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Frustrating that HAW has never defined an economic gold resource even where - e.g. at Anglo-Saxon- this has been possible. So pleased to see that by the next quarterly they should have 80% of what will be a valuable JORC resource at Coffey Bore (even if nothing further is found to the south,along strike or below) and 40% of a JORC IO resource at Mt.Bevan. Now that will represent real progress-to those of us in for longer than the day trade anyway.

There is method in the seeming madness of never stopping to prove up a promising find and always moving on to drill elsewhere where there is also high confidence in the near-surface prospectivity of the acreage and an intention to eventually sell it on as a package to a single party- guessing Saracen.

Say this because they have prioritised drilling at Deep South- the one deeper prospect where there is no realistic chance of them ever being able to go beyond exploration and where the stand-out special purchaser is Saracen-their near neighbour in more than one locality elsewhere. The results next due from Deep South may be significant- not taken in isolation as HAW exploration results but rather in relation to how much they may enhance HAW`s value to Saracen.

The other positive consequence has been to de-risk the Company through diversification as the report clearly highlights:

' 5 advanced gold projects ',...'each with near-term (Company`s bold emphasis) potential to generate economic mineable gold resources '. Don`t know if this seems to you as much like a sales brochure as a quarterly report but to be fair it is a pretty decent little package. Of these Coffey Bore and Trouser Legs look bankers and you can sense the Company`s anticipation after EDC006 at Edjudina in the context of Paget`s historical estimate of the high-grade remnants and the fact that the ground is 100% HAW. Results from west of Lindsays (drilling May) and from the offset porphyry (continuation) south of Coffey Bore (drilling May/June) have big upside potential on their own.Good- did mention the Iron Ore.

As a long-term holder intending to hold for a while longer everything is pointing in the right direction and totally relaxed as to what the market does or does not make of this release.