Ann: Placement, DFS Results and Resources upgrade, page-5

re: Ann: Placement, DFS Results and Resources... Interesting snippet i found online heraldsun about MB Holdings. They aren't perturbed by working under sea:

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TAKEOVERS can do funny things to partners, which is why the shareholder statements from Minemakers and its target UCL Resources had one important difference.

Both of them reported that their joint Sandpiper marine phosphate project off the coast of Namibia had passed its definitive feasibility study with flying colours - despite higher costs.

But only UCL's statement revealed that it had signed on a new $4.6 million cornerstone investor, MB Holdings of Oman, which will help it finance Sandpiper and deflect the friendless 9-for-10 scrip bid from Minemakers.

MB Holdings obviously is a very strong believer in the potential of mining under the sea.

One of its earlier investments was in Canadian-listed Nautilus Minerals which is next year planning to mine the sea floor off the coast of Papua New Guinea for copper, gold and some zinc and silver.

It looks like the Thunderbirds but Nautilus will use remote-control equipment to mine its Solwara project 1.6km beneath the waves, with the minerals brought on to a boat via a slurry pipe.

It is a more sophisticated version of the ocean floor vacuuming which is the key to getting Sandpiper's undersea phosphate supplies into production, which the report says will produce 3 million tonnes of concentrate a year with a 20-year mine life.

Having MB Holdings on board leaves UCL much more likely to remain independent and able to finance Sandpiper.

Which reinforces my earlier call for traders to consider selling UCL and buying Minemakers to lock in some profits."