Ann: Change in substantial holding for NAE, page-63

Sadly, the spike in SP for all conglomerate players which has always been just around the corner will probably will never eventuate. Hennigh has shown that progressing conglomerate gold is difficult and that its clearly impossible to know if you have something economic until you actually mine it. Results in one location cannot be extrapolated anywhere else despite the wishfull thinking of many....gold might be widespread in lots of locations but obviously varies in richness enormously. After 18 months noone has found anything that can be confirmed to be even one tenth a good as Purdys/comet well.

Simply put the market might have been irational when it though there was 10-50 metres of conglomerate all containing 20+ g/ tonne, but it wont be when news is confirmed that there are thin layers of very variable gold bearing strata which might be located after exhaustive searching, and until mined, will not be known to be economic. Such ground wont be explored unless it can be bought cheaply.

Reality check needed for some devotees.