Ann: Quarterly Activities Report, page-11

morning,

on a no risk CR

in fact -- if I was running the show and I got some decent results (please lord) - and, the SP had a solid run on those results for more than a few days - AND, the markets felt ok - not wobbly and not in a cold sweat --

well -- I would do a CR

do it when you have cash - do it when you have some great news -- then, with a very nice fat piggy bank -

drill the bejesus out of whatever it is that you found.


I have seen explorer after explorer over the years who have stuffed up great projects by either theft or mismanagement or lack of cash when it counts.

The vast majority of them basically never get serious and just stagger from board meeting to board meeting taking director fees along the way.

These guys do have some promising ground -- possibly and probably not Tier 1 stuff - but, very good chance of some lovely small fish deposits shallow enough to be very economical if done right -- but, as with all exploration - you have to fund it.

It's a funny thing with market punters -- they just don't like CR's -- but, in fact - it's CR's that are the whole reason for the stock market in the first place -

so, we should really welcome them -- done well, at the right time -- and for the right reasons.


If you have the ground ---------- use it. That's my take.

I have no idea what these guys are like as I am in this only for a short punt - using the existing cash, very low MC and coming results - which have a good chance IMO

If we get a hit - then I will take the money off the table and have a close look at the results and internal players -

hopefully a good week coming - have a great weekend all

Pinto