mak offer doesn't recognise benefit of 75%, page-22

Seals,

I have no problems with the management style or progress of MAK. MAK have done nothing that I haven't seen before. They are exposed to the same trials and tribulations as every explorer, its a tough gig to make a minnow explorer successful. I dont expect any company to move from explorer to producer without any issues. Let's not kid ourselves, Mak are still a speculative company.

I don't however quite understand some of your questions. BFS isn't due yet, MAK have never pretended otherwise. If you go through their past announcements the BFS was always to be delivered towards the end of 2009. As for significant shareholders, well they do have significant shareholders, in fact from memory something like 30 or 40% of the company was held by the Top 20 sharholders.

We know that MAK have a world-class resource, it is JORC compliant and it has always been regarded as world-class purity-wise and long-life well before MAK had control of it. But they are still drilling to attain a surety level that will support a BFS. We also know where RP price sits at the moment. It's a hard sell to try and convince large investors to invest in a company who likely has a marginal operation at current RP price in a backdrop of very difficult economic climate and a dearth of investment funds available around the world. I really don't know why this is such a surprise to you that they can't currently muster up investment money. This is not a major concern to me, only a BFS proving viability and a sound business plan will guarantee funding interest.

I'm sorry you say MAK is less advanced than UCL. This is just a furphy. No-one who has any real experience in under-water mining believes UCLs operating costs claims. These only came out when UCL put forward a takeover proposal and in a hurried manner. In fact UCL was pretty announcement free but suddenly had all this information at such a convenient time. It is not a coincidence that UCL is almost back to .5c as predicted. UCL are a long way from a BFS. The drilling programs have been minimal in comparison to MAK and there is very little certainty at all from anything I've read from UCL. As for partnerships, where's the money? Looks more like partners circling UCL for the imminent belly up event.

As for my nick, it was just a bit of fun as MAK was a stock of interest when I joined up at Hotcopper. I am definitely not in love with MAK, I have made my money on MAK over the last year and a half, and I still have some confidence that the RP price will strengthen over the next year to turn the mine into a very compelling one.

Finally I am not here to convince you, its all just healthy debate and we obviously have very different opinions based on our research. In the end I would wish nothing more than for both MAK and UCL to become widly successful. So here's hoping.