bad news good news, page-20

Huntleys have put CMR back to a speculative BUY. They also say that succesful plant commissioning is necessary for survival!

With these bozo's in charge who can have confidence the plant will actually work. Please will someone take them over as current board & management have proven themselves to be incompetent. Suspected something was amiss when they heralded the succesful start-up of the crushing mill on the 2nd June .... then it all went silent.

Dont forget back in April 2007 they announced -

"... The CMR engineering & construction team are to be soundly congratulated for holding costs of the 1.3Mtpa oxide ore processing plant to an increase of approx 20% from the estimate of $69M as announced on 21st August 2006 to a total estimate, as of this date with construction quite advanced, of $83M ....."

Then only weeks before commissioning they reported in August 2007

"... Plant commissioning will move from 4th quarter 2007 to 1st quarter 2008 and costs, last estimated at $83M plus $21M for preproduction operating costs will increase by 20% and 30% .."

Then December 2007

" .... Costs for processing plant construction is $140M, an incease of $34M ... Commissioning of limited sections of the plant si still scheduled to comence Feb 2008 ..."

Then July 2008

"Capital cost for Processing plant construction including contingency is expected to be $175M, up from $140M announced in December 2007. The revised estimate for 1st fills, pre-production operating costs, owners costs is expected to be $40M versus $32M forecast in December 2007"

So initial costs of $69M have blown out to $175M. Plant commissioning delayed by 1 year.

The best hope is they are taken over as management & board have shown they dont have what it takes to get this operation succesfully up & running.