a little calm, page-16

Petey and Chuk

Both very good comments.

Dilution is not necessarily a dirty word. One needs to look at the whole picture and we, as shareholders, do not have that view. We need to wait six months and see what the 30,000m of drilling turns up to decide whether the CR has been a worthwhile exercise or not.

The only negative i took from the presentation last night was that DH was backing away from the latest estimated timing of the ML (which I hope has not been due to unforeseen issue(s) arising). The point has been raised that without a ML there is no next production stage, self-funded or not. If the Board's thinking was that we may possibly be waiting several months for the ML then, rather than sit around like lame ducks with no newsflow and a diminishing cash holding, we may as well do something positive and build some (hopefully) awesome open-pittable gold resources/reserves.

I can understand DH's current reluctance to estimate the ML timing after, in his own words, "having been wrong several times already". With the benefit of hindsight, perhaps the mistake(s) was to have done so in the past? I have always treated forecasts for timelines re govt approvals (for any company) with a fair bit of skepticism ...

here's to hoping for some awesome exploration results and the issue of the ML in the coming months ...