government action, page-11

If Andash was lost, where the SP will be at will be dependant on the Murchison mine plan and upgraded resource statement which will be out in the next week or two.

If after stage two we are generating 30m a year (38-40kz gold at around $900-950/oz) with minimal capex spend (we should have 35m cash post raising with $16m still to spend on stage 1 and 2 Murchison combined).

That's giving 0 value to Andash, Jervois or our machinery in Kyrgz as well as our Bashkol licence which seems promising to say the least and isn't near any other villages.

A SP of 40c would mean market cap of 55m. It's hard to see us hit those levels unless gold goes back to 1500 AUD. Not saying it can't happen but it would be unlikely at current gold prices and a favourable mine plan for Murchsion. In fact, we might see an appreciation I'd say.

There however is a large seller who looks like they have plenty more shares to sell so we would need to see some increase in buying and plenty of volume going through to get a rise in the SP.

Having said all that, I am confident Andash will go ahead and Jervois will be mined so 60c is still very very cheap for this company. However while doubt remains, the SP will probably languish well below true value.