report, page-20

RM

not answering for Buddy of course, but agree with him: so far AAR has not wasted one dollar chasing a rainbow, but has systematically developed small gold projects (not the focus but a handy funding option) and KP. They are super conservative, and just as well: had they aggressively pursued the Zn option at KP they would have hit the GFC full steam (that would not have been pretty); instead we now have one of the top 3 new potential Cu projects in WA (according to AP).

And the lazy mill picked up last month - has me wondering too... one thing that comes to mind is that they may want to do some initial drilling at VRD (following the air survey) to get sufficient insight in the potential to attract a partner (the stated strategy for VRD).

So yes, I think there is method to the guys' madness...

EE.