My friend, please don't expect much from North Pipes at this time based on the non-disclosure agreement you referenced. Firstly, most non-disclosure agreements result in nothing. Secondly, I believe this agreement covers only one target - perhaps the so-call triple pripe. One pipe - even one triple the average size - is not worth much comparatively speaking, so any deal will not be with a major producer. Furthermore, a deal is not likely to include any cash, just a carried interest.

For discussion purposes, lets say this potentail partner eventually proves 45 million dollars in uranium ore on the JV (for a triple pipe). Then, and assuming a 50 percent carried interest, LBSRs interest could we worth as much as 22.5 million dollars OVER TIME - two to five years, I would guess. To make this very simple, let's say the present value of that might be 15 million if/when all of our assumptions are proven!

Now, given that LBSR has about 825 million shares out AT THIS TIME, 15 million at some point in the future would only contribute about 1.8 cents per share. This is nothing compared to what we should expect from Tombstone-area developments, or Silver Bell, or BCSP. Recall here also that JB wants to keep almost all of NPSP as a 100 percent owned cash cow to be developed without financing based on cash coming from deals on other projects. This means that there will be no major news coming from NPSP anytime soon.

As to Hay Mountain v. Zebra (TMBXF), I think Hay Mountain has a heck of a lot more going for it. Besides, the deal TMBXF struck with EuroGas was not exactly an open market transaction, so it makes for a very poor comparison anyway.

...just the way I see it, FWIW.

VP

[Niners win. Cardinals should too.]