going to go gangbusters, page-5

To all the OXR believers, of which I am on (though I wish the coy could be a little bit more enthusiatic about its prospects ( what they need is a CEO like Gavin Thomas from Kingsgate) - anyway here is hot off the press from JP Morgan research - see what u guys think.

"We have upgraded our OXR recommendation to Overweight after consolidating our Oxiana and Zinifex models into the one OXR model (soon to become OZ Minerals). In our opinion OXR presents good value at current levels after the recent market selloff, with the company now effectively shedding its historic NPV multiple upon becoming primarily a zinc metal producer.

• Examining the combined entity, we are attracted to the company’s strong production and revenue growth, multi-horizon project portfolio, appealing exploration potential, and diversified production base.

• We also see potential upside to our current valuation via the merged entity’s rising copper revenue base. In a re-stocking copper market we can see upside risk emerging against our copper price forecast in the short to medium term.

• Our OXR Overweight recommendation and 12 month (Jun 09) price target of $2.60 is in line with our 1x CY08E combined entity OXR NPV. Key risks to our recommendation include movements in base and precious metals prices, and potential corporate activity initiated by OZ Minerals post completion of the merger. "