Ann: Quarterly Activities Report, page-408

Egg, I am one of those boring old farts who uses evidence based principles. Ten cents was around the price of my first Bottletree impressions from earlier drilling results based on structure that Bratty, Mode and I discussed before hole 10. That is aside from the other projects running concurrently. I am mindful, we need the second drilling program for infill for mining guidance, to give more certainty at Bottletree for price evaluation which is the focus of most discussion when it should not be in light of Cockie Creek etc. about to be drilled. Bloody rain in Qld and I am dry at home. Steam Engine IMO should be worth more than the current SPQ price based on current knowledge.

I don't want to set Nuggie off quite yet when he explodes with glee when Cockie Creek takes it to another level. I think Mode has been conservative in his price valuations. This long haul is enabling accumulation from weak hands to vested interests, although they are finding it tough to get volume because SPQ is so well held. I wonder why? I won't speculate on price yet until I know more. Remember, price is not value in a mania phase when the smart money is getting out and waiting for the mine development phase along with intuitions. Many could be free carried in the mania phase and hold a core during an orphan period until production. The hardest thing is to learn to hold for a bigger lick, because you might not get back in. You bet there is a copper shortage going forward which adds a new dimension.