Ann: Exploration Update Carr Boyd, page-14

Also, CD will be desperate to get as many ESRO's exercised as possible so he doesn't need a CR in the near future

The only way he can guarantees that exercise is to get the SP well above 5c

No one I know would pay 5c to exercise if the SP was only sitting at 6 because that price gap doesn't give you the confidence that the SP is sustainable. Having the SP at 10-15c does provide that confidence factor & obviously the higher, the more confident you get

My average price is a bit over 1c because I picked up a truck load at .001 when they were first issued & then heaps more between .002 & .005. On the negative side, I did pay 10c for 350,000