Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-13

yes i dont know why they could not have done ALL of this peripheral exploration AT THE SAME TIME as the intense drill out of Anter - not hard in reality and given rig is there they should have had targets generated in readiness for it. A few soil samples and an IP survey - simple and quick to generate the targets.

so i admire the APPARENT offer of $40m - and that management say they did not want to dilute etc etc BUT they need to be very smart and careful in this environment with copper stocks being smashed and the admission by them copper might not recover for a good 12 months yet - we are in it for the long term - thats fine but managing your SOI is a big part of a good management, some dont some regard the mkt as just a source of income to do what they want without much regards - i would cross reference a Co here AUT that has this attitude - whatever it takes stuff - 2 massive CRs and then a split consolidation.

pointy end of the mkt downturn coming - and even great results in peripheral targets may not get them a sp appreciation such that the next CR whenever it comes is not at a very dilutive price.

they cant control mkts, but the speed of exploration is now going to cost them and us becuase we should be more advanced - time is money and we could now be caught in doing exactly what the management said they will not do - they may have no choice.