ann out hunan throwing in another 22 mill, page-14

Hekkea and others who doubt what I say!

Go read the Company's own announcement of 5 April 2007 about signing of the JV documents. It makes the position pretty clear! The deal aint complete til stamp duty is soughted. And all pre-payments are loans on commercial terms if the deal dont complete. I am stunned that anyone who has invested in this company has not appraised themselves of these realities.

HNC have the right to walk away if they dont like the stamp duty assessment! Whether they want to, I would doubt it. But, every dollar they advance gives them additional leverage and I doubt management has any contingency plans. But remember, they did negotiate a 100 mill debt/equity facility a couple of months back. Many here thought it was for O/S acquisitions. Given the share price decline, I bet the standby is hoping the deal collapses as they would get a nice stake for 50 mill at the fall out sp price!

We all know who got the better deal in this transaction. But at the time it was done, it was a good outcome for CMR because they needed to raise enough cash to get started.

I have always said that, in light of subsequent events and metals prices, non-completion wouldnt be a bad thing for CMR. It would also avoid what I suspect will be an unbalanced joint venture where one JV partner is the biggest customer looking for a cheap resource.

Let me make it clear, I think there is real value in CMR. I am just very concerned that the co is not on track to deliver that potential. I honestly suspect that there is a real risk that the value will be scooped up by shareholders of another company at a very significant is discount.