Ann: Phase 2 Drilling Program commences at Bottletree, page-180

I do wonder however, should another 3 months go by and no communication re BT, or SE options study, if you'll still have the same sentiment.

All I know is that the strong indication was given that they were going into a 3-month summertime hibernation until early April (ref the Dec Cash Q). I expect that they were wanting to preserve the newly-raised cash as best they could.

They said that the wet season would likely prevent drilling, but I suspect that they were also buying time. Why do that you might ask! That is the BIG question isn't it!

My thinking, since reading the Dec Cash Q comment, has been that they wanted to maximise a financial return on Steam Engine and needed time to do that. I see them doing a deal with Ravenswood Gold.

As it is now April, I reckon that news on Steam Engine is close.

That is my logic on the matter.

I am hoping for a capital return so as to fill the drilling coffers, plus a long-term royalty plus an off-take agreement in respect of gold found by SPQ on its other tenements.