hcy announcement out, page-3

Dude, the vendor just paid himself $38M.
$800K cash (to refund his expenses on the caldwell drilling and the bulk sampling, no doubt)
90M shares (pre-consolidation)
710M oppies. By which I mean "free options exerciseable for no consideration" which basically means "shares you can pull out of your arse whenever you damn well feel like it".

A good transaction? If you are the vendor. You started with 9.4% of HCY, and now you've got 64% and $800K.

I also note that Heron has been hammering away at Jump Up dam for yonks and still hasn't finished its job, but all of a sudden the "new kid on the block" is going to flood their Jump Up Dam plant with lower-grade ore for "toll treatment". Sadly, Heron hasn't informed us yet that they've struck this deal...oh, wait! A thought occurred to me! Maybe there is no offtake toll-treatment deal! And why would they bother? Jump Up Dam is 1.01% nickel.

It is a shame Heron has spent $12M on a pre-feasibility which will take six months. These guys, like a bolt out of the blue, will have that done and in the bag, on a smaller and lower grade nickel laterite resource, and will be *producing* in six months. Wow. Its pretty amazing how fast you can turn an historic resource you haven't even got into JORC since 1980 into a mine when you aren't Heron or GME or EuroNickel or Rusina Mining.

Then, to make the odour of cow manure even more pungent, they are going to make a laterite export business from Esperance, from ore grading 0.7% when internationally it is recognised you need a minimum 1.5% ore which needs no beneficiation. If Rusina is struggling to sell dirt at 1.9% nickel, how is HCY going to manage it?

You just have to obviously believe that giving away 710M "oppies" to your major shareholder for this miracle mine makes your deal worthwhile. Good luck to them, I've got my stop watch ticking on "early 2008".

By which I mean "never". 1.6c