"Matt referred to the Woods Point area as Central Victoria?"I...

"Matt referred to the Woods Point area as Central Victoria?"

I missed that, but you are right its more like Gippslands.

"Said he doesn’t subscribe to “nearology” but refers to Fosterville as a neighbour. 300kms away!"

Well technically, they own the all the exploration ground in that gold region and the nearest neighbour with exploration ground is Fosterville, isn't it?

"Talks of an 800 metre deep shaft - only top 300 metres accessible."

It is still an 800 metre deep shaft though, and the rest is accessible if dewatered right?

"The whole deal is subject to DD, shareholder approval, independent expert advice so still someway off."

I think it concludes around the time when AUL reports its quarterly, which will be cash flow positive IMO.

"My question remains - if the prospects were so rosy when he was on the board .......?"

He mentioned that the company was grossly undervalued at $15m, which I agree with him on, as well as the institutional investors that came on board in the last cap raising. They have just undertaken a recent regional exploration program, perhaps what he has seen looks promising but to early to speculate on?