visuals, page-5

pagarsi,

I see what you mean now. Misinterpreted your initial post. I wasn't aware UMC were targeting low/medium grade for concentrating/blending. Just assumed they were targeting a straight DSO operation at least to begin with because their grades are sufficiently high with low impurities. My understanding is they only need to blend if their high grade stuff is not high grade enough for direct shipping, like a lot of what FMG have.

We shall soon find out from the scoping study being worked on. I would like to see them start off with a DSO operation with minimal capex requirement to get the cash flow going. Then they could fund continued exploration/development out of cash flow. Raising funds in the current market is a pain in the rear and would cause significan dilution at these prices. We also would need massive tonnages to justify the capex required to concentrate the lower grade stuff.

I guess, like the market I am looking in the short term and really am only interested in the DSO stuff because that is what will make or break the company. If they can't find enough high grade we will be holding for ages for them to prove up the 1BT resource of medium grade and develop the concentrator (or whatever it's called) if they can even raise the money to get that far. And I was looking to cash out within the next 1-2 years. Yes, another short term investor who wants everything yesterday :)

Cheers