BH!, I think MUN introduced "conceptual resources" late last year because the market was (and still is) ignoring their asset base. This was the reason given at at their AGM if memory serves me correctly.
MUN's biggest challenge is deciding on project order of production using their modest cash flow (about $10m after tax profit in 2009). For example, I was informed at the AGM that Jaqueira may leap-frog Torrecillas (their geologists are very excited about this project and drilling starts this month I think).
Obviously MUN needs to fully utilise the mill at Engenho and this will happen once production from Christa starts. FWIW, i trust the management team and believe their conceptual resource models are realistic. Given the directors own 16% they won't dilute the crap out of it either trying to jump-start everything at once.
