time to go ron - now, page-17

Morning Bailes,

(a) If I recall correctly, the Italiana holes were drilled in 2004. Both BYR and PRU have referred to them. BYR said that their drilling validates the Italiana results (10/5), but I (and it seems the market) disagree. The Italiana grades are significantly higher than that of BYR's. Perhaps some artefact of depth and orientation of drilling and geology can explain the discrepency, but I doubt it. The results from the individual splits of BYR's drilling would answer that. BYR should release them. But, whatever, it remains unexplained and BYR's results are more definitive of the true grade and depth of the orebody.

(b) Yes, the results sent the SP diving. Simply because expectations were not met, and there were premiums in price because of those expectations (although a lot of premium had already gone in the lead-up). A negative market at the time and the overhang of options doesn't help either.

I dumped my whole bundle at the auction post announcement, which along with other sellers immediately shaved 4c off the bid side and started the precipice. Sorry, but the market is dog eat dog world. Price has had a couple of stabilisations and "dead-cat" bounces up until now. The much anticipated recovery because of over-reaction has yet to happen. Bounce traders also took, or are sitting on a loss. IMO, the options are currently a dead weight on the stock, but once they are paid for their effect will be gone.


Morning Welkin

Cut and Paste not working but refer to Technical Note 3, last page, announcement 10/5.


Now off to the beach.