Ann: Dec 2008 Quarterly Activities Report , page-28

"Can we see where PAN and MCR go in the next 5 years? Have they/will they aquire the management talent to seriously grow? Will they aquire more (profitable) mines?"

The beauty of the current price and cash backing of either company is that you can buy today and even if the company looks identical in 5 years time, you can triple your investment.

The best investments have limited downside and lots of upside. In the downside case the company could be liquidated for cash and hedge book for near the current stock price (MCR at .52 and PAN at .59). In the upside case, a conservative Nickel price of $7.75 USD would have triple upside from here.

If they make aquisitions, manage well and seriously grow then all the better; mind you i'd rather they just run the business soundly because growth comes with risk and they're so undervalued without growth.