State One Stockbroking Puts Spec Buy on Heron Res., page-59

mr market is "worried" abt:

1. cash costs during the start-up phase of production
2. chg in cash costs from processing tails to u/ground mining
3. current dispute with contractor
4. relatively short mine life..

we cant do anything abt no3, just wait for dispute resolution....
company is doing something abt no4 re drill program

cash costs should be "higher" in start-up (lower throuput vs steady state) - should get a handle on this in the 1/4ly....

it (imho) will only take a small chg in commodity price for this stock to get some market interest........

timming of this is rather difficult (lolz !!) - same thing is applying to Ni market, and also arguably the oil market.........methinks the "strength" in US$ is partly responsible .....

stock is cheap, trigger(s !) are the key .

adding

rgds
V_H