i should have listened....

I can't remember if it was claws or chops, that I said that I would admit if I had it wrong but guys I should have listened to you both. (and NS elsewhere).

I considered selling out at 12c because I was fairly certain I'd see 9c but I never thought I would see it hit these lows (and that suggestions of such were rediculous)... who wrong I was.

I'm going to continue to hold as there is virtually no point selling now, except to lock in a very big loss which I could use for offseting any future gains in other stocks.... not that anything right now is looking promising in that respect, but I feel that at this point I'd rather risk losing the remaing 3K odd that I could get, with the potential of it turning around, than sell and see it jump up if the mythical announcement about the IMRP eventuates.

I still believe that the tech is sound. I still think that management can do the job. Hedging would seem to be the stumbling block, whether or not it was possible I don't know, but obviously locking in prices that would retain positive cashflow couldn't have been a bad thing. 20/20 hindsight would have suggested a cap raising when sp was still around the 15c mark could have been a better alternative for financing the planned mill than relying on the JV income.... But one thing is for certain, the value being put on the technology (or at least peoples faith that they can sell it) is not very much at all!!!!

I don't know if they are (were) using sulfuric acid in the traditional concentrate production, but if they are then that would have had an adverse effect on costs, with the soaring price of sulpher.

All in all a costly lesson for me, in how disagreeing with the market in general, whilst at times can be profitable, can also be extremely costly!!! Also that no matter how much research you do, there are things outside of anyones control which can undo all of that, and relying on potential alone (ie the potential of the tech, whilst ignoring (whilst still being aware of) the part of the company that brings in the cash, without taking into account all considerations is an extremely risky (and foolish) thing to do.

Tony.