Yes Hatey its very interesting to watch all this play out. We...

Yes Hatey its very interesting to watch all this play out. We Russians are better known for our chess skills than geology and that is certainly the case with me.

I believe its worth considering at all times not just what is happening but why is it happening and why is it happening in that order.

As management of a new company there are many tasks, expectations, and responsibilities to consider.

How do I get this business from a fledgling to a running mine with maximum value returned/retained for shareholders?

We had exceptional drill data available for Ternera which came with the lease. Ternera is like shooting fish in a barrel, and there were/are fish that had to be shot. Meaning we have to progress in the manner that we have, there are contractual obligations to get an MRE up and a scoping study as part of the deal with the past owners.

Getting numbers and a jorc and all the other things on Ternera will tick the boxes that need ticking. It will also be the sensible thing to do first, for example anyone painting a house knows you don't do a bit in this room then a bit in that then maybe go back to the first room or do an easy bit in another room. For things to be efficient they have to be sequential.

So we are going hard on Ternera to get the numbers we need to get and to get/keep our share price at a price where we don't/didnt dilute unnecessarily if raising cash.

Two left field things to consider are Im certain we hope to buy the original owner totally out (well excluding whatever shareholding they have and choose to keep).

I would certainly like to have 100 percent ownership.

The other thing to consider is the bonus structure. I think Zeff and co would want to hit their resource targets as early as possible. Firstly for the good of the company.

At these targets of from memory around 500,000 ounces or 1m ounces or 2m ounces (I might be out by a 1m or so ounces ha ha!) the boys get issued a truckload of bonus shares. Its basically a reward/incentive for putting the deal together in the first place and then proving it was a great deal.

I think they would like to get this over and done with too because everyone will be more happy to issue them their truckload of shares when our share price is lower i.e. earlier is our companies development. Its human nature we are happy to see them rewarded but not too well rewarded! ha ha!. If our share price were a dollar when the bonus shares are issued there would be complaints they are going to be extreme multi millionaires. Some shareholders would despite their own newfound wealth be dark that the boys were making too much.

The first thing shareholders do when bonus shares are issued to directors is calculate how much that is worth in cash at that moment.

If they see directors get shares worth 1m or a bit more they won't sook too much.

Anyway that is all down the track but not too far. The MRE will be with us before we know it.

I do hope we get a drill or two into the other zones though sooner than later.

Its the uncharted territory that gets me really excited even though the known ground like Ternera is company making on its own.