chart, page-4

i am still not convinced that they are dragging their feet.

they are waiting on revised resource data from coffey mining, who have so much work on the books that delays are inevitable. it may well be the only thing holding up the feasibility report, and will also set off a whole chain of other events: revised resource statements should also mean revised broker reports, which will hopefully lead to revised hysteria as the $2.42 valuation moves up and the price targets also jump.

so while i am hardly thrilled at the scale of the sp correction, i still do not view it as a problem. the stock clearly moves quite dynamically when its got the wind on its back. coffey may well still have a lanyard on us, but once it gets released i am pretty sure alot of sideliners will rush back in for the ride.

and if i am completely wrong, our worst case scenario remains a company with 50m shares, plenty of cash, a workable iron ore project, acreage in narracoota and doolgunna, and backing from a couple of savvy boutique smallcap firms.

not alot of downside risk in my books