Have to agree with you there Joel and Tonedeaf.As stated...

Have to agree with you there Joel and Tonedeaf.

As stated previously, I think if anyone can really determine a truer valuation of UMC stock it is very likely to be THX, so I really cannot see them selling off their UMC holding at these ridiculous prices.

No way in the world would you be letting it go at these prices.....works out to be something stupid like $2.50/t Fe.....lol

No the THX board aren't that stupid and hard up for money to sell off a gold mine at silver prices.

Besides, so long as the drilling keeps continuing and as I understand it there are 4 drill rigs up there currently drilling then it is more then likely the longer they hang onto their UMC investment then the more they are likely to get for it.

BHP and RIO both seem to think that iron ore demand is likely to outstrip supply for some years to come and we are unlikely to ever go back to prices two to three years ago as capital costs for new infrastructure and development costs are only heading one way due to the cost of labour and increased cost of living.

Comments from the Ocean report today.

"BHP Billiton warns labour shortages to worsen (Mon, 1 Sept)
BHP Billiton chairman Don Argus said today labour shortages in the mining sector were set to worsen. Speaking at an Australian Industry Group conference, Mr Argus also warned that "inadequate infrastructure" was damaging Australia's competitiveness. Notably, a "mismatch between port and rail infrastructure" would hold back opportunities in the mining sector to 2015, Mr Argus said"

China won't slow down for decades to come.

Then again it is probably not advisable to listen to the largest and third largest mining companies in the world on where they think the iron ore pricing, demand/supply ratio is going without getting an opinion on what the second largest mining company in the world thinks...

Now who is that again???..........That's right Vale, CVRD.

BHP, RIO are likely to be forced to allow access or at the very least haul third party ore in the not too distant future.

RIO already agreed on MGS sales with IOH.

FMG already agreed to haul ore for AGO.

50Mt already set aside for berthing at port Hedland inner harbour, regardless of whether BHP commit to Quantum or not.

The writing is on the wall, just some don't believe it yet.

UMC still in the box seat and the longer it goes the more they prove up and the more they are worth.

What about if we get some assays back on some of those holes that finished in high grade DSO.

Better still what if we get confirmation from RE, JJ, YH or any of the other targeted prospects of another discovery??

What if we secure MGS with either BHP or RIO, as both stand to benefit by such an arrangement??

Whooshka..........

The longer THX hold it the more they are likely to make.

I have no problem whatsoever with that strategy as it is the same one that I am pursuing.

And I can honestly say they will not be getting mine at 2, 3,4,or 5 dollars and if we can get into production then you can add multiples to those numbers.