Ann: Kanmantoo Economic Assessment Confirms Outstanding Potential, page-89

HI Ebor,

HGO used to be a lobster trap with all us lobsters locked in with no way out. At least we have a lot more shares on issue and a bit more liquidity so its possible to sell a few shares without smashing the price too hard.

HGO certainly has a lot of value trapped in it that shareholders can't get their hands on. Its important to remember that you haven't had to pay much for those assets for the last 5 years and we have had a 1.5c fully franked dividend and if the $200m in the study comes home and they distribute 60 % of it we could be in for 10 cents in 50% franked dividends in the next three years plus $80m spare cash to explore and open up new mine fronts to put a long LOM ahead. Thats what is needed to get the Share Price UP.

Assets that are costing $500k a month to maintain and aren't earning anything will always be a bargain.

HGO is sick at the moment but getting well fast . Maybe send Lachlan a Get Mining Fast card for Christmas.