I remember some ppl complained about SEEP option and regarded it...

I remember some ppl complained about SEEP option and regarded it as a huge favour to Xstrata.

But in my opinion, the later Xstrata finishes the SEEP option, which is spending 10~15m by 2012, the better deal URL will get from it.

imagine Xstrata spending $10~15m by the tommorrow and purchases 51% of the roseby. how much would they pay for it? the assets URL has at the moment is just a proven resources. it's not a MINE yet. so I would assume Xstrata will pay less than $100m for 51% of the roseby project. more likely just 10s of millions only.

but what if Xstrata finishes the SEEP exploration after URL gets the debt finance and starts developing a mine or producing from roseby?

now it's a mine with a processing plant and etc. and therefore Xstrata will have to pay a lot more than 100 million dollars and it'll help URL to pay off the debt finance early or expand the processing capability or even acquire a mining fleet.

So I would say there's nothing to complain about. rather have to worry about Xstrata speeding up the SEEP and acquire 51% the roseby before URLbecome a producer.

It's just a thought.