Ann: Mt Thirsty Geological Review, page-5

Extremely entertaining and interesting.

The Mt Thirsty JV has been subject to so much speculation and hope, with so little progress to date. I bought in to Barra before it rebadged as GSR mainly on the strength of their gold prospects at Burbanks, which always looked excellent. There was a brief flurry of excitement regarding the Mt Thirsty Cobalt JV ahead of the Mt T feasibility study, then mostly silence....

After a long period of exploration at Burbanks, but not a lot of action, the JV mine there is now in production and GSR looks like they are a good chance of being a successful gold producer.

Meanwhile, the Cobalt and Ni prices have been booming and Mt Thirsty has looked more and more viable as a result. Interesting to see a revised NPV figure of $712m in today's announcement. And now the GAL drill results right next door tell us we have a "Nearology" potential for PGE's.

I still think gold is the main game for GSR, but I must admit that Mt Thirsty is looking better and better....

Cheers

Dave