does deal on creasys ground near sir , page-20

Resources (WIN)

MARK Creasy became Australia's richest "prospector" in the early 1990s when he pocketed $125m from Joe Gutnick for his ground position on the Yandal gold belt in Western Australia.

More recently his 34 per cent direct and indirect interest in last year's exploration success story, Sirius Resources, has done him no harm either, given Sirius itself is a $550m company nowadays.

Now there is the hope that some of the Creasy magic rubs off on Windward Resources. It is Creasy's regional play on more exploration success being notched up in the Fraser Range.

Already 30.4 per cent owned by Creasy and a joint venture partner, Windward is now in the process of acquiring a 70 per cent interest in a bunch of Fraser Range tenements from Creasy, some of which are hard up against the fence boundary to the Nova-Bollinger tenements. The shares and cash deal coincides with a capital raising that, when all is said and done, is set to to leave Creasy with 30.1 per cent of Windward and a 30 per cent carried interest in any future projects.

Windward traded at 29c a share yesterday. That would give it a market value of $25m when the Creasy deal and capital raising are wrapped up. More to the point is that Windward will also have close to $10m in cash with which to chase down the potential of the land package now being picked up from Creasy.

The nearologists will be taken by the tenements which are nearby to Nova-Bollinger. And why wouldn't they given it was only 12 months ago Sirius was a 5c explorer, not the $2.40-a-share stock it was yesterday. But that would understate what Windward is picking up from Creasy.

He has spent more than $4m on the ground himself and there is a seriously interesting gold prospect to chase up apart from anything else. Still, it will be the drilling in the two or three months' time for Nova-Bollinger type mineralisation that can be banked on to fire up interest in the stock

http://www.theaustralian.com.au/business/opinion/potash-has-highfield-roaring/story-fnciil7d-1226687753499