yep its gonna double (or more) on a rumoured JORC while...

yep its gonna double (or more) on a rumoured JORC while producers are being smashed to kingdom come: MGX down from $3.80 to 54c, BHP halved, RIO halved, FMG down 75%.

want me to start in on the quality explorers.. all down 80-90% and your little diamond explorer is gonna double on a rumoured JORC? That even on the Companies own say so will be of low grade, (relatively high impurity), high volume ore, effectively stranded without the kindness of a big partner.

I'll lay you odds 10to1 the JORC doen't arrive at the earliest, if at all, until 1Q 09. And even then there wont be many takers/JV partners/bankers etc until the likes of MGX, BHP, FMG etc are all back up to at least 70-80% of previous highs.

There's a pecking order in the IO market and FMS aint above FMG, BHP, MGX, AGO etc etc etc .

Despite the buy side stacking there's a reason the minnows are getting smashed: flight to quality. So FMS is going to recover first?

Personally its good for a trade but when I can buy quality at 70% discounts it aint much more.

Flame away.