the exploration licence Tarax,You make a good point about delays...

the exploration licence Tarax,

You make a good point about delays in the transfer of the licence but let me quote from seals' post. "Politically, actual transfer of the Exploration license to MZC and effective UCL control does need for the govt party to see exactly what course of action to mine is going to be followed." My interpretation of the transfer process is that expenditure incurred in looking at mining options may not count towards the earn in while expenditure incurred in planning and preparation for actual mining operations will count. I believe there is now aggreement about proposed mining operations and the way forward is becoming clearer but progress has been much slower than shareholders would have liked. Rob seemed careful not to give a timeframe for the licence transfer. Obviously negotiations are at a very delicate stage even though there is no shortage of goodwill. UCL is wanted, needed and respected in Iran and I believe the Board works very hard to keep this status. It seems to me that Iran is a place where proven competence is respected but "can do" belligerence won't get us very far.

I hope this clarifies the issue for you even though it's probably not what you want to hear.

Regards and thanks for your post.

Opaline