JNR Resources Inc JNRRF

RE: JNN current speculative share $ worth?

[st0ckpicker]

How about enlightening us with your reasoning? Any fool can say the price should be $x.xx but unless they have a basis for the statement it is a waste of space. I might suggest that folks look at the Toll Cross report as they do provide a basis for their price target ($2.30). Some would argue that the 20% hole nullifies the reserve estimate used to calculate the price but I that is best left up to the individual to decide. INTERNATIONAL URANIUM CORP. (IUC – TSX) Price: $3.19 Target: $7.55 Upside: 137% BUY JNR RESOURCES INC. (JNN – TSXV) Price: $0.70 Target: $2.30 Upside: 229% BUY Two More High Grade Intersections at Moore Lake • IUC and JNR Resources released results from two more holes from the Moore Lake Property in the Athabasca Basin of northern Saskatchewan. Holes ML-54 and ML-55 reveal two new high grade intersections. ML-55 represents the best hole drilled to date and provides increased evidence of a potential uranium deposit located along the Maverick Zone at Moore Lake. • In our research report titled “Exploration for Uranium in the Athabasca Basin” (4/5/04) we based our ‘Blue Sky’ scenario valuation on the presence of a hypothetical 1 mm tonne orebody grading 3% U3O8. Although it is too early to estimate the size of the orebody, recent drill results have indicated grades in some holes from the summer drilling program that are in-line or higher than our initial estimates. We believe that the ongoing drill program should better help to define the nature of a potential deposit at Moore Lake. • ML-55 was drilled approximately 34 m west of ML-35 (Figure 1) and assayed 5.14% U3O8 over 6.2 m, including 7.02% U3O8 over 4.4 m. This is the best interval drilled at Moore Lake to date. ML-54 was drilled 17 m west of ML-35 and assayed 3.50% U3O8 over 5.0 m, including a 2.5 m interval containing 6.52% U3O8. The previous best hole at Moore Lake was ML-48 (4.01% U3O8 over 4.7 m). Today’s intersections are located approximately 51 metres and 68 metres west of ML-48 (Figure 1). • Five additional holes have been drilled at the Maverick Zone (ML-50, ML-51, ML-52, ML-53, ML-56) and assay results are pending. • The strategic alliance has decided to add a second drill crew in order to expedite the delineation drilling process. The second drill should be operational within ten days and will test the targets indicated on Figure 1. • We maintain our BUY recommendation for both IUC and JNN and 12 month target prices of $7.55 and $2.30, respectively. August 18, 2004 Jonathan Wiesblatt Equity Analyst [phone] [e-mail] Gregory Huffman Equity Analyst [phone] [e-mail] INTERNATIONAL URANIUM CORP, JNR RESOURCES INC. August 19, 2004 Toll Cross Securities Inc. has acted in an underwriting and/or financial advisory capacity for JNR Resources Inc. and International Uranium Corp. within the past twelve months. This report has been prepared by Toll Cross Securities Inc (TCSI). Opinions, estimates and projections contained herein are our own as of the date thereof and are subject to change without notice. The information contained herein is for information purposes only and this report is not, and is not to be construed, as an offer to sell or a solicitation of any offer to buy any securities. The information and opinions contained herein have been compiled or derived from source believed reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. Neither TCSI nor its affiliates accepts any liability whatsoever for any loss arising from any use of this report or its contents. TCSI and/or its affiliates may have acted as financial advisor and/or underwriter for certain of the issuers mentioned herein and may have received renumeration for such services. TCSI, its affiliates and/other respective officers, directors and employees may from time to time acquire, hold or sell positions in the securities mentioned herein as principal or agent 2003 Toll Cross Securities Inc. Member CIPF and IDA.