EL,Have recently reduced my investment in MCR from 46,000 to...

EL,

Have recently reduced my investment in MCR from 46,000 to 30,000 shares, but this was more to do with diversification than with long term concern for MCR.

Whilst the short term will be challenging for MCR, I am still happy to hold the balance. Just as the pon overshot on the upside, it is now doing the same on the downsize. For companies like MCR with a 100M war chest, this spells opportunity and as you said they will not pay 1 cent more than they have to.

What will be interesting now is to see if they will buy the 30% of carnilya Hill from View Resources and whether the price will be lower than what was proposed prior to View going into receivership. Drop in the pon may well give them the chance to buy the 30% at a lower cost. Let us wait and see.

Still think that success on a USNOB is also a possibility and don't want to be out of MCR when this comes.