substantial shareholder increase by 55mil, page-5

Hi Fatsoh

While the mine won't be running for at least two years there is still much that can drive the share price. For one thing the project is grossly undervalued for the late stage it has reached. This is of course due to the issues that surround Iran on the global scene. Once these are resolved the general market will be more interested.

However it is arguable that the political issues won't automatically prevent the mine from occurring given there are significant nations that are happy to deal with Iran and an appetite for zinc. So there is the finance process to get underway which is led off by the resolution of the ownership.

Resolution of ownership will hopefully see UCL in a position to garner a majority position in Mehdiabad and I think there is a good chance of a takeover bid if that is achieved - UCL has attracted investors in the past that are comfortable with the risk issues that are around Iran. (RAB's position is a good example of this).

So, in my opinion, even though the mine is a long way off there is still a lot that can deliver share holders fair value.