report out

Reports are out folks.

Key issues from my point of view:
i. Itok, pretty much one line common ie that UCL is awaiting settlement of the agreement
ii. Earn in. US$12.3 million spent. The original agreement required $10million between Itok and UCL. Accounts to be audited, ratified by shareholders as to actual earn in. Itok have not spent much, I think $500k, so expect UCL to finish up with the lion share of the 50% - very positive news there. Hopefully we will see a renegotiation of the terms of the share swap if so.
iii. Project manager appointed with relevant and recent Iran mine management experience. The local ties/relationships continue to strengthen which further reduces sovereign risk. Additionally expropriation insurance now in place.
iv. Mehdiabad deposit. As can be expected the closer we move to a measured resource the more detail we get. Downgrading of total resource - grading by 15% and total tonnage by 20%. These are estimates only and pretty normal when moving away from initial and inferred resources. Don't worry folks it's still huge -

By my rough and amateurish reckoning the 2001 resource of 217.9 million tonnes of zinc at 7.2% would become roughly an estimate of 174.32 million tonnes at 6.12% using those adjustments. Ie a rough estimate of 10.67 million tonnes of zinc ore. At 65% recovery = 6.9355 million tonnes of zinc recovered over life of mine. At say US $1300 pt to be a bit conservative - well that's a lot of moolah. The Net Present Value will be in the billions with UCL on the way to getting majority stake. That's why U buyers are spending millions of dollars in the open market.

Banker your comments to Imorgante are quite right - the buying/selling is settled in at around 9cents and no point the u buyer going lower, especially when they have other solid buyers willing to buy against them at that range.