mmx should cast an eye over gwr

I have had Golden West Resources [GWR] on my radar ever since I bought into MMX in early 2006. Yesterday I bought some GWR.

What finally convinced me to buy is the MMX quarterly activities statement in which the rail line map was again displayed for shareholders to ponder. The most notable change in the map is the proposed rail line will be extended to GWR's Wiluna West mine site. That means MMX have confidence that GWR has an economically viable resource and mmx/mitsu are not only prepared to carry it but extend the rail line to their mine. MMX could have just said to GWR truck it to the rail head.

This rang load alarm bells for me.

Next we see GWR announce super high grades for their hemataite ore. Best I have seen. Then today [wednesday] GWR announce resource upgrade from 50 million tonnes inferred to 86 million tonnes of high grade hematite. None of this magnetite sh*t.

Now GWR is very cash poor. I reckon its ripe for t/o. Currently an outfit called FAS has put in a bid but it has not been taken seriously by the market.

MMX should consider it.

I am not recommending GWR just letting you know I bought some on spec. And I am certainly not selling MMX.