Ann: December Quarter 2009 Activities and Cash Fl, page-23

re: Ann: December Quarter 2009 Activities and... Bloodred,

I suspect most of the development spend is going into BH, (maybe a little into Phuthep). You just don't spend USD 19 mm in a quarter on a project before FID unless you are very enthusiastic about it.

Probably time we had a FIRST GOLD competition.

I can't see us going an acquisition any time soon, I think our management have their hands full. I guess there's some imperative to try to get BH well advanced ahead of Phuthep, so that they can role some of the key people/skills across.

Might need some finance for Phuthep, esp if a new Lao copper project were to follow, but my bet is there will be no groveling to Western loan sharks, GRAM will help arrange any finance imho.

EL