JNR Resources Inc JNRRF

RE: GUTS

[kanadaka]

It would be very premature to try and calculate mining costs and tonnage until the resource is more clearly defined. As for a IUC and JNR comparison. I dont think anyone can or should say because of the 75%/25% JV that JNR should trade at 25% the value of IUC as a given. They are really a poor comparison. IUC has 80,000,000 shares out F/D and in 2003 had earnings of 5.5 million primarily from the processing and extracting of stockpiled uranium bearing materials at the facility in Utah (waste recycling). They do not have a mine currently producing as they ceased exploration and production in 1999 awaiting higher Uranium prices while concentrating on recycling waste at their mill in Utah. It would take uranium in the mid 20's for them to consider re activating mining what they have. They are exploring in Mongolia and have two JV's with JNR in Sask. JNR on the other hand has 72,000,000 shares out F/D and is completely exploration focused in Sask with about 500,000 acres staked out (Double what UEX has). JNR has been quietly searching Northern sask for years when no one else wanted little to do with uranium exploration. They have alot of experience in uranium exploration because thats what they have always been. They dont flip flop to whatever metal is currently hot sort of speak. They are purely exploration.