not a dog, unless it's a greyhound, page-6

My first post on UML and I am with you on this one Mike. I hold many goldies and this one has been my biggest disappointment. Simply cannot believe the sad story of Bendigo and the 500,000 pa production target based on no JORC reserves despite the difficulty of measuring quartz veining. In hindsight it was truly pie-in-the sky stuff but this was once a prolific goldfield.

Having said that management was replaced and has diversified away from Bendigo and has been patiently looking for the right opportunities. Whilst the BCD issue could have been handled much better and the 1st quarter results lost the confidence of the market, Henty has already proved to be a good acquisition at a great price and the Goldstone investment looks extremely atractive when you investigate the ground they have and where they are going. Luckily I have considerably scaled down my exposure here but this is now very undervalued and will continue to hold as things are moving in the right direction albeit not as quickly as one would like. Patience is required.