write off, page-4

I am not completely writing off GGP BUT you only need one really nasty announcement to send it falling heavily.

By nasty announcement I am referring to NV and the class action. Both GGE/GGP are quoting insurance should cover most of the damage if not all. Hmmm.....ever watched any legal proceedings and expect definite outcome only to be getting an outcome that makes little sense.

I would not be banking on not having to fork out something for the damages, yes we should be limited to 15% but again don't bet on it. Its only $10mill over and above insurance and we could be liable for $1.5 mill.

Until GGP get something to work or keep to reasonable time lines I won't be putting any more in. Have a good look at the time lines set out in announcements and then broken/not met. Its been most of them since March. I am not saying its all GGP's fault but you cant blame external factors for 100% of the delays either.

I am also still betting on a CR before Christmas, because the Sept Qtr financial reports wont show that much cash on hand. The cash could be as low as $2 mill after 4 holes recently drilled.

Awaiting further announcements to make further assessment.