what is wrong with this stock? why so cheap?

MTE has alot of coal, is near infrastucture, is cashed up, has cashed up JV partner, exploration Target of 2.5 ?3.5 billion tonnes by end 2011

170m shares fully diluted - market cap is $51m

cash of $16m

50% of 537m tonnes of thermal coal = 19 cents per tonne

50% of 3 billion tonnes of thermal coal = 3.5 cents per tonne

so why is it so stagnant? why so much selling?

i bought this year at around 25 cents, sold at 34.5 due to its stagnancy

the recent announcements have been good

i bought in again at 30 cents

what is wrong with this stock? why so cheap?

opinions welcome

thanks