calling the bottom, page-51

IMO Blue sky potential in this stock has gone with the wind.

Still see potentially $3-$5 so even at these prices IMO still a good investment.

To me the directors have lost some creditability due to the lack of infomation. Not so much on drill results, but more along the lines of reassurance to know that management is still getting offers or inquiries to develop railway and overall market conditions after the current crisis of the last 2 months.

A statement to the effect like BHP announced the other day would of been sufficient of how they are persuing Brown field projects.

If AGO can secure offtake agreements at the long term benchmark price now, I see no reason as to why UMC would not be able. My hat goes off to their management in these tough times.

The economics of railway are there based on NPV's. and can only improve as the resource grows.

Directors face a problem of large capital committments required for Norsk Hydro and this committmenet would be extremely dilutive.

IMO with this in mind it would be influencing on any decision as to offtake and JV's for the IO.

I just hope they dont miss the train by being pig headed.

Which poses the question would we be better off with two differnt companies at this stage in the game

Cheers