Ann: 27m at 14 g/t gold in maiden grade control program at M5, page-10

Good infill drilling results, and very necessary.

The market is getting very jittery about junior gold companies spruiking hyperbole, but WAF does not seem to be one of them - thankfully.

Red flags for me now are words like - "sensational hits", "impressive results", "outstanding grades", "fantastic samples" etc... etc... etc...

And all that crap from executives chasing their performance bonuses!

The whole Australian small cap gold industry seems to be full of these hyperbolic spruikers, who essentially, are greedy businessmen rather than dedicated gold explorers and developers.

My red flag went up a couple of times today even, unfortunately for a company I was keen on and following closely, but now I am reassessing any investment in it, and researching the MD.

What I do now when I see hyperbole and exaggeration is look for who put their name to these announcements, read the name of the CEO/MD, then go back and look at the companies they have worked for before, what happened to those companies and what those companies announcements were like. Then I research the professional background of the CEO/MD to see if he has been involved in hyperbole and spruiking in the past, if he has a criminal record or has been in disputes, and how many times the ASX and ASIC have asked for clarifications of announcements he has put his name to - as well as a lot of other things. You just can't do enough due diligence these days, just like you can't do enough infill drilling, in fact you should over-drill and under-estimate, and just try and be honest in your reporting, for better or for worse.

However, many of the CEO/MDs can't do this, because the more they spruik the more performance bonuses they get - it's a sad situation. Look at GCY and DCN and BLK and KIN and many others, the whole sector over the past year is becoming littered with these Liars.

Fortunately, WAF however, seem to be doing the right thing. Take time, report honestly, do plenty of infill drilling, and get things right.

It's looking ok, and as a result and a longer term holder, I don't want to see the stock price rise radically high overnight on hyperbolic language reporting, let's just stay the course and be prudent and honest, keep it low key, and just report the truth - nothing but the truth !!!

Gw