unaly hill and victory bore proximity, page-14

Angus Middleton's (non-exec director) SA Capital Funds Management has been buying steadily since 2009 and not sold a share that I can trace and participated in each cap raising. Now sitting at just over 7.4%.

Always encouraging when key players, close to the scene, put their money coin on the line.

With $893,000 in cash reserves and no drilling (the real cash burner) scheduled for this QTR, it makes me wonder if the next serious announcement will be relating to an acquisition (Indonesia, or Philippines?). Our two new directors are obviously aboard for a reason and Gordon Hatch's specialty is negotiating and sourcing projects.

What I wouldn't rule out is a serious breakout to 3-4c followed by a cap raising. Classic tactic but those that get in early don't need to worry about dilution.