. Assuming ERA's reserves were at the same purity as CCJ, and they have 90% of CCJ's reserves, should they not be worth 0.9*4.63bn? However, CCJ is undervalued by half due to hedging programs that don't expire until the end of 2005. Some estimates peg CCJ valued at twice the current C$100. In that case, CCJ is worth USD 9.26bn and ERA is undervalued by 1/18. But wait a second, ERA's purity is over 2x CCJ's. 1/36? I almost deleted this post-as I now intend to buy more. My belly will ache Monday. David