mean un-risked resource potential to date, page-55

grizzle there a couple of other things to point out for those posters...the latest capital raising was mainly predominately for project acquisition rather than working capital, whilst this may add to dilution in number of shares on issue it should add value to the capital base of the company, therefore negating itself when looking at from a fundamental point of view.

Just a quick calculation of conversion of options gives a dilution of no more than 25%, keeping in mind the conversion of options brings in another $6m in cash to the company. These do not expire until probaly after drilling anyway. Most of the other options are not in the money and are excercisable around 60c to 70C bringing in another $9m in cash if they are exercised. All in all not all that bad when you do the calculations and you look at valuations prior to spud.