Stock now trades as UMC.
Restricted securities where those shares issued to founding directors....Crabb and others. Normal situation.
Directors won't be selling, I can tell you.
I attended the AGM last Thursday. Company is just as exited about their prospects as some here on the board.
CEO Jim Richards referred to their leases being located within "iron ore central" which is true , nobody could argue. This company could be anything.
These tenements were drilled many years ago....at a time when there was an abundance of iron ore and profit margins were tight anyway. Goldsworthy handed back adhoc parcels of land....never dreaming we would have a boom like this.
Company is very bullish still on its bauxite deposits. They still think a deposit of 200 million tonnes of quality grade ore can be defined.
China based group reported today as paying over $100 million for 5% of FMG. Sure now we know that FMG have hundreds of millions of tons of proven iron ore reserves.......BUT there is no doubt whatsoever that greenfield tenements owned by UMC may deliver similiar reserves. NO question whatsoever about that.
Drill locations have been identifed in the Marra Mamba formation, north of Camp Hill in E47/1429.
UKD
united kimberley diamonds nl
