3.5bt to 5bt resource, page-51

Mitis,

I am holding a large number of PDYOB's some of which I have had since they were issued as a carry over from GPN oppies that expired in 2008. Originally bought the GPNOA's at an average of 0.0015 and paid an additional 0.0025 for the new ones. Topped up pretty heavily in late 2008 and early 2009 so still in profit based on current price.

Have been buying the heads to cover them should I need to convert but am pretty confident I will be able to sell prior to expiry. If the ords run early in the new year and the oppies lag then I may sell some heads and use profit to covert.

As some have said the leaverage should the ords jump by 200% is huge at around 7-8 times current prices but you need to keep in mind the relative short term until expiring (31 May 2011).