and so it begins, page-47

Geez it's getting hot around here eh!  The joys of investing in small caps, you just don't get this type of excitement over in the Woolies thread!

So what is the best composition for the CAP board?  IMO it is the board that has the correct balance of mining, infrastructure and financing skills.  The current board has both mining and infrastructure skills in spades (no pun intended).  However I am yet to be convinced that the potential new directors have adequate financing skills/options.  To be honest I'm not exactly sure what their skills are?  If they have the ability to bring $3bill to the table and develop sales agreements with their "supposed" end user contacts in China than "show me the money"!   Because that is the only reason I would be voting for them.  

Remember the original intentions of ASI were to team up with BMG and get 80% of the company so they only intended to use the skills of Sheard and co to define a resource and then bring in the capex from their end user contacts to develop the mine. A great idea if the MD of BMG didn't steal their money and Iron ore stayed north of $150.  In reality now the game has completely changed for ASI and their actions show it.  The level of commitment from their end users now are obviously strained to say the least and why wouldn't it be.  When Atlas Iron is currently trading at a $1.4bill mktcap, why the hell would a steel maker commit to developing Hawsons at a cost of $3bill in this economic environment??  They simply wouldn't, the idea is ridiculous IMO!

So I think ASI are just buying time, wanting to keep close to their investment and hoping that the iron ore price picks up/stabilizes and the world improves and then maybe their end user contacts want to party again.  That is all IMO obviously.  In saying that I remain a shareholder because I like to have a punt with better odds than the lotto and this has absolutely fantastic upside if the stars begin to align.