Gerry,I'm not debating the general market appeal of the stock,...

Gerry,

I'm not debating the general market appeal of the stock, so the $40m placement is not particularly relevant.

My concern is that the Armstrong ore has a mineralogy which is unacceptable to the WMR concentrator, which led to the TIR board writing down the value of the mine to zero in January. TIR commented at the time that they were exploring other options for treating the ore. The existing CSM nickel operations have an off-take agreement with WMR (now BHP) - they don't have their own concentrator. Does CSM believe that it can justify building its own concentrator just to process Armstrong ore? I don't think that they have enough tonnes to do that, particularly when they will probably have to accept lower recoveries in order to produce a concentrate that is acceptable to smelters (BHP, INCO, Outokumpu, etc).

I'm not saying that the problem with Armstrong's mineralogy is insurmountable. As an investor, I am not content to just assume that they know what they are doing. CSM does not have the in-house nickel expertise of a WMR, BHP, INCO, Outokumpu, Falconbridge or LionOre. These low-grade deposits are tough to make money from when they don't have good mineralogy, so CSM needs to inform the market on why they think they can do it.

Dave