as it gently whisps off to sleep, page-5

I wish SilverLake all the very best in aquiring the Phillips River Assets. Les, you follow in the tracks of some great mining people who saw the promise of wealth in the Kundip earth.

Phillips River's (Kundip area inparticular)development as a major gold and minerals field has been set back several times in history primarily due to unfortunate timing related to economic cycles, precious and base metal prices, control of gold holdings by governments, risk avoidance etc etc. Basically since the 1930's Phillips River and adjacent areas have been in part neglected and in more recent times under explored using more sophisticated approaches.

*A short History Lesson*

Going back to the early 1900's through to the 1930's Kundip and the Ravensthorpe area generally was an area of
great promise and attracted quite a lot of investment both local WA capital and even Claude De Benales (Anglo-Australian Gold Development Ltd.) So successful and exciting were results around Kundip that Bernales floated off a separate company to finance further expansion in the region. There was no shortage of investors prepared to back the new company.

"In October, 1934, satisfactory re sults having been obtained from the Beryl mining properties, a separate company. Beryl Gold Corporation, Ltd., was floated with a capital of £400,000 in 1,600.000 5/ shares to acquire the entire issue of the Beryl Gold Mines, Ltd. The Anglo Australian, Ltd., as a result of this trans action, received £32,000 cash, and 400,000 fully paid shares, with an option over a further 200,000 shares at 7/6 until this coming March. The capital of the Anglo Australian, Ltd., Is £400,000 in 1,600,000 5/ shares, of which 1,283,400 have been issued and fully paid."

Source - West Australian Wed 5 Feb 1936

I think the amount of capital raised then in todays terms (approx A$30m using an online inflation calculator) makes an interesting value comparison to Silverlake's current offer.

For those who don't know much of the history of the area there is a wealth of information in the archives of the State Library of WA and the National Library of Australia.

e.g.

"Beryl Gold Corporation Ltd. Kundip Property

Operations on this property at Kundip, near Ravensthorpe, are at present concentrated on the sinking of a new main shaft on the Gem line of lode on which an intensive diamond drilling campaign has Just been completed. The shaft has reached a depth of about 200ft, and is being pushed on with. It is being sunk on the site of No. ll bore, where some excellent values were located at a depth of about 400ft. Owned by Claude De Bernales"

Source - Western Argus Dec 19, 1933

It is worth reading the following article about Gordon "King of Kundip" Halbert. It may give you all some insite into what is so interesting/exciting about Kundip and surrounding areas.

http://www.familytreecircles.com/halbert-gordon-dudley-miner-prospector-29311.html

Finally a last word from me - I hope in due course SilverLake with their more substantial resources can finally unlock the deeper treasure beneath which has presented as small gifts on occasions over the years. When Phillips River delivers it's rewards some influential people that used to have a vision might ask themselves - why didn't I see this project through and back it in.