ard will be capped below 20c till 30 june 2011

G'day,

Firstly I must apologise to all long term holders as I am sure you are already well aware of the following information.

ARD is a great little stock which I originally came across looking for other ASX silver juniors in which I could include into my silver portfolio.

When I initially ran it through my own silver explorer valuation model I was shocked at how undervalued it was... that is... until I accounted for the options on issue.

48.23 million Call options (from a 2008 capital raising) with a strike price of 20c expiring 30th June 2011.

That is to say... roughly 7 million more options than there are shares currently on the register.

At this price I still see the price as undervalued (especially if said options are not exercised) however I honestly believe that the upside is limited, at least for another year.

Best of luck to all holders,

Mack