considering buying, page-3

Hi Sommerville,

Today I read an interesting article on Highgrade.net a subscription based mining news website. The following points I found very interesting:

-Bullabulling has an inferred 41.5 million tonnes grading 1.48gpt for 1.98 million ounces to 120m depth

-drilling to be undertaken to about 200m as Auzex seeks to confirm its belief that the mineralisation continues to depth and at increased grade.

- current base case is for a development of a 3Mt processing operation producing in the order of 125,000 ounces per annum

-the inferred 41.5Mt resource has been calculated at a conservative 0.7gpt cut-off

- John Lawton has indicated a 0.4gpt or 0.5gpt cut-off was more realistic and likely, at which point, resources jump to 3Moz and 2.6Moz, respectively

-Based on historic drilling and further success, Lawton can envisage a 3km-long pit, 700m wide and 200m deep

- Auzex has an enterprise value per resource ounce of $A30/oz versus the sector average of about $A150/oz

This last point is the most important.