excellent presentation last night by ucl board

Hi all,

I was at the sofatel in melbourne last night and heard a very professional presentation from the directors of UCL about the world's largest undeveloped zinc project in the world.

It was interesting to listen to Rob's opinion of the US invasion of Iraq and the negative perceptions of the Iranians portrayed by the western world. It was extremely adamant that political risk is close to zero in Iran and UCL since being in Iran have developed a sensational working relationship with the Iranian people and the Iranian government who have a 50% interest in the project.

Rob also said that throught the AIM listing in London, the market cap could be high as 40 mil pounds. He said a few retail brokers in the UK have said this. A broking institution in the UK also undervalue UCL as much as 90%.

It wa also good to hear that 90% of capital raised in the last year have come from overseas investors, which I belive is very positive as they are all in unision when it comes to realise that the project in Iran is world class.

Rob and the board said the project will definitely go ahead. There is doubt about that and the Iranians want to keep it moving. UCL will be a lost cost prodcer, in the lowest quartile of costs incurred for a zinc producer.

The problem though is, it is at very high risk of being taken over at the current mkt cap.

I will be accumulating today definitely before UCL make their presentation in Sydney tonight and Bris tomorrow because there will be alot of interest generated in UCL as the week goes on but more importantly alot of interest in the medium to long term also.

Cheers