The 5/8/09 ann re Vanadium/Titanium etc... set alarm bells...

The 5/8/09 ann re Vanadium/Titanium etc... set alarm bells ringing for me because it clearly said to the market the project in its current iteration (after being shopped around) is unfundable!

If you hold the heads I'd be concerned. Really a t/o is the best outcome here by another mid-teir producer who have competent management with good relationships with funding providers. Current management may well have great geological quals etc...but clearly management is not a skillset within the business. These guys are on borrowed time IMO.

Holding notes.

JT