philip_k you say "I'm wondering if any $2.50 placement holders...

philip_k you say "I'm wondering if any $2.50 placement holders are considering legal action against BRM and /or Patt's - they were clearly sold BRM on the basis of stage 1 going ahead, and the funds were to be used for that purpose. For what it's worth it's a bit unseemly for BRM to be sitting on this cash that they acquired for a specific purpose.

WR said earlier in the year they would consider trucking the 2mpta to Port Headland if they could not secure rail access. So the fact that WR has failed to secure rail acceess, and uses that as an excuse not to move on to stage 1 is a bit rich. In the absence of anything else he is using the rail access issue as a smokescreen agains his other key failing: not bedding down a JV and/or offtake agreement when the market was at its peak. WR claimed bakc in August he was expect another solid round of prie increases.

I call into question his judgement and his commerciality to put a deal together. It has failed shareholders bigtime."

Im sorry to include everything you said but I couldnt agree more! If I had invested at $2.50 I would now feel duped by managements decision. Ok, times are tough. No one can predict just whats around the corner be it IO stocks or the general market. HOWEVER, last weeks decision to not continue with stage 1 didnt seem planned, well thought out and was based solely on WRs inability to get deals done. A week on and Im still more than disappointed.

Tokyo, cash might be king but cash flow is better. Even you Mozart whom I respect more than anyone on this forum surprise me. For months you and GSnapper wrote of the importance of generating cashflow ASAP and the advantages of this. Waiting 4 yrs brings us back to the growing pack of JORCed juniors. Size of resource is one of the few remaining differentials (and we still wait on further beneficiation results regarding impurities to confirm the size of saleable resource)

When things turn around 09,10 (who knows) even the plebs recognise blue chips and cashflow generating companies recover in order 1, 2. IMO BRM would be far better placed to have a mine up and running in readiness for the next upturn in market sentiment. I very much fear management may miss the boat twice by choosing this option.

In terms of them releasing a forward plan including financial details Mozart, I agree it is a necessity. Im sure sometime during Dec a more comprehensive update will be released with a decisive cash management plan. It better be.