sell ore : rcp non seep parts to xstrata

I strongly support ardrock's proposal to do a deal to supply Xstrata with copper ore suitable for their Mt Isa mill - and had previously suggested this to PI via email.

Notwithstanding CUO's current transitory SP woes, I have no doubt that a like minded management team would have achieved a far better outcome with Roseby for URL shareholders.

I had also emailed PI suggesting that if the RCP financing is looking unlikely that URL should pursue negotiations to sell the unencumbered part of Roseby to Xstrata (given the complex rights/interests they hold).

This could be structured for some cash, with the rest subject to completion of SEEP drilling over the next year or so, after which the remainder could be paid out based on the prevailing forward curve for copper. Such a deal could also defer/delay payment for the other optioned parts of the RCP. The point being that URL sould be flexible enough to get Xstrata's buy in.

On securing a deal to sell ore or RCP part(s), URL needs to formally commit to dividend payment(s) to shareholders, as well as a canvassing the merits of a share buy-back scheme.