Nothing wrong with sinking a few holes to test the potential of...

Nothing wrong with sinking a few holes to test the potential of other targets.

After Barry is satisfied with the JORC on Railway and back of envelope estimates on Yandi Headwaters, Jumbo Junction, Railway East and other Marra Mamba targets, he can then start on Brockman.

Yes Brockman - remember that 100Mt +60% Fe at Fork North reported by Goldsworthy. In fact, I believe that as much as our tonnage of high grade Marra Mamba will be great, Barry will find an even bigger tonnage of high grade Brockman - our total portfolio of hematite will surprise many and perhaps attract some bees to our honey pot!!!

I have no doubt that the directors have recently discussed issues of conserving cash, but that in no way means coming to grinding halt. Let's face it, the current world financial crises is with us for a wile longer and will continue to change the way we do things and not many amongst us will be able to come out the other side without making varying degrees of sacrifices. I believe that the sacrifice UMC will need to make is one of dilution. Other than that, I'm confident that we have both the resource and more importantly a competent board to get us across the line.

For my mind, it's not a question of if we can secure future funding, but at what cost to dilution. You see - that's our sacrifice, but it's one that I'm more than comfortable with, since it comes down to a situation of no pain, no gain. Fact is, the directors have always got that extra mile for our dollar and that is reflected in a simple comparison of the stage in exploration versus dilution. Fully diluted, we are only looking at 161m FPOs and that includes this year's oppies. Assuming all unlisted options will be exercised, our directors will inject $9.3m into UMC from their own pockets in under 3 years - that's $3.1m pa, which is equivalent to more than 6 months exploration costs for the last financial year.

Btw, I know it's early, but George W Bush wishes everyone Down Under a happy Xmas and prosperous NY.