bad news good news, page-4

Sorry guys, i'm just getting old methinks ... and tired of all this stuffing around when ideally, we shouldave been up and running by last October with MINIMAL cost over-runs and shipshape before the storm.

Now my concerns are TIMING and corporate ... I have always left operational to Cuzo and his mates and in anycase, we won't get a grip until production is underway .. tho 2ic's sulphuric acid concerns are noted ... tho again, that would apply to everyone and if costs go up, then metal prices have to also otherwise no-one produces hey? And at 3+ % Cu equivalent at surface, they would have to be complete morons to not be able to make a decent buck out of it? .... tho I would have felt MUCH more comfortable if from the start we had imported a few container loads of Chinese and handed the whole lot to their hand.

So getting back to TIMING and Corporate.

TIMING :

Read my GORM and u will realise what I expect next ... Lionhunter? Global game now is all about the USDX and its perception of stability / strength so there is no apparent need for defensive interest rate rises to shore it up and which would accelerate the (inevitable) death of the property markets and consumer demand etc etc. So yeah, financials rally being manufactured now with PPT pumping DJIA ... to what ? ... 11750 ....12400 ... maybe .... lead by pumping the USDX per smoke and mirrors of no inflation .... belt down oil, gold, metals etc ... defacto USDX rise. Of course this has a use by date ... few days, weeks? Sep Equinox ? I think i suggested i was hanging out for a rally ... well coupla weeks late but here it is.

If this is right AND the technos follow accordingly, then next reversal IMO will take the DJIA straight to the GORM megapivot circa 9800 ... with USDX diving and metals et al heading for new highs. But what will EQUITIES do ???????
The ARK needs to indeed be in ARK status when(iff) this comes .... and right now IMO, we have run out of shareholder goodwill big time and NO MORE ROOM FOR ANY OTHER BAD NEWS ... not that there was beforehand after last october's fiasco.

CORPORATE

Yes we have a major undeveloped resource base likely to grow as required and YES IMO we are a major future Uranium play as well and YES the oxides originally were only going to be a valuable overburden ... but back in 2004 when there was no cash and no long term vision or confidence, oxides starter became a good idea espesh with the deals which were struck and based on idea global markets dont change and it is an ideal world when it comes to realising capex, project schedules, labour availablility etc etc ......ENTER reality ......them who did the early deals made NO ALLOWANCE for REAL contingencies on these counts ... fixed price contracts in a new metals boom ... sheesh !!! ..... and espesh wrt to TIME DELAYS and their relevance wrt to the GORM ... and anyway, who believed the ramblings of an old Olympian anyway !!!

So here we are ......instead of proactively marketing our wares globally and ensuring TIME schedules were met and based INVCREASING URGENCY given the way Megabear C was finally raising its head late last year ... as if anyone even bothered to look outside their little worlds (my ongoing complaint about lack of global feng shue master to guide them) ..... we now are surprised the little ARK finds itself in rough seas and heading toward the perfect global storm still ahead ?

So yeah, FULL MARKS to GT for
(1) having the foresight to put in place that 100 mill C-note facility which has already saved our butt on a coupla occasions and now
(2) sticking his own on the line as pure debt finance (with apologies to 50footcat) which is nigh on impossible to find in the credit markets atm, without screwing the Ark any further ..... but based on its ability to now find its feet in a hurry and deiver all its promises .... otherwise guess what, GT might indeed privatise us .... right into Coffee House's books !

But what of the REAL issues ....... what lies beyond the oxides "overburden". Well given out current market cap and increased vulnerabilities wrt
(1) delays and capex over-runs
(2) likely increased opex and hence est earnings deterioration IFFF metal prices fall / AUD rises (2ic)? (3) Megabear C-3 still ahead IMO
(4) loss of CREDIBILITY in the eyes of shareholders now more willing to disembark at first sign of friendly port .... HNC MUST BE LAUGHING THEIR HEADS OFF !!!

And HNC are making all the right moves in preparation for its own brand of negotiations eyeing the little embattered Ark still not ship-shape.

HNC have a JV commitment, that says based their approval of the sulphides feasibility results, they will commit to a 4 mill tpa metals (Cu Pb) + concentrates (Co, Ni) plant for 50% of the base metals resource. Well, when that deal was struck, maybe the thinking was for capex around half a bill ... but now? ... prob more like a bill+ given the way capex has gone eg Ravensthorpe, Prominent Hill, Browns Oxides(?) Hence my ongoing yelling about concentrates only for sulphides ... which HNC are investigating in their labs and which CMR cites cant easily be done based their previous work ... Pb needs to be taken out of the mix as metal.

Of course I could be wrong about higher capex given oxides plant and infrastructure may well become part of this, but nothing can be considered until FS is completed ... and that indeed would be gunghoing now cos HNC want to know sooner than anyone , espesh now that they have an alternative option .... Abra Mining .... which they have already acquired (subject to FIRB) 70 % thereof and hence backdoored into a large Ozzie virginal LEAD resource + new province vehicle already listed on the ASX .... talk about dual listings, HNC have beaten us to it.

So what would u do if u were HNC at time of sulphides JV decision given
(1) u have a listed ASX vehicle
(2) looking at increasing capex
(3) looking at a vulnerable Ark with market cap well below the project capex required and which excludes the URANIUM.

Shiite thats an EASY answer.

I have been pro-actively belting my head against the corporate wall on all these issues ...... concentrates only, U-clone, dual listing etc etc and have been OPENLY expressing these thoughts in here with my fellow shareholders, and to this date have had no satisfactory answers ........ and now, these issues become even more critical IMO , ifff u believe in whats coming ala GORM as I do.

Have we done all the hard work to set us up for a shark with cash. Haha, someone just suggested the shark may already be aboard ... I'll think about that one haha.

Everyone knows my opinions and concerns inc the bridge ts and how I am personally prepared to commit to assist in achieving our goals. But at this stage, lets just say I am a "little" disappointed that cosmic alerts have NOT been heeded in the past espesh wrt to TIMING and CORPORATES and personally I have to consider whether my concerns are likely to be realised looking ahead in the kinda coming market feng shue I expect.

My current mood based feeling of futility and frustration is mirrored by recent remark of fellow Olympian and longer standing shareholder (if that is possible haha) whose views I always respect ...... "give me 3.50 now and they can have mine ... there are easier ones to support"

That comment to me shows that they who have been playing psycho games with us for their own corporate benefits have already achieved their goals ... and that they who still have a job with CMR should seriously consider learning Mandarin in a hurry.

So yeah, now wondering whether the grail et al will ever be reached ... and more importantly, in OUR grasp. Meanwhile seems to me we remain vulnerable to all kindsa things and the leverage traders will continue to have a ball. Personallytho, am feeling really drained and not sure if I want to participate any more unless there are MAJOR strategic changes made, including an immediate re-focus concurrent on URANIUM inc cloning and dual listing on the TSX ... the old gripe ... before it ends up in HNC's or someone elses hands by default when they take the rest.

IMBOOC for now at least ....... may Zeus guide us.