buyback is on !, page-46

Zedster ! the company has $52m in an offshore bank account in USD to pay for the process plant.

The company has all the rolling stock ,trucks and excavators on site and paid for.

The cash in the bank at best is earning 7% interest and wont be required until the M.L is issue when site works can begin. The company has plenty of cash to undertake the drilling program and work on the port facility.

The buyback operating at present looks to be returning about 20% or more than double the Cash in bank return.

So what if they spend $20m on a buy back if they " know " their corner stone friendly is happy to buy them at a higher price. Reducing the number of shares on issue will also help O.W.

So Zedster its only a waste of money if you know that cant re issue them at a higher price - The company also has stated that debt funding is available from O.W if required.

So the big question is - Can they re issue the buyback stock at a higher price - I personally believe they can. If they cant then Zedster you are correct its a reckless waste of money.

Cheers hoot