UCL and MMN, page-2

Both companies have been prospecting in the same area of Milne bay and in neighbouring islands. More importantly they both have had a major shareholder in the PNG Public Officers Funds channelled by a Greek businessman a crony of Julius Chan who will not win a seat this time anyway.

Those interests were sold off recently because of the scandal involving Jimmy Maladina and his firm of Carter Newell since changed their names to Pacific Legal PNG who advised the fund and were legal advisors to at least MacMin.

Their tenements in that region on Sehelua and goodenough island are still out of bounds by the people there although a Maladina appears to have won a seat in the region. Moses Maladina one of three Maladina brothers and former head of the airline Airnuigini.

The company MacMin will not be able to operate in the area for a number of reasons yet they carry the tenement as an asset in their books. The ASIC were investigating the company at last check (January this year).

There is ample evidence to suggest from their chequered histories that neither of these companies have found any el dorado or are capable of it. Sink your money there and you will go down a sink hole. Let them first come up with something concrete. That applies to all speculative mining companies. Gold is going nowhere yet. And neither is silver.

Macmin did have a liability inspite of their denials. The liability was huge and was something like 20% of the company's real value if not more. After we broadcast on this site the extent of their problems, there were threats of legal action (which they were laready facing) and denials from the chairman who published a report about the position.

We now know that they paid out the litigant whom they claimed was at fault. How much they actually paid is not known but they paid and settled. If they had no liability then why did they pay?? what is this a Michael Jackson defence??

Now that the financial year has ended wait for more of our posters on imposters on the ASX. The pressure must be put on the ASX and ASIC to clean up their houses. When a similar poster was put out on HIH and FAI 18 months ago htreats were also made against the writer.