Ann: Exploration Update - Dalgaranga Gold Project, page-109

FO with your uncle bazza quote as if using it out of context strengthens the line you are pushing. I've certainly not said anywhere that I'm looking to churn SPR shares (which is the proper context of that Buffet quote). My queries are not even about Spartan's strategy, it's more tactical and is all about when the company should start the cash inflows again.

The Fosterville lesson that DANNY and TPO contributed is far more germane than your corn flakes wisdom. But the fact is that Simon Lawson and his team have already found a high grade deposit and they already have a near new 2.5mt pa plant next to that deposit (with Forestville most of the mining companies that had a go at that prospect did not know about the motherlode the canucks finally found). So the strategy going forward for Spartan looks fairly set: use the existing plant and the discovered deposit to transform Spartan into a 150k to 200k a year gold producer. But tactically how will they get there, including how will they fund that transformation? What is not clear to me is what will they do differently with mining that deposit and operating that plant if they focus solely on drilling for another nine months and manage to double the resource in the meantime? Would they be better off copying from the revitalised Westgold and become a producer that is actively exploring or should they do the bulk of their exploring before going back into production. My own view is that it is better to have a dollar in the bank than two dollars in the ground but I do accept that it is not the view of most here.