ann: response to asx aware letter, page-88

HappyCats I notice your sentiment is set to "sell", meaning that it's not quite 50/50 for you; reckon you'll jump out and watch this unfold from the sidelines? I was also pondering this again last night. I must say the amount of suspicion and mistrust permeating the air did not leave me feeling totally at ease.

Following the conspiracy theory all the way down to it's roots, the key concern seems that it's not plausible they could have missed the silver visually, correct? But the problem here is that, to grant this is to then have to square it with the fact that they withheld good news at a time when they desperately needed to release it. This would have been exactly when their gold drills were not showing the goods and the anticipatory run up to results was turning into a nasty spike. Clearly, good news about a silver hit back then would have provided the welcome de-risk on the nuggety gold story to shore up the SP in the 40c range.

But no, we are now floating the theory that they withheld this data and watched their SP, and the market's interest in them as a repository for investment money, go down the toilet to an unknown bottom. Is this really likely? Can the suggestion that they knew all along plausibly stand in the face of the fact that the withholding of positive news would (and did) decimate the SP and the market's willingness - punters and insto investors alike - to support their nuggety gold story?

And, if the new investor, whoever it is, is a mate and is somehow involved in some inside job, then Mr. X could have been quietly hoovering up stock since last year at prices much lower than 25c. The evidence is that he hasn't been. There wasn't even a gap-up in the two days prior to the first trading halt...no sign of a leak at all. I think we can at least infer then that whoever the new investor is, prior to the Ann on the 8th of May he wasn't interested in throwing capital into OGX. Therefore, I conclude that whoever it is has made a very quick decision and it is a strategic (if ballsy) move.

Now, this doesn't have to mean that the next assays from Cascavel are guaranteed to be good, because I can accept that the investor is taking a calculated risk just like the rest of us. But, MP must have said enough behind closed doors or on the blower to have our new investor feeling sufficiently bullish that the other holes will show supporting grades.

If MP is shafting us on this hole, then he is also shafting his new investor, and if so he won't be able to show his face anywhere near the ASX again. This better be his retirement sting if such is the case.