Listen Carefully, page-5

re: re:grd GRD expensive ?

GRD's NTA at 81c, currently trading at $1 or so, yielding 4.7% p/e @ 16. I don't think it's expensive at all.

Is there any growth in the stock ?
I would say it will depend on a few factors.
- the gold price ;
- improvement of GRD's hedge book, it improved by $75 million in the March quater;
- Positive exploration results at Sams Creek for a potential porphyry deposit, Macraes North and Taylors exploration tenements;
- Being authorized for the designs and construction of the $70 million waste services at Eastern Creek NSW;

There are a few significant projects happening with GRD, in particular if it can improve on the 40k au quaterly production rate and keep its costs down.