i sent this to Michael West at the Sydney Morning Herald re CMR...

i sent this to Michael West at the Sydney Morning Herald re CMR (Criminal Motherf#$%ing Rorters)

Hi Michael,

I am yet another CMR Compass Resources victim...albeit one that held them for ONE DAY before they disappeared off the boards. I bought them (55,000 shares) for 15c on Wednesday morning the 27th when they resumed trading, having reduced my bid from the original 16c when i saw the match prices. I got hit in the first 30 or so minutes, and then i saw i was in trouble so put in a sell order at 15.5c. And we all know what happened the next day...my question is....HOW COME THEY WERE ALLOWED BACK TO TRADE FOR THE ONE DAY ? To suck the mugs like me in so the crooks can offload their worthless stock ? the asx has a lot to answer for here i feel, they should not have been allowed back for the one day, they should have REMAINED SUSPENDED. And what about the auditors ????? Are not these parasites that are paid telephone numbers supposed to do THOROUGH CHECKS ?? I was under the assumption that seeing they had $9million in the bank they'd be ok in the near term anyway, and bluffed me further with this rights issue B/S that never happened. The exact same thing has happened to me 3 months ago with TMR tamaya resources, and many years ago with ONETEL (Packer) I am absolutely sick of lining these dirty grubs pockets. I rang CMR yesterday and left my phone number, but alas no one called me back what a surprise. That story by Andrew Main in the Australian might give me/us a boost too. I bought them (CMR shares) in good faith on Tuesday, and Wednesday they didnt exist any more. My loss is probably minescule compared to others, but it was 9 grand i could ill afford to lose...i have the "distinction" of being one of the last shareholders to buy CMR TMR and ONETEL, all suspended within hours/days of me buying. I/We need protection from lying theiving grub directors that feather their own nests then run off the the Bahamas or wherever else there is to hide. I need to know who's responsibility is it at the asx to allow trading to resume in companies that are either in a trading halt or coming back from suspension, i feel i have a VERY strong case here and am considering my legal options. Where was my protection ??? How can a company be allowed back after a 3 or 4 day trading halt, have shares change hands (to me) and next day they are GONE ??? I need this question answered by the person responsible for allowing them back on the boards.

Regards,




CMR announcement January 27th

27/01/2009 11:43AM Further Update On Financial Position

Further Update On Financial Position

Compass Resources Limited (ASX Code: CMR) today confirmed that it has recently concluded a review of its financial position in light of difficult market and operational circumstances.

As part of its recent review, the Board has considered, among other things, the current price for metals, delays encountered in full metal production commencing from the Browns Oxide Plant, continuing support from HNC to fund the Browns

Oxide Project and the current debt and cash position of the company.

The Board has determined that, while the financial position of the company in the short term is suitable for it to continue trading, it is in the best interest of the company to proceed with a capital raising to meet working capital requirements.

Compass confirms that it currently has cash at bank of $9 million.

In conjunction with its fundraising, Compass is exploring opportunities to reduce operating expenditure in the short term until completion of fundraising.

Compass will release further information regarding the capital raising in due course.

For further information regarding this announcement contact:

Richard Swann (Managing Director)

Neil Guest (Chief Financial Officer / Company Secretary)

Telephone: + 61 2 9417 3588

Facsimile: + 61 2 9417 8750

or go to our website at www.compassresources.com.au