Ann: High-grade, near surface gold at Target 17, Cue, page-27

I hope so too mate. It's just a theory, but the gold always comes from somewhere and as long as it's not heavily faulted (i.e. it's moved and hard to find the depth extensions) and it had some geological controls (so it's not just smeared as a low grade halo) it's probably there. The nearby mines are all nice and big, and it's an area famed for good quality discoveries.

I would have hoped that the recent resource would have been larger - I'm wondering if they used a too high cut-off. That's a battle between the geology team and normally the corporate development / strategy guy/team. In the current environment, people seem to be attracted to ounces and based on the ambivalence to the grade in the recent intersections, grade seems to be less of an issue than the possible size. Saying you have 1 million ounces seems to cut-through more at the moment than 500,000 ounces at twice the grade. I'm wondering if the cut-off grade used also reflected on site processing or toll treatment. There's lots to ponder here and I'm hoping they maybe release some different cut-off grade Resources to let the market chew over the options (toll or process).

This team is pretty conservative. It's a two edged sword. Results over the longer term are more reliable (and so bankable), but the company can be starved of cash (not an issue here) or its share price wallows. I've heard Rob talk a number of times (I'd like to see him be a little more energetic about the results - channel a little more Laurie Lawrence and jump in the pool clothed at the next Diggers & Dealers, but he's a solid performer) and I have followed some of his prior roles with my investments. That gives me confidence as he's an 'A' grade player in this junior end of the market and I don't think he'd be keen to waste 10 years on something he doesn't think will pay off well. That's one of my investment screens at this scale - who is involved - it's not that there's inside knowledge they have, but they do tend to see more good deals and they tend to have a good crew around them which helps enormously especially in this case where a more junior team did the initial exploration with limited success and MGV has come in with more experience and re-interpreted the results and look to have a vastly better handle on the geological model (where to drill).

I wasn't a fan about the involvement of some of the Perth bucket shops that churn investors (how else do they earn their brokerage) last year. That kept a cap on the share price until early this year. I am not much help with what the algorithms are doing. There are some big cats sniffing around this (EVN are around with their JV) which can be positive in terms of keeping some share price tension when the price falls on external factors (e.g. gold price). Like you, I hope that any corporate activity is at a much higher price as I think there is probably a big bloody monster down there somewhere and we'll be talking about the MGV iceberg for years to come if MGV snags it.