Ann: Continuity of High-Grade Au-Cu Breccia Intersected at Boda, page-106

Fat Prophets just did an update on ALK and they seem very positive on ALK and Boda's prospects.

The summary end comments says it all:

"Despite the jump in Alkane Resources share price following the release of the Boda drill results, we consider the shares remain UNDERVALUED."

They also stated the previous Kaiser results announcement in February were significant and that the early assays from NMPP are pointing to a major porphyry style mineral system.

If I have correctly added the length of all the holes since they started this program then they have released assay results for nearly 29,000m to date. With more results to come I assume they have exceeded the 30,000m target. Not sure if that is good or bad.

Both Ord Minnett and Fat Prophets are positive on ALK and especially Boda and both believe it is under valued. Plus we have the chairman buying more shares and he is no dummy billionaire so he obviously believes ALK SP is good value.

However, it is fair to state that until ALK provides the evidence that Boda will be a significant commercial mine then ALK should be considered as high risk. Despite that I am prepared to take that risk and rate it as a buy.