director buys more on market, page-2

CJ

61000 shares at about 14 cents equates to an investment of about $8500.

NG owns about 30 percent of MCO so I cannot see how anyone can get excited about a drop in the bucket purchase such as this one.

It is designed to stimulate discussion that to the effect if he is buying then he must be confident to put his very small amount of money into MCO to demonstrate his belief in the company.

The facts unfortunately are that;

MCO have failed at the trial mining process, they appear not to have delivered any ore to the surface in the time frame they have been going.

MCO have allowed their financial position to get to a state of distress and now have to raise money in a extremely poor environment.

Unfortunately, the failure of the trial mining process has caused a fall in the share price and any capital raising
will be at about 10 cents which will place further pressure on the shareprice

IMO any capital raising will be a placement with a major and MCO will want to raise at least $5 million to enable them to proceed without having to worry about finances until they need to commence mining

5 million dollars at 10 cents will mean about 50 million shares being issued and I don't see any significant production for a least 18 months to 2 years.

Investing in speculative junior mining companies at the moment is a huge risk and there does not seem to be any rewards for the risk.

I see MCO going the same way as GDR HEG and CGT