conspiracy theory, page-10

According to the last annual report:

Assets-Liabilities = $166m

We only owe $168m to the banks and bond holders. Sal de Vida alone has a Net Present Value (NPV) of US$380 million and a JV partner committed to the project and is required under the JV deal to buy 50% of production.)

So if we bring in the administrator we should get a lot more than 8c/share. In fact, we should get around 20-30c per share, particularly if ROC (or KC or another big fish) acquires the lot, due to the good will component and the tax benefits.

This has a number of advantages:

1) The "for sale" sign goes up any ANYONE can bid for GXY and its assets.

2) We can trust the administrator not to rip us off.

3) No costly board to eat up the cash and want more.

4) No need for any cap raising. The creditors have to wait.

5) The reduced admin costs means production and sales should cover costs.

6) The MD and other board members will cooperate because of the shares they hold.