noitced received, page-63

Ohyeah

Today's release in a better market would see us put on 50¢ at the bell. Look at FMG - market cap has dropped from $36b in June to $9b today. The market is now valuing FMG at ¼ of its value in 4 months, yet on 9/10/2008 they advised the market that they are on track to produce and ship ore at the rate of 45Mt pa and 80Mt pa by the end of 2009.

Nothing wrong with UMC's Scoping Studies - find me another junior with better numbers and I'll jump ship. In fact I doubt any other iron ore junior would come closer than 75% of UMC's numbers.

We talking a NPV of $1.45b for 64.5Mt and then there's another 46.8Mt which is yet to be valued.

I'm still calling a mine gate sales with Rio and it would not surprise me if talks have already taken place. Bear in mind that once the board signs on the dotted line, there's no turning back. This is only my opinion, but I recon Matt and to a lesser degree Barry, would rather flog UMC off to the highest bidder, rather than carry the flag all the way to mining. I certainly don't have a problem with that, so long as they get fair value.