Not trying to sway your thoughts. Discussion is good. For instance, your bringing this up forced me to take another look at potential valuations here, and I have to admit that I WAS VERY WRONG on a number of counts. Faulty memory to blame, sorry.

From Wikipedia on the uranium in this area, "In 2007 US dollar terms, the total cost to produce a pound of U308 from the average pipe was about $24. Average ore reserves for an individual mineralized pipe at that time were determined to be about 3.5 million pounds U308, with an average grade of about 0.6 percent U308, then giving the average economically mineralized pipe an approximate before-tax, undiscounted in-ground value of about $105 million (more than $225 million in 2007 US dollars)."

See "HISTORY" - https://en.wikipedia.org/wiki/Arizona_breccia_pipe_uranium_mineralization

I was thinking 45 million, so a corrected estimate on that priple pipe would be 675 million dollars, if it is mineralized with uranium and related by products. Therefore, a 50 percent carried interest could be worth 337.5 million eventually - no small sum, adding at present about 40 cents per share. So, yeah, a JV now may be more significant than I was thinking in the last couple of days.

Now, the USGS estimates that about one-third of breccia pipes in the area will be shown to have uranium in economic grades. Given that JB was early in this staking rush, I'm sure he has the best ground - higher grades and lower costs -, but let's go on from there.

LBSR has 390 claims, and if each represents one breccia pipe, and if one-third are mineralized, that's 130 mines worth as much as 29 BILLION dollars 100 percent owned by LBSR (before considering a potential JV on the triple pipe target). This is BEFORE taxes, and costs.

Here's another approach. If costs are still around 24 dollars per pound, production at present would yeild about $10.75 per pound, or 37.625 million per average mineralized pipe. ...or nearly 5 BILLION dollars AFTER COSTS, over 130 pipes, or SIX DOLLARS PER SHARE (at present & before taxes).

Hey, I'm excited again, but not for the short term. As I said, JB has suggested he wants to self finance development here from deals done elsewhere, and only a handful of pipes at a time.

...back to focus on Hay Mountain...

VP