ucl 9 for 1 bid, page-29

Makattack, with respect I don't think so. In UCL moving from 0.5 cents to 0.9 cents we've had news to justify that: we've had a jorc resource statement increasing our phosphate resource by just a little bit (the odd 500m tonnes actually) (from the first 60 or 70 holes and we still are awaiting the results of another 60 or 70 holes due any time soon which may add a lot more again). Second we've had a dredging report indicating we can "mine" the stuff for $26 a tonne (no beneficiation included in that cost of course) but with on board screening by particle size we can probably concentrate the stuff up to around 25% or more P205. It is not clear if we could just get away with a DSO operation at that price (we might have to refine and clean the stuff a bit more, which doubtless would cost a great deal more), but lets compare like with like: MAK couldn't come close to those sort of costs. Anyway I think there is a good chance UCL's price is backed up by the news we've had, but of course I would say that: long UCL, long BON and no position in MAK. Just my view.