Ann: Hillgrove Presentation at Noosa Mining Conference, page-23

HI Ebor.

Polishing the core samples reminded me of those clowns who seeded the core samples with their wedding rings and created JORC. The new Hillgrove owners announced a little while ago "Exceptional drill results" The reported grades didn't sound exceptional to me so I went to the trouble of calculating the volume of the core intersections and they only contained half an average wedding ring. I hate to think what the cost of that bit of gold was.

When MDL was admitted to the top 200 index institutions were covenant bound to own it so pushed the price way above value. When it got kicked out of the all ordinaries index they were covenant bound not to own it so pushed the price down. What a wonderful world of opportunity we live in.

Sell when Instos are buying and buy when they are selling.

When MDL was 25 cents it had an asset backing of $2.75c. I wasn't happy when they had a capital raising they didn't need to have at 42c which dropped the nett asset backing down to $1.60 and diluted me in the process. Its earnings weren't supporting the net asset backing at the time of the take over. The morning the TO was announced I had a sell order sitting in the market at around $1 and a mate from Morgans noticed my sell order and rang me early to tell me they had just issued an announcement that I should read before the market opened. Thanks Rob. So $1.75 was a massive premium and a pleasant surprise.