to merge or not to merge that it the question, page-3

There is no rush for PEM to merge. If we go back to last year's share prices the merger could have been say 6 CBH shares to one PEM. The way things are going if PEM waits it will get CBH very cheap. When I look at CBH it reminds me of the old Pesminco where the shares went so low and could not get finance that the banks took it over waited for the recovery in metal prices and floated it as Zinifex. Unfortunatly for the banks the share price really took off after that and they could have made a killing by not floating.

By the way if the zinc and lead prices stay down for another six months. many zinc companies will scale down or stop mining for a while to force up the price. The companies that will survive will be the winners.

The good thing is that if tou can afford to wait, eventually the metal in the ground will be worth more.

When the share price of PEM goes up a couple of cents I now tend to celebrate as I feel I have recovered some of my losses. A few more years and I will be in profit. (I hope)

CL27