I think there is some need for a reality check here! That is,...

I think there is some need for a reality check here! That is, some serious rational and logical analysis.

What could they possibly announce that is credible. They could rave on about great drilling results etc. (They already did this after the delay announcement and it all looked very childish) But the truth is they are yet to formally announce what went wrong with the oxides, their plans to fix it, its cost and the time delay. Any other announcement will be done simply to get some lift in the share price!

Next point and perhaps the most crucial one. The real value in this company is the sulphides project. Who here can honestly say that they are not concerned about this managements ability to bring this project on stream on time given their 2 year delay on the oxide project. Sulphides is a pipe dream that has no real prospect of being up and running by 2011. All the cost and availability issues will continue to compound and delay this project significantly.

I agree there is value here, but dont for a moment think that it will be delivered anytime soon. And all this speculation about instos seeing value in this now is wishful thinking. Instos too see the lack of credible plans here and are wary of this stock. This is why it has underperformed almost every other resource stock this year. At a time when resources are booming CMR is wilting! I closed my eyes to the truth for too long because I enjoyed great capital appreciation with the stock. When I jumped off, I should have stayed out instead of relying on management statements about the oxide project.

Just proves the golden rule - don't buy downtrending stock!