phatman, like many of us, I am thinking Novac will be waiting...

phatman, like many of us, I am thinking Novac will be waiting for a dividend, you don't always have to sell... I'll probably sell about half my holding next year when we have a better comprehension of the total resource and hang onto the rest. What price will UMC get for its iron ore? whatever price is decided on about 10 months from now - aiming for late 2009 production. Just appointed a project manager, this company will be a producer in short time.

Maybe FMS will produce too, but it won't be next year. There are many more traders in FMS than UMC which is probably causing some of the friction, there are some serious IO pundits in UMC (I don't count myself as one of them but I certainly respect their conservatism and opinions).

All the best with FMS, like I have said before, if you succeed (with whatever you've got) it means UMC already has which is good for all of us.

You can bet there will be plenty of "no stock held" hotcopperites watching the results with interest. When do you expect first comprehensive drilling results?