those figures aren't correct Robnorris.On 20/6 about 2.5 million...

those figures aren't correct Robnorris.

On 20/6 about 2.5 million went thru between 1.1-1.2 cents. The day before that 300k only when it traded between 1.2 and 1.4 cents.

The few other significant volume days over the last month or so were around 1.6-1.8 cents.

I'm thinking you're referring to the announcement of the cleanup sale of unmarketable parcels which realised around 6 million shares at an average of 1.52 cents.

Also UCL has not been robbed of Mehdiabad in Iran - the Iranian govt partner has never denied that we have a legal interest there and in fact are on record as affirming that. It is fair to say that since Dec 06 the market has sensibly priced it as if it was lost.

What has been prevented (incorrectly) is the transfer of the Exploitation License to the appropriate holding company, Mehdiabad Zinc Company, which was to have been run by UCL under the agreements. This is all under discussion and ongoing negotiation. It's been frustratingly tediously slow but it's not over. The market has been pricing UCL for some time as if it was lost - it crashed to 1.4 cents in Dec 06, from high 3s/low 4s on news of the repudiation.

On what basis are you so convinced that it's all over with Mehdiabad? Have you heard some news?

Namibia has a stable record with miners, it would take a dramatic change for there to be any serious problems. It is of course a possibility that should be considered in weighing up sovereign risk.

You are entitled and probably wise to take a conservative cautious approach. However if you have a genuine investment interest in the company you should take care not to allow negative viewpoints to overwhelm your vision and prevent you seeing when things have fundamentally changed. The acquisition of Sandpiper is one such fundamental shift.