re: doc Packer has been involved at least since 1999 and the...

re: doc Packer has been involved at least since 1999 and the actual ruby mine is on his stud farm in Gloucester.

In 1999 Packer took various options over a large part of the company's stock and has never done anything further about it.........I am assuming due to doubts about the viability of the operation. He holds from memory 74 million partly paid shares that do not appear on the register and require payment of 2c each to become fully paid. Any further announcement confirming a viable operation (along with CPH agreeing to buy all the ruby) COULD lead to a massive re-rating of this stock. Kerry is certainly in a good position to decide if this is a goer (being in his backyard and all) so I am giving him some credit for that. The detail of the deal is still unknown and so therefore the whole scenario is cloudy. There is no doubt that this is very speculative and reliant to a certain extent on packer not trying to change the rules of the original agreement seeing as CFR aren't in much of a bargaining position.

As of Friday CFR had a market cap of 6 mill. Part of the original agreement was that Packer could obtain a 51% interest in the ruby operations on payment of $5 million cash to CFR. If this occurs then there'll be plenty to go around for everyone.

Packer is in the box seat and I can see a chance of the whole thing falling over for the CFR shareprice if he screws over CFR to the benefit of CPH. If the deal is done resonably ( the MD holding quite a few is hopefully an advantage) then it should be good ,even if only short term.

I believe the time to enter (if you were going to) was this morning on or near the open. From here on in I intend placing a breakeven stop and letting it ride. It's a case of wait and see but something I'd rather be in than not (at the right price). I won't be buying any higher than 1.5c.

Cheers,

Ed.