Ann: Ceasing to be a substantial holder , page-11

I have a simple view on the Company. They basically have +1Moz in the bag (see prospectus) and this will be JORC standard by Dec/Jan.

West African juniors are currently be valued at A$100/resource oz. This equates to a market cap of $100M or 60 cents per share. If the recent drilling delivers on further regional targets then this will obviously lead to an increase in my valuation. I concede, my method is a tad rough - but look at others in the sector.

It will be interesting to see what follow through buying results from the Africa Down under conference next week. In the short term i am targetting a decisve break of 30 cents and will take the opportunity to add more if we do see a pullback. Exciting times coming over the next 6 months - but as always everyones investment requirements/nedds differ