Ann: Trenching Program Commencing - 64North Project, Alaska, page-5

I would dare say part of the issue is a logistic one as they need to be able to book the drill. I'm also sure Duncan and the team would have drilled it this year if they could.

I am not sure what the weather and access is like at the moment, and what the timeframe is before it becomes impossible this year, but I am sure the decision to delay wasn't theirs.

As for this announcement, I can't see the trenching being a major catalyst unless they can find some unbelievably high grades. I think the best that will come of it is it will confirm that we should drill there, and we should be able to do this quite cheaply because of the good level of access from the year round road, and we wouldn't need to go super deep initially.

My main concerns now are that with the farm in with Oz Minerals for Wollogorang, and the drilling for Pogo delayed until next year, we don't really have any major catalysts for the share price in the near term. We will need a raise at some stage, and it will likely be at a lower share price than we all would have wanted.

Apart from drilling out Benmara and keeping the lights on, it will likely been a quiet 6 months unless Oz Minerals get to work straight away.

As far as I am aware, the company doesn't really have anything else in the pipeline that could help raise the price for the raise.