volume at 22, page-9

Good point Fedex - if Xstrada decide to exercise their option, (and I'd be surprised if they don't) then URL will basically get the money to build the plant and mine from them and have a 49% share in a new operating mine for nothing, without debt or further dilution. I suppose essentially it is diluting their share but none the less obtaining finance should be fairly quick and easy.

I have a mate who is very senior in Rio Tinto - he says that one is far better off being a copper concentrate producer at the moment than a metal producer, one of which is just down the road at Mt Isa.

You'd have to agree then that the 49% will be worth far more than the current mkt cap of $70m.