Pagasi - I agree with much of your post but with all due respect I disagree with some of it. I can understand how you have formed your views that you hold. I am one of the long termers who you described that hold the view that Railway is a one off. I tend to disagree that management believed that Railway was only one in a series of substantial finds.
The reason I think this way is due to a conversation I had with Barry in Broome last year in reading between the lines or more correctly, reading between the words. A statement was made that Railway is as good as it is going to get.
I posted this opinion shortly afterwards for the benefit of HotCopper posters and share holders alike but was crucified on here for holding such a blasphemous opinion. I was bombarded with fancy coloured magnetic anomalies of Southern Flank, Jumbo, Fork North, Railway East, Yandi etc, etc and such glorious explanations accompanying and explaining how I was wrong.
For me if there is anything other than Railway of a significant nature it’s a bonus. So why did management urinate our money up against the wall on so much drilling if they thought there wasn’t much else other than Railway? The simple explanation is that it is their duty to shareholders to adequately explore all of our tenements to prove or disprove (depending whichever view you hold) what is in UMC tenements and they are currently still doing so.
I’d happily be proven wrong and another significant find other than Railway is discovered. Since Railway was first discovered in October 2006, I’ve continued to hold my investment on that basis only, and not with the great expectation of more significant finds. If all we end up with is Railway then I’m more than happy.
I don’t hold the view that management have been dispirited but quite the contrary that they are very excited and passionate about the whole project.
Regards.
UMC Price at posting:
83.0¢ Sentiment: Hold Disclosure: Held
