a real conundrum

I've just re-read the Wayne Martin legal opinion and also the Warden reasoning.

I really think that CAZ deserves to trade much higher. Yes, I can understand why people don't want to touch this stock with a barge pole. But after re-reading the Wayne Martin legal opinion and also the Warden's reasoning, I am even more convinced that CAZ will eventually regain the Shovelanna tenement.

I guess that the big issue here is timing - it's unknown how long it will take to sort out the JR.

You have to back the management behind this company though - just look at the following brief history:

2001 - 2003: Lead Hamill Resources to getting a takeover bid from International Goldfields
2004: Makes significant gold discoveries and increases resource base; does deals with other listed explorers and large mining companies (Placer)

2005: Spins out Graynic Metals; vends projects into other listed mining companies (Drake, Scimitar); picks up the Shovelanna tenement - subsequently does deals with financing, mining companies to develop this project

2006: Spins out Newera Uranium; initiates legal action against WA government

What I'm saying is that you can't underestimate the potential of these guys to "pull a rabbit out of the hat".

I've said it before, but you couldn't rule out the possibility of an 11th hour deal being struck "out of court" with RIO (or, less likely, the WA Government). I know it's a long shot, but these things can and do happen.

Regardless of the above, I still believe that CAZ will win back Shovelanna, through its own merits.