Hi R36, i'm still hanging on in this ride with you. The share...

Hi R36,

i'm still hanging on in this ride with you. The share price languishing, trading volume virtually non-existen, poor iron ore prices and some uncertainty around Dejin Resources and any potential impact on Pure Metals from a joint venture perspective certainly doesn't make for great reading.

I'm still reasonably optimistic about the long-term prospects of the Hawsons Project. However, short of a major change in the current JV scenario, or the introduction of a cashed-up, reliable 3rd party, any major progress seems unlikely under the watch of CAP. The reality is, under the current economic conditions, the kind of money required to develop Hawsons (providing the economic conditions suggest a feasible project) is unlikely to be available.

I see that the Dejin Resources court hearing has been adjourned until 16 June. I'll be interested to see if the outcome of this hearing has any impact on the current JV.