$7m mc, $5m cash, $20m jv, 49% ni, new board, page-125

There's nothing really to say until more results come in.

Speculatively speaking......

I will say that the CR equated to an approx 40m new shares at 0.080 for share cap of around 112m. If one was to take off Mango Bay's holdings from that, then we are left with around 27m distributed shares from the underwriting.

The shares have had a history of being tightly held by investors, most who had and are underwater. These have been left in the bottom drawer against better days. One doesn't buy into small exploration companies expecting immediate results.

The main seller since the change of Management in 2010/11 when Tambanis (aka Tinpage) left and was bought out of his Royalty. It appears he (Tinpage) continued to sell over time down to around 0.060 I'm thinking that he must be all but done in the recent share volume along with a fair portion of the above distributed shares. I base that on that we have not seen any substantial holder notices. I'm surprised we have actual seen the amount of volume that we have seen, even of that takes into account those that made a quick buck.

We are around half way through the Vale farm in and that is excellent for us. For them it is a drop in the ocean expenditure wise, so we may even see an eventual extension or renewal of the farm in. But that its a fair way down the track and not of immediate concern. In the mean time prosecution of Gold/Copper targets continue.

GMX has 100% of Keveri (Veri Veri) and it's exploration continues to advance with increasingly located shears of high quality Nickel, which has been the main focus of new entrants to GMX. Hopefully we may get some interim trenching results, but as previously stated this will probably be cognizant of the labs ability to process.

Otherwise the next update should be in the Quarterly Activities report due out at the end of the month.

As what strauss stated, this find may eventually make MEU's look small, it is certainly of far higher quality at comparative stage level.

Whether in for the short term trades or medium/long term, this SP and higher IMO is sub subbasement entry level.