cmt, page-20

re: ct Even IF this hole has to be abandoned, they still have the tenement and they now know there is some gas down there.

I agree it is not proved productive yet, though remember that Lisbon had similar porosity and it was commercial 40 years ago at a fraction of the current gas price. It is unlikely that none of the gas shows already found will be commercial, especially in light of Delta and Lisbon being commercial nearby.

The potential of this company is based on having several wells so one is less important in the long-term scheme of things. The only major issue with this being a success or failure is that the Co needs the SP to stay over 30c for options to be converted by June 2007 which will fund a second well.

This remains a fantastic bargain.

The iron ore results announced are likely to be worth over 3.5 cps dividend a year alone (assume 1.25Mt per year from Johnston mine, = 125 $A million turnover x 30% = 37 million for GDN = approx 5-8 million profit = over 3.5 cps dividend , at PE 15 - justifies SP of 50c on this basis alone). Uranium and gold plays also there.

Few specs are sitting in a position of having probable future production justifying most of there share price with at least 50% chance of success that would increase their share price 10 fold (I think actually much better odds than this - just being conservative).

An investment at these prices is the opportunity to make a short-term massive return or on-going excellent returns - and at this price you may be able to sell 10-20% and free-carry the rest prior to DST if there is gas found in Leadville and /or (Phil) McCracken. (Those who have been here for a while will be familiar with Phil.)