On the basis that SEEP resources prove to be a major copper...

On the basis that SEEP resources prove to be a major copper deposit similar to the 94 metre Blackcard find, there is no way that Xstrata would put at risk its 51% earn-in rights. Moreover, Xstrata's tied obligation to buy for CASH a corresponding proportion (51%) of RCP means that Xstrata are seen to be MORE LIKELY to do so within the next year or so while copper price futures are down.

Noted that Xstrata have recently dropped a humungous takeover bid of Lonmin reportedly due to financing / commodity futures issues, Xstrata have stated that they will focus on ORGANIC GROWTH which bodes well for URL's SP prospects.

Also, Xstrata have a PROJECTED SHORTFALL in copper ore to keep its Mt Isa mill operating at capacity. A decision about sourcing alternative ore supplies in the economic vicinity needs to be made by 2010.

If RCP funding is not looking like happening within the next six months, the focus should be to negotiate the sale of the unencumbered part of RCP Pty Ltd (98%) to Xstrata so that URL has cash to mostly distribute back to shareholders whilst still retaining cash rights from Xstrata's 51% earn-in. This would leave Xstrata to get on with the job of mining the RCP, and URL with Non-SEEP copper prospects and uranium/REE in all of its Mt Isa tenements.

The above "sell-off" scenario is seen to get the existing management team "off the hook" for non-delivery of RCP over what at best can only be described as a protracted period, with a NOTABLE FAILING being the years taken to submit/get the EIS/EMP sorted which is critical to getting funding in terms of fundamental due diligence checks.

As for management putting up their hands for a pay rise, any rise should be subject to RCP funding being secured or that a dividend return is made shareholders from the earn-in/sale of RCP copper assets.

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