RIO RUMOURS, page-58

Bought another 500,000 yesterday. Not sure the post will make it to Fiji in time for the SPP.

I have in the last year moved my holdings towards companies with JORC resources in the Cu-Au space where these companies appear to have a development pathway. At this stage in the commodities cycle I think this is a better bet than companies with great ground but could be 2 years from a discovery and 10-15 years from a mine. As we all know good exploration results and shareholders can win big but JORC resources with a development pathway seems much safer.

I like the pure explorers when commodities are not loved and when taking time to find and prove up resources is not an issue.

I have been getting out of holdings outside of mining that are vulnerable in a market pull back. This means if a serious pull back occurs I can buy into quality companies without the risk of holding them right through and getting stuck.

Antipa will re-rate when increased resources, new discoveries or a mine development commitment is announced. JORC resources are assets, everything else is exploration potential.