high results cu, page-9

Hi Strauss - Used to own this stock early in the piece sold out the 20,s made some $$$ on it . CDU was once the largest shareholder and CEO McCrae's private company KALDIG was also a top ten holder.

The writing was on the wall for QMN when both Cudeco and McCrae bailed out of the stock - My main interest at the time was the nearogly of QMN,s Morris Creek on Cudecos southern EPM boundary.

QMN drilled their Morris Creek EPM but only found water - I always found it Curious that Xstrata didnt gazump QMN when they bought white range from the Matrix receiver- The $20m QMN paid was beer money and the Xmen could have paid for it out of the petty cash drawer.

Until they can update the BFS done by Matrix it remains a moot point if its viable to build a stand alone mine as CDU are currently doing. Personally I cant see QMN ever mining in their own right. And s you point out thats why Exco sold their CCP project rather than go down the CDU path to independent mining.

A lot has changed since Xstrata bought Excos CCP project - They have just let their 51% option on altonas Roseby project lapse. Glencore have put the brakes on greenfield projects.

If AOH cant find a buyer when they have 1.5mt of inground copper which is the same JORC resource as CDU then QMN have got no chance IMO.

I think Minmetals may be interested in Altona now the Xmen have walked but its doubtful - The market is a strange beast - AOH and CDU both have mining licences and 1.5mt of in ground copper - AOH market cap $120m with a working profitable mine in Finland and CDU is $700m with $250m spent towards their mine that starts production next year.

Disclaimer I Dont hold CDU or AOH but QMN may have some hope of kicking their M/C up now the dead wood has been burnt.

time will tell but is not easy for the Juniors to raise cash anymore and QMN is going to have billions of shares on issue if they keep diluting holders sub 5c.

hOOt