april per, page-31

re: turbulence !!! Looks to me like there will soon be a flight to quality following the Grand ORM 80 / 20 rule in accordance with the Ark theory. Anyway u know all that.

Coupla things to get excited on P4 of the annual report (I wouldave chosen Cobalt Blue for the cover colouring tho haha ..... Cobalt up to USD 16 / lb now I hear?)

Para (1) "Future Browns Sulphide Producer" ....

"........ company's strategy is therefore to rapidly progress final engineering and environmental approval for this long life project"

Olympian mate and long term rower points out our base metals resource base is equivalent to around 20 million ozs gold at 7+ g/t mostly open-pittable ...... yep, sounds about right, more valuable than an NCM ....... and given the Mt Fitch sulphides and deep lead indications, our 90 or so mill tonnes resource (at equiv 3.5 g/t Cu grades mostly open-pittable) might well double or triple from here once serious exploration money focuses on this again ........ in line with above strategy.

GT alluded to this at last year's AGM if u remember. And dont forget it has already advanced thru prelim feasibility stage before being shelved 3 years ago ...... all that work (and about 6 mill bucks expense) forms part of the decision process.

Para (2) "Future Uranium Producer from the Rum Jungle Mineral Field" .......

"Exploration continues to define what the company believes will be SIGNIFICANT URANIUM RESOURCES in the Rum Jungle Mineral field. As these resources are defined, work will proceed on engineering and environmental approvals for Compass to become a uranium PRODUCER in a RELATIVELY SHORT TIME FRAME. This will be aided by the presence of an already experienced mining team and all the local support facilities being developed for the Browns Oxide Project"

Seems to me with Mt Fitch U being at such an advanced stage and on freehold, we might well be producing from this entree (whilst building up and bringing on other higher grade deposits as confirmed) well ahead of BHP's planned y2011 Olympic Dam expansion or any SMM project start-up ...... Still reckon 2008/9 is gonna be THE massive year for CMR

Para (3) Market for Browns Metals .......

"The Browns oxide/sulphide deposit will become an important base and specialty metals mine. Initial production of 10,000 tpa Cu, 1,000 tpa Co and 750 tpa Ni will be readily marketable. Interest in securing off-take of metals IS INTENSE. The Company intends to USE THIS COMPETITION FOR ITS PRODUCTS to maximise advantage in assuring funding leverage for both the oxides and sulphides projects."

Sounds like we have a Dutch auction in progress and zeroing in quickly on offtake agreements. Considering that PDN doubled from 1 to 2 billion bucks market cap on securing of their not-so-major initial offtake agreements 5 years out, then guess this is a quantum event coming up soon wrt influence on our market cap. And we aint committed out on any 5 years at a fixed price and doubt we would and certainly dont need to, so we should benefit even more in due course. Understand the "leverage" aspects here.

There are fundamentals in above capable of driving coming quantum leaps in near term for mine, starting with the "imminent" approval of Oxides PER by NT Gov. Course would still need to go to Feds for final paw mark, but that wouldnt delay the construction start IMO. But even if NT approves, the Feds may not .... they might want us to go straight into U production for China instead with the Oxides plant to fill the promises made to Mmme Fu haha (jesting ?)

Once Oxides is put behind us, the U-program begins in earnest and capable of driving further quantum re-ratings with even modest success leading into Oxides start.

CMR remains the prime focus on reward / risk and market cap / evolution status for mine. And PER approval also IMO means local instos will be able to start justifying initial investment possies in this "must have".... and they will have to find stock from the open market now.

Nearing time to end the R+R and begin ignition sequence methinks. Gotta find that Grail bros.

IMVBOOC musing thru the cosmic stuff again. EGM next Wed dont forget.