Ann: Quarterly Activities Report , page-22

hi big u

not sure why you say naracoota is on the back burner now, didn't get that impression at all from the q?

further assays in early august would determine which way they go next.

of paramount importance to me was this bold text:

"The corporate objective of the Company is to seek early mineral production of a
meaningful size and value for shareholders through the successful exploration and
development of both existing and acquired projects.
Paramount to this objective is to pro-actively assess all projects as quickly and
efficiently as possible and turn over those that do not meet the exploration or
development targets."

whilst not exactly news, the fact that it is re-emphasized here by the co suggests that there will be plenty of exploration in both Naracoota and Loongana in the lead up to May11 so that the company can decisively cut or keep either project before raising capital for BV.

that means plenty of news ahead, and plenty of opportunities to exit with a profit.

i understand why you might exit if you had been holding for a while and other money making ops were being missed, but to get in at $6.5mill mc to exposure to murchison acreage with a good offshore iron ore project as a kicker is too good. especially in what appears to be a (short term) recovering market (check copper prices back in uptrend)

much of the acreage in the murchison district had already been explored by WMC, and they found nothing compelling enough to act on.

the same acreage now in the hands of other operators are yielding such spectacular intersects as the previously mentioned SWN 17%cu and 46%zn and DRM 220g/t gold (achieved by drilling very closely spaced holes as opposed to random targets)

first RHM need to find the right place to park the boat.

then they need to drill a tight grid.

$2mill left, at current cash burn that will see them through another 4 quarters of exploration on all fronts

naracoota is far from over