Beautifully played.  The public float has been crushed.  But Friedland and the Caisse continue to hang on, and the list of institutional holders with significant holdings isn't exactly a bunch of dummies.

The paper on this play has been hoovered up at deep discounts, aided by Mongolian unpredicability, gross incompetence in their fiscal management and political machinations (they shot their bolt on their big bond issues last year, spent the majority of it trying to prop up their foreign exchange, gave large salary increases to the civil service, botched TT, generally doled it out and again dependon loans and advances from everybody, and now their lenders are fed up with them, the advance opportunities are gone).

Meantime fantastic engineering and logistical success started by Friedland and Macken and their IVN team, picked up by RioT and their vast experience, pushes towards completion of a world-beating production facility.  And the outside ownership valuation on the stock market plummets.

There was a PBS special about Henry Ford the other day - when he wanted to build the world's largest integrated production facility at Deerborn his minority shareholders the Dodge brothers sued him for oppressive conduct in faling to pay out dividends and reivesting in the huge new plant - so he quit and put his 25 year old son Edsel in charge of the company.  The shares plummeted, he tied/bought them up, then proceeded with his plans.  Duh.

Tick tock, tick tock, several billions in the concentrator, several more for hoists and shafts, this project isn't about any low grade pit, and time is a resource once wasted which can never be recovered.

Uh, Kay, how about some update on drilling and exploration?  Kind of lame we haven't seen a new resource esimate for HNE since 2006.

cg