clarity in the rear view mirror

Its now clear the "suprising" sell down of the last week was insiders talking with their feet. Only the Jungle King's true disciples can marvel at the emperor's new clothes.

Before the faithful howl me down, I'm no heretic, just pointing out what the general market is surely thinking. It is after all the fickle general market that makes the price as they board and disembark, not the long term sailors. And why wouldn't they be disappointed I ask?

There was a big build up as U's next best thing, not the least in this forumn. Don't worry that CMR hasn't got a huge amount of media interest, the fact is that people that who bothered to buy (the only ones who count really) did so in large part because of the uranium potential. These buyers are rightly reconsidering their short term investment in the light of the 2 best "Mega Prospects" fizzling.

Granted there have only been a few holes drilled but management must realise that part of the game is to drill the best parts of the best stuff first to confirm market expectations a set a strong footing for more exploratory drilling. All other companies do, so it is a perfectly reasonable belief that CMR will also. The most probable scenario is therefore that these prospects are poddy, generally low grade with the best bits taken during the fifties.

Of course reality may be different, management might have drilled some deep or out-wide wildcat holes with no intention of proving up early higher grade/thickness areas. The next drilling season may find all sorts of goodies or even the next Jabiluka? Long time to wait though.

Meanwhile, Mt Fitch in line with previous resource expectations and not much to hang your hat on at Browns. Sure the zinc is an nice decoration to the cake but it looks largely baked from where I sit. The assays in newly released Browns and Browns-East holes were markedly lower in grade or thickness or both than I was expecting. Certainly nothing like 28m @ 5% Cu or 61m @ 12% Pb. Hole 06BD11 at US$63 per tonne ore value (based on long term prices of course!) does not make much profit underground mining.

Anyway, I sold half early today to take some profit and left half in because I still like the long term value. My guess is I shouldv'e sold the lot and come back in a months time around the low $4 mark.

Good luck all holders.