admistrators should in my opinion

1) quarantine the non-HNC JV assets into the "Phoenix" or whatever inc the RJUF URANIUM and Peruvian GOLD and NSW base metals play and ALK royalties and in specia pro rata it out to CMR shareholders NOW so that since HNC pulled the plug and the vultures are swooping, they swoop only over the HNC JV bits ......... with 9 mill reported in the kitty should be enough to cover all else ......

(2)negotiate wih all creditors espesh the C-note holders a re-pricing of their debt at 10c in the dollar to be converted to equity in pro-rata cap raising ...... all C-note holders are UNSECURED over any assets of the company so far as I can see

(3) A pro-rata issue to SHAREHOLDERS be next made to raise whatever survival funds are required to keep the company (JV part after the rest is inspecied out) intact and mothballed for us.

(4) There are no effective directors now until it comes out of adminstration so EVERYONE can be fired WITHOUT SEVERANCE PAY (see news article below)and this should be done immediately whilst in the care of the adminstrators. major shareholder groups should then be approached to nominate an independent director to represent them.


(5) NT / FED government should be approached as matter of urgency step in and ensure the survival of CMR to mothballs stage until future plans can be formulated ... NOT ALLOW A CARVE UP NOW to vultures angling for cheap assets ... and ceratinly not al;low CHINES to pick this up for a song:

Following was reported in NT media :

####Dateline: January 30th, 2009
Nigel Adlam

ABOUT 100 workers are to be laid off this morning after a mining company went into administration.

Sydney-based accountants will now try to work out a strategy for the firm to survive or a plan to pay its creditors.

Compass Resources ceased trading on the stock exchange after running out of money to operate the Brown's project copper mine near Batchelor, 110km south of Darwin.

The company was given a $72 million cash injection by Chinese interests in September after recording a loss of $13.2 million last financial year.

Many of the miners gathered at the Rum Jungle Tavern last night.

One said: "We feared this was coming. We're very annoyed about it."

All the workers are believed to have been on Australian Work Agreements, which means they are not entitled to any redundancy payments.

Chief Minister Paul Henderson said on Wednesday he hoped the mine would survive.

Treasurer Delia Lawrie yesterday said Compass was a victim of the global economic slowdown.

She said there was a "quiet hope" that the Brown's project would not shut permanently.

Ms Lawrie said the "underlying fundamentals" of the Territory mining industry were sound.

NT Resources Council Scott Perkins said it was difficult to predict if any other mining operations would get into financial trouble.

"But the scale and speed of the economic downturn means that any mining company with weaknesses in its balance sheet will be nervous," he said.

Opposition Leader Terry Mills said the NT Government should give small businesses in places such as Batchelor low-interest or no-interest loans to tide them over until the Inpex project kicks in.####

Administrators should ensure this company and its assets remains intact and in INDEPENDENT hands representative of its shareholder base. I would LOVE TO SEE Josh Pitt as Chairman.

If Administrators are truly patriotic and independent these things above should be focused on as a priority !!!!!!

I am happy for anyone who has any clout to use these thoghts above with the Administrators.

I dont care if this stays on ice thru thsi year but i want to see it intact for SHAREHOLDERS to ride the resources supercycle wave still coming when PAPER currencies burn ... u can see it in the way GOLD is now behaving ! Oh yeah, we have 2 mill ozs sitting next to a producer in pery btw ..... betach all this is at NIL value.

Also would like to see HUNTLEYS fire in their own thoughts / valuations to the adminisitrator if they truly wanna try and represent and ressurect ...... what abouttheir 7c valuation on all the other nion-Browns stuf ??? Such past valuations should NOT be left behind in the overall thought process.

Class actions contemplated aint worth a zac to us cos doubt anyone has any cash to pay nor any indemnities cover and plenty of others in same boat so the general resources sector malaise works against.

The key lies with what approaches to admistrator after he pays out the petty cash creditors ... and THEN has to deal with the C-note holders ......... so come on .... gang up and fire in yr individual or group submissions to the administrator ........ i will be firing in my own.

Im my very biased and painful opinion of course.

IMVBAPOOC

PS short selling should be totally and permanently banned ... it only creates a casino and takes away the desire to invest in anything ! watch the BANKS and FINANCIALS next as we head for a global meltdown of the FWAWKI.

IMBOOC