this time will be different!, page-24

Hey Rocket, whilst your terminolgy is not quite correct (reserves versus resources) I think your assumptions are spot on.

The drilling is all about converting resources to reserves and at the higher prices now prevailing, I am also expecting an upgrade in reserves and extension of mine life.

My calcs also say about $20 million profit this quarter (i have assumed production levels and shipments for the same quarter last year) and on this basis Noble debt will be gone in about another quarter and then it is bank the cash time.

I am not concerned about TTY not picking up another project yet. With hopefully about 4 years mine life left, they have plenty of time and over the next year so, I think a lot of these other potential projects are going to get much cheaper, particularly if that lunatic Rudd continues on his merry way.

Generating cash right now is a real good thing. The thing I can't figure, is with these kind of profit levels and cash generation, why is the market cap still so low, particularly if they do have another four years with strong IO prices forecast.

By the way and before you complain, I dont personally hold shares and thus the 'no position' but my sons do and thus the ongoing interest. One day you are going to agree with me that is going to prove a great recovery story.