volume has returned, page-15

I'm still holding more than 250k shares Neeco and would dearly love to hold them until production or close to it. In a way selling a few after the doldrums of 40c earlier this year gives me a license for more patience..

Upside if the can make it happen is still biblical.

25MTPA for at lest 40 years .. on one of 20 tenements. Let's not forget Duck Creek, West Hammersly and Mt Stuart. Some very nice results there, and God forbid the Nickel price ever recovers as BRM has some very nice JORC graded assets there too.

But there are still some big and I mean big unknowns and these factors are the driving force behind BRM's relatively low enterprise value compared to some its peers. BRM is really on trading at 50c when you take into account cash.

What will it cost per tonne to transform the low grade detrital into a marketable product?

What do we define as "marketable product"? ie will there still be penalties applied for impurities after beneficiation?

Rail, rail and more rail... nothing tangible here after more than a year of trying

Offtake - a seemingly endless amount of MOU's but nothing real.. yet. The Japan connection appears to have fallen silent.

JV partner .. just where is the $500M+ going to come from and what impact will it have on share price dilution?

.. and perhaps the biggest unknown is what the Fe price will actually be in 2012/13 and what impact this will have on the economics of the mine?

If the answers to all these issues are positive then BRM will become a billion dollar + company with a share price much much higher .. but it will take a long time to resolve these issues. Remember the BFS is still more than a year away... so it would be wrong to blindly believe we will have nice smooth linear assention in SP, and there may well be other short-term opportunities out there that enable you to trade for a short-term profit then return back into BRM.. if you are so inclined.

Just my 2c.