Hello all - link below is to a Commodity Outlook report by...

Hello all - link below is to a Commodity Outlook report by CitiGroup with some interesting forecasts for Cu in 2009 and 2010. They are pretty bullish...hope the link works!

https://www.citigroupgeo.com/pdf/SGL00349.pdf

However you slice it with these guys (TMR), it really does seem that if they can maintain grade at the 1.3% to 1.5% level, and perhaps extend the life of mine expectancy with the adjacent property, and start to achieve significant cost reductions moving forward, the operation should be strongly cash flow positive.

None of this takes into account the JV or other possibilities with that low-grade iron ore deposit (pretty conveniently located with a processing / pelletization facility so close by), as well as the fact that the Au property has to have some value (don't know exactly what, but it's certainly not worthless). And then of course there's the Tungsten operation in Portugal..

One thing's for sure; time will tell! Hopefully not too much time...

I'm keeping my fingers crossed; would love to send my kids to college!

:)

Joe Winters (in Arizona, USA)