io royalties, page-27

Panda
Last comment before heading off to a meeting.

The GDN shareprice has never reflected its iron, uranium, gold or even the potential extent of its gas assets.

GDN rarely reports on iron, never reports on gold and has sold its uranium with no apparent affect on its share price.

The company is undertaking an asset valuation register currently to attempt to bring some value for these assets into its shareprice. I hope its successful.

But so many companies large and small hold assets that have a real value that is locked up and not reflected in their share prices. That's why spin offs occur.

GDN attempted to realise value for its uranium by spinning off to WCU. WCU has never been propoerly reflected in its share price.

GDN sold its iron but that has never been reflected appropriately. What will it do with its gold which as I see it has very little value at all.

The market currently values the Utah gas at around $10 million after the company has spent more than $50 million on the field.

GDN is unable to sell any message at all into the market place and unless GE is spectacular they may repeat history.

Have a good day.