interest building, page-7

Now I know we are in a bear market. KAL announcement is good, after all 950,000 Oz is now JORC indicated and 450,000 Oz is no inferred - should have fired the market. But no, ppl are not impressed, hence we must be in a bear market - good announcements are ignored, poor announcements stocks are hammered!

If you are a long term investor, put these away for when the SM recovers and for KAL to complete their feasibility study -they should be worth considerably more by then.

If you DT, then well, get out because KAL is not the flavor of the day - at the moment of course.

Finally, I get NPV of $2.66, with $800/oz, $300/Oz costs, ten year mine life, fully diluted at 8% average interest over that time. Still a "good" number...

All, IMO of course.