why the drop back in oct 07, page-6

Crowy

I think what you will find is that the sp gained substantially in the day/weeks leading up to the announcement of UMC's maiden Pilbara drilling campaign on 17/10/2007.

The report was very technical and the market was only allowed aprox 15 minutes to digest 20 pages. Having said that, the sp was always going to struggle since the report was not up to market expectations. I think UMC management have learnt a very valuable lesson since that report and that's not to feed the market too much to digest in one hit. Also, to refrain from being over technical and conservative.

Unfortunately, in all this melee the market missed the significance of one hole of the 193 holes drilled. This hole is UI 035 which we know today as the Railway discovery hole.

IMHO, the rest is history in the making.