spp extended to 7 feb, page-34

Haven`t been told whether the recently-announced gold drill timetable (which should be starting) is now on hold pending this re-structuring but we know that there will only be around 2bn - and not 5bn - shares in the NEWCO gold Company. The question is how much drill money will be allocated to it from the funds being raised from the SPP and LCY. It should sensibly be enough to prove up Trouser Legs and Coffey Bore and to drill the first targets at Whiteheads.

Think that HAW`s 70% of Trouser Legs and 80/100% of Coffey Bore should have NPVs of $20m (or 1 cent per NEWCO share) apiece and the prospectivity at Whiteheads and beyond (Edjudina,Deep South and multiple targets elsewhere) must be worth something so for me this makes SPP subscription worthwhile on its`own. As I understand it any HAW on-market buyers now will also get the benefit of this gold spin-off.