I must say that I think JL et al have pulled off the "The Great...

I must say that I think JL et al have pulled off the "The Great Escape" here. This is nothing short of stunning. I was more than a little upset with the request for bonus share issues to executives late last year, and along with many shareholders, who I know, voted against it. However, I am more than happy to say that I got that wrong and that these guys have clearly worked their butts off and managed to secure us a good project which is "shovel ready".

Clearly a few things to work through but given that this project is the one, of the nearly 40 that they put through their due diligence process, that actually met all their investment/selection criterion is a big positive. Well done John and team. So many positives, not the least of which is the intrinsic value of the project means that when MYL finally relists, as Xerof says, it is likely to be at a price close to the last trades. After a year of no trading I fully expect that a lot of shareholders will head for the exit very quickly and the share price might drop some, but given the value of this project that may present further buying opportunities.

Just look at the positives:

• A commodity (Nickle) in great demand and a future where prices are likely to increase;
• A safe and politically stable jurisdiction (Australia);
• A decent sized resource and acceptable grades (nearly 1% Ni);
• Good exploration potential to increase resources;
• Sulphide ores which are so much easier and cheaper to process than laterite ores;
• Looks like there will be no need for any capital raising to complete the deal;
• A mine and plant on care and maintenance and which can apparently be bought back into production relatively quickly and not for a huge capital expense;
• Off-take agreement already in place; and
• Support for the MYL deal from the only secured creditor and off-take partner.

Clearly a few matters still to resolve and some time way to go before the light at the end of the tunnel that we are now seeing is upon us, but I have to admit to be more than relieved with today's ASX release. As I say .... a great escape!!!