quarterly

Quarterly out today. In a quarter where over $500k was spent on administration in a company in freeze mode there's not a lot positive! I assume that the $500k includes expensing of options for new directors but haven't looked into it. It doesn't include any exploraton even though that is a listed expense - carryover somehowe? Anyway the big holders will have to chip in more funds in six months.

Mild positive lights:
"During the quarter Union continued to hold discussions with the relevant Iranian parties in an effort to resolve the Project dispute and progress the Project, and further discussions are scheduled to be held in Dubai in early May.

Union’s Managing Director, Dr Frank Reid was appointed chairman of MZC on 12 February."

Appointment of Frank Reid as chairman appears encouraging to our interests since Imidro/Impasco are 50% shareholders in MZC. Let's hope that the discussions scheduled for early May are to do with framework to move forward and not more of the duck shoving that has clearly taken place to date.