base metals, page-15

I hear you TCG and yeah I dont like the dilution idea either but I feel there is some benefit in a raising of some sort.

I suppose my thinking is that while I expect metal prices to recover to more realistic levels soon enough, I am not expecting new highs for a while yet so am only anticipating modest profits in the nearer term.

Remembering that we lost a wack of metal in the revised resource estimates (and we were al silly enought to be waiting for a resource upgrade lol) but we have been reminded frequently that it is expected that further exploration should find that which was lost but to do that we will have to cough up our share of further exploration ASAP.

I also note Mark taylor's comments in Huntleys that one way to boost profit from the plant is to target higher grade ore asap and if I recall correctly that will take some drilling - and cost some $$$.

Like you I dont like the idea of further dilution but with the above in mind I think a placement of some sort may not be a bad idea because it can clean the debt up and give us some cash to get on with the job we can then use earned profits to get some drilling done - reprove the resource base - boost the uranium again and get some focus back on that - and maybe pay a small divvie.

Yes it would mean dilution and one of the very appealing things about CMR a few years back was the small sharebase -other appealing things included - the cash it had in the bank - the absence of debt - the top resource base it had and we were all expecting to be upgraded - as well as all that it was set to build a really cheap oxide plant for a lousy 72 million to which HNC would contribute half and were looked set to get divvies pretty damned quick.

Well - things can change pretty quick can't they lol -suffice to say - in my mind she is far from a write off and is probably one of the most undervalued stocks on teh ASX - but she aint what she used to be.