latest research - spells it all out., page-6

Sally,
The latest research is a very useful summary of the KNP, though it must be mentioned that it was commissioned by Heron management in the first place, so it's not independent in this sense.

I've been watching hrr with interest since Sept 04, and also think 46c is cheap, though potential new shareholders would need to take a long-term (12mth plus) view on realising value from the KNP. I think in the current market, there's not a lot of attraction to parking money and exposing it to risk e.g. of Inco pulling out of the KNP (low risk maybe, but still a risk), large drop in nickel price etc.

Heron had a bad break with Echelon, but just doesn't seem to have picked itself up and got on with things. Maybe the management knows why, but the market doesn't. I agree that good news is likely to come at some stage on heron's other assets, but heron's management just seems to be so slow to move, and when they eventually do, I just wonder how much interest it will actually attract.

All that said, I'm still positive about the co. future, and agree that buying around 45c is probably good if you can handle the risk and are very patient.