Here's an extract from Tuesday's edition. GLTA


We combined some comments from Dave Talbot of Dundee

Securities on his recent visit to Africa with some of his most

recent research reports to give our readers an update on

some of the uranium stories we follow.


Paladin Energy background: Paladin Energy is an Australian domiciled

company focused on uranium production, development

and exploration with projects in Namibia, Malawi and

Australia. Its flagship operation is Langer Heinrich, which

recently completed its Stage III ramp-up capable of 5.2 MM lbs

production. Kayelekera is completing its ramp up to 3.3 MM

lbs annually. The company produced 6.894 MM lbs in

FY2012 and guidance for 2013 is for between 8.0 and 8.5 MM

lbs U3O8.

RD: You visited Paladin’s project in Namibia, any comments

on that?

DT: Our 7th annual pilgrimage to the flagship Langer

Heinrich Mine in Namibia took place on 8-Feb-13. Paladin's

Langer Heinrich, with perhaps one exception, is

working very well. Perhaps more so than in years past we

left the site with a great feeling of satisfaction. We spent a

great deal of 1:1 time with Paladin management over the

better part of two days in Namibia and during Mining Indaba

in Cape Town immediately prior. John Borshoff, CEO

and Mark Chalmers, COO were upbeat, positive and seem

more at ease than we have seen in some time. We sense

that they can see the light at the end of the tunnel - operations

are working well and both just passed Completion

Tests by its lenders; optimization is underway and costs

are falling with aim to reduce $60 to $80 MM in expenses

over two years; debt is coming down thanks in large part

to a strategic alliance plan that is working. We recently

saw long term contracts together with an upfront cash

infusion completed with EDF. Despite a lower uranium

price environment than we would prefer, Paladin receives

~$5/lb U3O8 premium over spot each quarter thanks to its

contracts - and currently realize sales in the $47-$49/lb

range. With operating costs at ~$30-$32/lb and $40-$42/lb

at Langer Heinrich (LHM) and Kayelekera (KM), respectively,

the operations should be generating positive free

cash flow.