Chart, page-317

Yeah sure – rose coloured glasses you must have. Go and look what Min Res did at DLI – brought about a 24% shareholding around 85c to 90c and now the price is 28.5c – what does that tell you – not only was it a very bad deal (and there is a risk the SP may drop even more) but it tells you they got this deal very wrong – not good for Min Res shareholders.

Go and look at how many multiple billion disasters BHP has purchased and then had to write off the whole investment or sell it for peanuts. These big and so called best companies, do not get it right all the time and frequently get it very wrong.

Go and look at CHN and how many big investors brought into the hype of a massive deposit but low grade which is clearly uneconomic to mine unless metal prices are 50% (Ni) and 100% (Pd) about current prices. So many big investors got CHN totally wrong and lost huge amounts of money. Brokers were recommending it just after the SS when SP was about $5.50 and now it has lost 80% of its value at very close to $1.10. And it has heaps of cash as well.

Remember only 1% of discoveries end up as a mine and of those a lot do not survive low metal prices - lots of examples around in WA at the moment like CXO, PAN, etc (but maybe you just ignore them) and lots more are speculated to be losing lots of money and are possibly going to close.

Go and look at the detailed assay results for WC8 - the majority are under 0.9% - yeah high grade not.