annual report posted after close

I am peeing my pants in keen anticipation :)

Unusual treatment of unlisted options as once-off losses for this year tho (?) Bit creative for me haha.

Bottom line is we have mucho advanced projects and plenty of cash and stacks of real work all lined up short and medium term to keep us peeing in our pants for quite a while methinks.

LOVELY Skaergaard numbers presented on a platter for all who care to see ....... FIFTY MILLION OUNCES GOLD + PGMS INFERRED RESOURCE thus far according to Canadian compliance ........ 20,000 m of drilling already done in the past and scoping study now in progress with new diamond drilling coming next year. Special team assigned for this project. Need to also see the Vanadium/Titanium credits contribution to paydirt value for complete pix.

Skaergaard certainly don't sound like no fairytale to me praise Santa haha. 1 billion buck capex project likely with distinct gold and pgms zones defined. All we need is a JV partner to put up the whole capex for 50% ala CMR and hey presto, 1 billion buck market cap for staters hey (?)

Thats the 2009+ mega-wealth creation kicker for mine and smack bang into a precious metals boomwave if u believe the gurus. And we already have a JV with Barrick elsewhere, so no doubt they are all too aware of this mega-project. Expect some horse-trading anytime from now, tho reckon we would be better suited to update figures first solo and deal from the higher ground. In progress.

But what about right now?

Munni Munni is at JORC status with half in the measured category already. 24 mill tonnes @ abt AUD 150 / t paydirt IGV (?) by my back of envelope. 3.6 billion IGV ? U can check my figures cos Im half asleep atm haha. Looks like we will get a significant resource upgrade so eager to see new drill data inclusions and some metallurgical recovery numbers. Hmmm, might have to upgrade my opinion of MM.

Polar Bear ....... nothing short of SENSATIONAL Ruthenium & Rhodium fractions in the pgms mix at surface sampling and at USD 6000/oz spot for each, that means BIG BUCKS if the bedrock drilling confirms ratio repetition and continuity at "grade". On the edge of my seat for the drill results awaited. Certainly have to upgrade my opinion of this JV with Barrick !

Fifield ...... "alluvial" means gravity separation? I originally came up with 2 buck / share fair value on a 20,000 ozs pa / 8 year resource operation here alone. Need upgrades and JORC and some capex indications but on first pass, could be a NICE money spinner near term.

LOTSA other speccy stuff as well ....... Mt Venn, stuff of Olympian dreams; Namibia pgms - no feel for it atm; Qld Uranium - ditto ....... tho certain we will hear plenty of intersting stuff outa these in due course.

CALL TO SERIOUS GOLD & PGMS ENTHUSIASTS ....... what we have hear bros is :

MEGA resource bases @advanced stages courtesy of others' past and significant expenditures;

+ plenty of cash to create some decent early impact;

+ team of Olympians at the bridge;

+ increasing team of Olympians at the oars below;

+ RIDICULOUSLY CHEAP MARKET CAP relative to IGV ...... some AUD 5 bucks an OUNCE IGV on the 6 mill ozs GOLD ONLY core in Skaergaard alone or from another viewpoint, abt 1.5 OUNCES PRECIOUS METALS PER SHARE IGV ....... the mind boggles !!!

U really have to do some personal research on the Galahad PLC website and on their early scoping study conclusions at POG 480 back in 2004. They even cited an estimated opex figure for a 600,000 ozs pa / 10 year GOLD starter project then. From what I have seen there and likely extrapolations to current numbers, I dont see any fairytale here bros. Only thing I can say at this stage is THANK YOU SANTA for what is likely to be plenty of joyful Xmases ahead in the cited evolving precious metals boomwave.

Nice to see it all in print in one report to set the battlelines. Only prob is, I dont yet have ENOUGH of these little beauties. Wonder if someone will be generous enough to "sell the fact" to me tomorrow haha.

How close are those PB drill results?

All personal back of envelope the way I usually view thru the cosmic smoke ....... got a good strike rate with numbers tho. Got a gut-feel PGM is gonna turn out something real special in the foreseeable horizon and exactly what the doctor ordered for a Kondratieff resources superboom into his y2104 call. Thats 8 increasingly happy Xmases to look forward to in my book.

And to think NO local guru has PGM in their GOLD list thus far ...... or anything else. Wonder how many brothers outside the register and HC are even aware of the Ice Queens existence ? Watch this space I say haha.

All above is very personal and in my increasingly biased opinion Aphrodite be praised. Technos look primed for mine.

IMBOOC