before you all get too excited....., page-8

Hi J.

I told you they were cheap in the low 40s.... they are now up over 25% from our first discussions.

They CBH/PEM ratio is now getting near 5 to 1.... a long way from the revised 3.5 to 1 offer.

I tried to tell you..... PEM is a much better play than CBH.

PEM are now in a position to wether the storm for the next few years..... really happy they closed out their hedge book....

Battle it out for the next 6 months and watch Lead and Zinc back over $1.20lb... and they can lock in some more hedges on the next $1.50 spkie...