the sp rocket., page-12

Well put asf.

parrothead,

While this forum (unlike CDU) is always happy to listen to alternate points of view, I must take you to task on a few of your comments, just so the facts are clearly known.

In the podcast of the last qtly briefing, TB mentioned a number of drill holes that showed the same characteristics as Minotor first got when they started. So, OZL does have some interesting drill sites to start work on. Can I name them - no - I did not take that much notice at the time of the detail - but I can find out if you wish me to - just ask.

Again, in the podcast at the qtly briefing, TB mentioned that once the decline is in to Ankata, they will do underground drilling into the lower area of the main pit to convert those resources into reserves. So again, while Ankata will supplement the current open cut mine, moving resources to reserves in the main pit will extend the mine life.

Regarding your question on true value - only you can answer that.

What value has management added in 12 months?
1. Commissioned the plant to above name plate capacity in a much shorter time than it's peers (think EQN).
2. Increased Gold output to a far greater amount than was envisaged, thereby giving P Hill a C1 cash cost that is one of the best in the world.
3. Bought a blocking stake in SFR at a really good price.
4. Rebuilt an exploration plan from scratch that was totally wiped out by the previous management's sale of the majority of the business.
5. Done a JV with IMX to get as much access to the P Hill area as possible.
6. Rebuilt the credibility of the companies name in the eye's of investors so that we are no longer considered a pariah.

Your comment on the "within 12 months" has also been answered by TB and discussed on this forum. It has not been quietly forgotten. TB has been quite open about it. He has indicated that he will not spend the money if it is not value accretive to shareholders. I would much prefer that than another Wolfden or Allegiance. i.e. spend the money just to be seen to be doing something.

HT1