mt fitch uranium downgrade, page-2

He also posts the following relating to 4Q07 drilling.

Have CMR forgotten to inform shareholders???


Better 4Q07 drill results include:-

Prospect Width (m) (%Cu) (%Pb) (%Co) (%Ni) (ppmAg)
Browns East 83 2.18 - 0.16 0.14 7
Browns Sulphide 116 0.31 9.4 0.11 0.10 21
Area 55 70 0.53 1.9 0.43 0.32 12


Oxide project civil works are substantially complete, tailings dam work ending in December. The majority of tankage and specialised equipment has been fabricated on site or is installed. Piping and electrical work in the hydrometallurgical section is largely complete and in the remainder of the processing plant has begun. Power supply is already to site and a healthy 100kt of ore has been stockpiled. Commissioning will begin in 1Q08 and finish in 2Q08 in line with the admittedly "very revised" timetable. Negotiation of product off-take agreements is well advanced.

Hunan paid a further $22m capital contribution to the Oxide project in December. The final $10m of the all up $72m contribution arrived subsequently but won't show up in the FY07 cash flow statement. Hunan will also pay its share of Oxide JV first fills - initial working capital - and pre-production costs and an $11m repayment of past exploration expenditure. The latter is subject to finalisation of NT stamp duty assessment, seemingly dragging on forever.

Hunan approved and will solely fund Browns Sulphide pre-feasibility and definitive feasibility studies. Ausenco is the engineering consultant. Studied treatment routes will include the Intec process and conventional pressure acid leach of a concentrate. A bulk ore sample is to be extracted. Benchwork Intec tests have begun.

Four drill rigs were operational during 4Q07. Exploration highlights include broad zones of uranium mineralisation at Rum Jungle East between the old Whites and Dysons pits. An intercept of 104m @ 1.3lb/tonne U3O8 included 22m @ 1.8lb/tonne and 18m @ >4.6lb/tonne. These and uranium intercepts at Browns East could ultimately add to the global resource inventory - CMR retains 100%.

Alkane Exploration continues to deliver strong exploration results at its Tomingley gold project in NSW. Latest Caloma drilling included 15m @ 6.7g/t gold. CMR has a royalty interest over a good part of the project area. We double our royalty valuation to 15c per CMR share. This interest could end up in the intended IPO spin-out of CMR's NSW and Peruvian assets.