Ann: Annual Report to Shareholders, page-2

Rox hasn't found a high-grade deposit equivalent to SPX at Penny West and of course, the market loves spectacular results and is disappointed. You can see the drill holes and imagine the frustration, at Commonwealth 2m at 23.7g/t au, 3 m at 4g/t but that's out of 8 drill holes. But slowly and surely a substantial jorc is being built. 12 m at 12.7g/t and similar is impressive at Younami South with a lot more drill holes planned there. The Plant area of lower grade feedstock gold is very consistent with most holes showing gold and looking at the planned drilling is to be greatly expanded. And there is the 'wildcat' drilling, single planned drill holes nowhere near any previous drilling, each one a potential company maker. RXL has a lot of ground to explore. The company is doing a great job and drilling faster than I thought possible. It's clever drilling too. So a disappointed market (down 8% today) but RXL will announce a substantial jorc by Xmas that will surprise on the upside imo.