the next six months, page-9

o_q,

Fair comments.

On Birds Head and Sumba, I have to agree with PP. They need to sink at least a few dd holes into the thing before they can realise any value here. Hit mineable grades and intersection of copper, and it is a company-making find. Sell before then, and what do we get for our trouble? Not much more than what we paid for it. Given we have waited this long, I want to find out what is at Bird's Head.

I don't want to be diluted any more than the next guy, especially at low prices. I would have preferred they sold Kanmantoo some time ago to those who have the money and the size to better manage the risks of mining. But, we are where we are. Cash is tight and they have hit a speedbump. And if more cash is needed then we can bury our heads in the sand or we can raise the money (sooner rather than later)) and move forward.

Just at the moment, the market isn't excited about HGO. No exploration until 2nd quarter next year (if then), no positive cashflow until then either probably.

HGO is looking like a long haul still, unfortunately. Their committment to become a miner may pay off in the long run. But in the short term, it looks like raise extra capital or limp along with no exploration to excite the market. I am not thrilled at either prospect...

Yaq