I am writing here to follow up on from my earlier comments about...

I am writing here to follow up on from my earlier comments about CMR history, leading to the decision to proceed with the Oxide Project. A few years before that CMR had became a project based company and the Directors hired a new CEO. Under that particular CEO McDonald, the larger and more complex Browns Project was promoted to gain international JV support. There was some promise of a JV with a major US lead producer (who had taken up an equity stake in CMR) but for some reason the Directors of CMR did an about face, fired the new CEO and told the world that they were taking the Company back to their roots as an exploration company.

Some felt at the time that this was because the Directors of CMR were behaving as if concerned that the American lead producer may seek to takeover CMR.

After the departure of MacDonald and move back to exploration imagery, the share price then dived over time.

Then, yet again, these erudite and talented group of Directors took another massive about face and took CMR back to being a project based company.

I guess they may have all been getting a little older and could not see $ signs appearing yet.

Thus it is my belief that certain members of the Board / Management saw that the only way to ramp the value of CMR stock was to proceed with the small oxide project, so as to gain value based upon idealstic future expectations as promoted to the Market.

As we all know projects when implememnted can be subject to a variety of risks and economic vunerabilities. Sadly all too frequently the equity market looks through the rose coloured glasses of valuation as the project building journey begins.

I guess if you take a look at directors shareholdings during the time Mr Humphreys phased out and Mr Toll phased in you will see that a lot of chips were cashed in by the directors. Recently I read a very interesting thread of this history on NZ sharetrader forum. Some suggested there that the Oxide project was not a real project at all, but rather an opportunity for the most knowledgeable to get off at the right stop !