Ann: Multiple New Targets Generated at Iroquois Zinc-Lead Project, page-11

A very positive move by STK but what might be GIB options under its JVA.

STK/GIB (80/20) IROQUOIS JV neighbour RTR continues to rumble towards defining its ERAHEEDY reserve.

At some point in time ownership of the STK NEWCO will change as the seed asset injected will see new capital raised to fund ongoing exploration and corporate costs (& GIB free-carry to BFS). Interesting times ahead with respect to determining & unlocking value of IROQUOIS.

I said some time ago GIB should consider spinning off PHOSPHATE (already in SPV) in specie to unlock value (BV is < $1m) & capitalise this NEWCO. An update on JVA discussions on PHOSPHATE is due soon.

Receipt of BDM monies and shares for ELLENDALE will enable GIB to move selected assets forward.

Time for GIB to unlock values within its portfolio ... the next six months look exciting.