Novac, I dont expect FMS to actually open a mine because I fully...

Novac,
I dont expect FMS to actually open a mine because I fully expect a larger neighbour (hopefully RIO and FMG get into a bidding war) to buy them out once we JORC a nice tidy 300-400mt resource. This will be reflected in the market cap, which, in case you are asking me to explain it to you because you do not understand, is the PUBLIC CONSENSUS of what the company has in equity, in the case of FMS, that will consist of a healthy asset of 800 million dollars of iron ore (a conservative estimate). The fact that FMG are looking to rapidly expand their reserves places a higher value on this stock, that will also be reflected in the market cap because the market cap is not Just the value of the iron ore... it is the value of the iron ore to RIO or FMG who can quicky mine, proccess and ship it NOW, not in five or ten years time when no one wants it anymore.

Basically, the ore is worth more to RIO or FMG than it is to FMS, and we can factor the current iron ore price into the equation, not the price or iron ore in five years time

I am glad to hear that you did well on UMC, always happy to hear of people making a living. Just as long as you realise that you need to actually sell the shares you own to make a profit.

P.S What do you think the price of io will be when UMC starts to mine?