13% resource upgrade

It remains to be seen whether today's announcement will prove sufficient to galvanize the share price of this perennial underperformer.

The company has excellent cashflow from its producing mine, recently reduced its mining costs per ounce by $113, increased gold output (aiming for 100,000 oz p/a) and continues to explore successfully its high grade tenements at Tennant Creek - but the market just sighs and turns away.

Of course this studied indifference may change if the POG continues its upward climb. Look out if it closes above US$432 (currently $428.60) because that's when the undervalued speccies start their run and GTM is better positioned than most IMO.

I continue to hold for that day.

Gupper