Ann: China Pit Scoping Study Finalised, page-39

Unfortunately, we can't do everything at once, or own everything at once

Currently, I tend to buy takeover targets and clip the ticket to the end. ASX MUA is offering a fixed 80 cents on the first 20,000 if you're interested (assuming the scheme gets up) Takeovers can take awhile to conclude.

Secondly, I like things people can't live without. Resources which are great due to low world prices ( relatively to the cost of bringing on new capacity) are uranium, potash, phosphate, copper, softwood timber, hardwood chips, olive oil and bees/honey. Zinc also looks good longer term. The solution to low prices is low prices

Currently Myanmar, Turquoise Hill (copper/gold, Mongolia), Ivanhoe (copper/zinc/platinum, Congo/South Africa), Solgold (copper/gold, Ecuador) and Phosagro (Russia, phosphate miner/producer) are absorbing my time and interest. You can't own everything.

There are 3 standout exploration companies with big potential future mines, Myanmar, Ivanhoe and Solgold. All have country risk, all have some development risk, all have commodity risk. I would have bought ASX MYL already, but the world price of copper has dropped and M&A activity is hotting up. Zijin just sealed a CAD$1.8b deal for Nevsun, BHP just bought 6% of Solgold, CITIC picked up 20% of Ivanhoe.

These companies have the deposits and the cash. MYL has the deposit, but not the cash yet. You really have to a. think about the broader picture of MYL, b. wait a few month's and reappraise, c. always remember there are more fish in the sea.

These things like MYL are doing take time. There's no rush.