Ann: Quarterly Activities Report, page-6

Alternatively to my above post, MCR and PAN should merge (all script offer) than:

1) Cut staff number to a few key managers (ie 90-99% all fired) to cut cost
2) With total $50m ($25m from MCR and $25m from PAN), more number of share holders combined than raise another $50m to acquire good zinc/lead project ($100m cash).

I know a few zinc/lead projects in Canada and Australia are absolutely top quality and at bargain price eg 20-30% zinc-lead combined grades plus by-products.

Zinc warehouse level is at 13 years low and large suppliers are closed due to run out of mine. I'm expecting zinc/lead combined price around US$2/lb and if you're mining at 20-30% grades you will do extremely well.

If MCR and PAN do nothing, money will run dry... sp (cash-backing) will collapse. Zinc/lead have better chance of recovery than nickel.

The combined group (MCR and PAN) will than become a good size diversified miner. For example, re-start nickel (once price recovers) 8500t (MCR mines) and 9500 (PAN mines) than massive, high grade zinc-lead-copper-gold etc.

Just IMHO