will mrx reach 18 plus cents by 30 june 2008, page-4

I had another look through the quarterly today to see if some exploration results may be in the pipeline. Nothing really caught my eye but we can expect exploration to ramp up with the dry season. Exploration is ongoing over several tenements but I was looking for something that could be announced in the short term. The best chance seems to be at Leichhardt where significant RC drilling should be underway right now. Best result would be the discovery of an Ernest Henry sized IOCG deposit. The company has a conceptual target and good geophys and geochem anomalies to test. With 48 holes and 6955m to drill they have to be in with a chance.

Completion of the Leichhardt expansion should be complete by the end of the quarter and no doubt will be announced. Will this event ignite the market? I doubt it. It's all been announced before.

What else could the company do in the short term to enhance the share price? Well for a start they could have a good close look at how much they are getting when they sell our copper. I was pretty much micturated by what they sold it for last quarter and so were lots of other investors. They should be doing much better this quarter so why not announce it?

And so to the question. Will we hit 18+c by June 30?

That depends on what they find under Leichhardt and how well they manage the publicity. If I were the MD I would;

1. Announce how much we were getting for the recent copper sales and how wonderful it was for the company.

2. A week later I would announce the forthcoming completion of the expansion and how great it was to be getting all this extra money from increased copper prices.

3. Half way through June I would announce the exciting results from the drilling program with visible copper sulfides in the chip samples etc etc.

Then the share price would pass the 18c and I would be very happy.

Of course the downside to this scenario is the need to actually find the IOCG target.