they were just protecting their income .shareholders of 04 and...

they were just protecting their income .
shareholders of 04 and 05 would be much better of with cuo.
and yes,we would be much better of without the option.

*** maybe you are right. but as i said before what's done is already done. there's no way we can reverse it. and most of all.. it would have been better for sh of 04~05 if CUO's take over has been approved. but now we are in 2007 and for the sh of 2007, URL's survival throu the take over attempt provides 1000% profits opportunity.

did xstrata spent the 2+ mill payed by url in seep?

*** yes they have spent the money in 2005~2006

why was the delivery of copper from url roseby in the xstrata forecast for 2007 , scraped ?

*** URL revised the timeframe and now targeting to start the production at the end of 2008. (I doubt it. prob. mid 2009 would be a better target) therefore Xstrata scraped the forecast.

were is and was the help of xstrata?

*** beat me. maybe URL's getting helps from Xstrata but they are not obliged to make an announcement regarding it.

why would xstrata wait for url to become a producer?
just to pay more for the project?
they can exercise the option at any time up to 2012.

*** that's why i said I'd rather worry about xstrata speeding up the SEEP. wish they take their time and pay more after URL become a producer.

a few Good News has flowed in.
1. the appointment of a new director with good background in dent financing and strong relationship with banking sector.
2. Xstrata has started SEEP. prob. they want to spend $10~15m as soon as possible. they are not delaying it till the option expiry.
3. bushy park results released. directors are not holding the results back as a hidden card to release the ann to cover up (just in case ) a ugly revised fs.