long term picture is the key

Very frustrating to see UCL languishing at 4c (mkt cap $30 mil). No other zinc explorer in the world could lay claim that they have even half the resource of the Mehidbad project.

Even if assuming a worst case scenario that some sanctions are imposed on Iran, they would be minimal. Russia and China are key trading partners with Iran and would not endorse any economic sanctions. You have to ask yourself anyway which country will be driving the metals boom for the next decade: China, possibly India also.

As the world has learnt in recent days, the worlds problems do not lie with Iran, it lies with North Korea. The events of the last few days have put things into perspective IMO. The US are clearly intent on making life difficult only for countries who bear hydrocarbons.

Anyway just to refresh everybodys minds about Mehidibad. As it stands now, with the zinc price surging in recent weeks again, now up to $1.66 per pound (US$3,652 per tonne), what does this mean in terms of inground value.

11.6million tonnes of mineralised measured and indicated zinc metal is contained within Mehidibad. 11.6million x $3,652 = $42.4 BILLION

Converted to Australian dollars ($0.75), this is $56.5 billion.

It will be one of the cheapest operating mines also thanks to the massive lead and silver credits contained within.

There is also potentially a copper resource, which no resource has been estimated as yet.

The significant deficiency in zinc will see Mehidibad mined. There are no major zinc mines coming into play over the next few years, which is going to satisfy demand for zinc. Zinc stockpiles are continuing to plummet on the LME.

As Rob Murdoch said a few weeks ago, there is a new development plan being drawn up at the moment. Once the ownership issues are classified, which will be imminent, this will be a signifcant milestone for the company.

Mehidibad will be mined. Demand will require it to be mined. It is not a matter of if but when.

Cheers