1. There is nothing technically bad about the project; it is a world class project and I think it will be globally a very competitive source of product (phosphate)
2. There is going to be a longer development lead time than I expected based on this report.
3. Expect the stock to fall back - probably to the 0.6-0.8c support levels in coming months, at which point this stock represents attractive long term buying
4. There remains the prospect of a takeover by Minemakers (MAK.ASX)
I have had other commitments of late, so little time to trade stocks. I bought UCL several weeks ago at 1.1c...I was able to unload 1/3rd of my holding at 1.4c, buying it back at 1.1c. The feasibility study gave me the opportunity to sell 2/3rds at 1.3c, the balance I was unable to sell yesterday, as I was invited to the induction of new generals into the Philippines National Police in Camp Crame, Metro Manila. So I sold the remaining 1/3rd this morning.
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