A producing mill (even at 220/ton) is no doubt very valuable to the share holders. PP's are a fact of life in the JPM world however. When that mill is up and running we can then listen to people bitch about the new ways to fund development of the projects such as selling forward production even though it does not involve further dilution etc...

I have not read the MD&A yet but I am hopeful that the direction is still as was 3 months ago. I believe that the Sr. guys at UC have the priorities straight right now. The mill is key and they are not biting off too much to chew. Getting things right as we go at a reasonable pace is critical. Costs are much greater when you have been there, done that and then have to go there do that all over again. You also save a pile of time to boot. Just look at Boeing and the Dream Liner production issues and what they had to do in order to fix issues with a number of plains that went through production and had to be revisited to avoid major production set backs. Same scenario, just on a bigger scale.

Thanks for the solid input on the board Goldbarron,

Deno G.