>EGM of members to seek fresh talent by way of placing our own nominees forward. Who?
>do you know what strategy they have in mind - I certainly don't Why not pick up the phone and ask them?
Personally I see the Fork North move in this light:
1. UMC may be victim to BHP stalling tactics, and drilling fork north is something to do whilst the RIO/BHP iron ore merger gets underway.
2. Railway is high grade, but looks to be around the 100-150Mt mark. Fork North could provide some blending ore to make a meatier target. 300-400Mt would attract attention from all sorts of parties.
I think mgmt strategy is to get more tonnage proved up to get more feet under the negotiating table. It was nice to see a mine plan for Railway in the presentation. Also would like to see Railway proved up to a measured resource status.
Joel
UMC Price at posting:
90.5¢ Sentiment: LT Buy Disclosure: Held
