commi december, page-2

CMR's "complexities" and "uncertainties" may have kept the reefies at bay to date but reckon there be a great white or two circling for some time looking for the right moment to strike.

Key will be as to whether they can first privately entice 10+ % parcel ex one (or more) of our newer holders now sitting on a nice cap gain.

We are at 600 mill market cap, yet PDN have increased by more than that on paper since someone turned the tap on at the Lake. And given their very recent cap raising, it would not take much for PDN to launch a paper+cash bid for the King, nor cause that much dilution for them given their relative 6 times size, considering what they could gain, even if only partly successful.

I have passed on my concerns in no ambiguous language since first raising the issue in here, including the concern that based relative pace of recent market cap expansions, we are now at the most vulnerable point in our history.

Defences need to be strengthened as a matter of urgency and some pro-active aggression would not go astray. U also know my thoughts on a TSX listing to bring us onto a level playing field but alas,these things even decided upon now, would take considerable time to effect.

The best we can do is bring to the fore what current fair value and future potential are, so that any predator daring a swipe will be met aggressively with Olympian cobalt-hardened, nuke-tipped tungsten spears.

I personally would hate to have to cry laughing all the way to the bank now and having to cut short the many years of singing praises to Zeus hereafter. Its OK to focus gungho on real operational devlopments but it must be realised the threats of opportunistic corporate predation are now real and becoming increasingly so.

11 bucks is MY fair value figure right at this point in time but that ONLY represents a 1.4 billion market cap .... one which could IMO be easily justified by any ONE of FOUR coming primary product streams from the Jungle .......... Co, Cu, Pb, U .......... and without any major additions to our glory box beyond current.

Great to consider this mid-term potential on one hand, but concerning to think that we vulnerable at even a "quarter" now (being 11 bucks, not even there yet).

The HNC deal adds another defensive dimension now but IMO, having global playing field P/E rating assigned is the best overall defence strategy.

Zeus protect us and guide us to greater glories.

IMBOOC