Boondog, You are correct in saying that the company is not...

Boondog,

You are correct in saying that the company is not producing but IMO the predicion of a fall to 16c will not prove correct.

The share price, being an explorer rather than a producer, is not linked to production numbers but rather, proven and measured resources alongside possible future resources.

The management of the company has provided full and timely disclosures of some very encouraging results both in measured quantity and quality. Further results are expected at the end of September and the indications thus far are that these results could be very impressive.

Furthermore, your assertion that the share price should fall due to lower iron ore prices is IMO incorrect. The price appears to have bottomed and Mongolian iron ore producers are able to operate off a much lower cost base than other locations.

The company appears to be progressing well. A positive outlook, with a high level of cash, and substantial progress since listing would justify a higher shre price in my opinion. Recent managerial purchases indicate that management share my optimism.

The company appears to be a lot less speculative. There is a higher level of certainty in a legal sense, a recent MOU for rail capacity is very encouraging and the management team has settled. An esimated project NPV of $1.1 Billion (for Selenge alone) reached by a highly qualified and experienced engineering firm is undeniably encouraging.

I am more than happy to wait and see what further results are released at the end of September and look forward to beinging notified about progress at the Undur Ukhaa Prospect once drilling commences.

IMO