I don't anything much can be read into the ANZ report. Something...

I don't anything much can be read into the ANZ report. Something similar was publicised two months ago and I suspect ANZ is just talking its own book eg. "ANZ is currently housebanker to over 40% of the ASX 300 listed resources companies".

Salty, I didn't answer your question about where I got the BFS update information from because I wanted to see how many posters were on the GIP mailing list and / or bothering to check what is provided. For dual listed companies, it can be worth paying attention to information which appears between the time of closing of one market and opening of another (GIP's web site update was publicised to shareholders as London closed. The ASX trading halt followed. GIP had given a rough indication of the updated IRR numbers some weeks before). I was also trying to continue to keep my posts to a minimum and was feeling some long winded replies on my part in recent times, including to you, had not been worth the effort, never mind that you've sold your holdings anyway. Specifically, the BFS information came from GIP's web site www.gippslandltd.com.au/p_abudabbab.asp# . Yes there is a spelling mistake on that page. Yes, the BFS only applies to the first mine, not the bigger one down the road or the nine ex-mines that may be spun off. Yes the feldspar component is likely to double the value / return of the first mine's BFS.

For those who find spelling mistakes of such great importance, perhaps the following may be of interest. Try reading it at normal reading pace and it should make perfect sense.

"I cdnuolt blveiee taht I cluod aulaclty uesdnatnrd waht I was .... rdganieg. The phaonmneal pweor of the hmuan mnid Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer inwaht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can sitll raed it wouthit a porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe. Amzanig huh? yaeh and I awlyas thought slpeling was ipmorantt!"

Siameseparrot ignored my PDN comparative valuation comments and rights-to-mine questions and started a separate thread, simply to make the claim that GIP had written "billion" in an ASX announcement, instead of "million" ... no evidence of which could be found by me after checking AIM, GIP's web site, a half dozen brokers, Tradingroom, the ASX etc. Add in things like a thread started a few weeks ago telling "GIP buyers only" to buy a different stock and one wonders what the agenda of some people is. Working back through the threads on PDN etc from last year, some of SP's comments are more quite interesting. Of note was a claim about an insider telling him that PDN was about to go up late last year. I remain intrigued by a comment in a GIP thread some months back, to paraphrase, re. SP saying he could say something about what was going on here with the put downs etc but shouldn't.

KG, sorry to be seem ambiguous in a former post re. a phone call, but I was uncomfortable writing any more and still don't fully understand the full reason for the call and what was said.

As far as TAA's latest claims re. SGW, one is entitled to be sceptical. As the ANZ article said the other day, perhaps 30 companies are interested in SGW's assets in some form, never mind that TAA's financial position and follow up regarding most previous juicy news items is quite poor. Cabot also claimed last September they effectively had a mortgage over the assets. Anyway, someone will get them next year, but as Jack Telford was quoted by Reuters recently as saying "Australia's dominance will decrease -- there are increasing costs and falling grades".

All things considered, the apparent lack of trading interest in GIP is a little surprising to me at the moment. Unlike the EIS (which has been an under publicised show stopper for so many companies), I never placed much store on the BFS, in part because I had reason to believe the scoping study was quite good and the Egyptians obviously supported the project so strongly (unlike CNT's). Thus the lack of reaction to the BFS (II) release is not an issue for me (most others expected a run up of sorts). Tastarga has claimed he wouldn't expect much reaction to the announcement of finance either and we all know how little reaction there was earlier in the year to the announcements about the tax free project status, granting of nine ex-mines (with a potential spin off to benefit GIP and its shareholders) and new goodies relating to the other tantalum / feldspar mine down the road. (As previously stated, I DID expect a more positive reaction to the all important contract announcements, but got that wrong.) What currently puzzles me a little is that the mineral resources sector and relevant commodities have been picking up again at the forefront of what is normally the strongest part of the year for penny dreadful type stocks and as such, I would have thought GIP would have gotten a little more interest, especially given some of the rubbish that has been moving strongly with highly doubtful claims and long lead times. Ironically, a few weeks ago, I was talking to a full service broker I have known as a friend for many years and he said that I was "onto a good one", yet almost in the same breath suggested buying another penny dreadful. One wonders.

For those interested in background issues, the Egyptian stock market continues to boom http://finance.yahoo.com/q/bc?s=^CCSI&t=5y&l=off&z=m&q=l&c= and the new Government is hoping to triple investment in the country in the next year or two www.businesstodayegypt.com/article.aspx?ArticleID=2892 . Along with the new "one stop" policy www.businesstodayegypt.com/imageview.aspx?ID=3965 and increasing focus on northern Africa, that is a supportive environment in anyone's terms. Almost anything is China and some other fashionable places has more sovereign and business cycle risk than Egypt IMHO. It's not just stuff like www.gloomboomdoom.com/marketcoms/040901.htm and Marc Faber saying in an email to me that he favours the Middle East.

www.kitco.com/ind/Puplava/nov082004.html is yet another quality effort from the author. The "Finance Cycle" section is certainly interesting and the manipulation comments simply reflect an all too common reality for many new starters. Such is life. www.kitco.com/images/commmentary/Puplava/nov08/nov082004_13.bmp is a quick and dirty guide to timing in a more general sense. On the basis of the overall article, conclusion and specific points about values of companies with known resources etc (GIP got almost all its infill drilling handed to it on a platter for nix), I feel GIP remains unusually undervalued. As things stand, bearing in mind the current climate, progress that has been made and my previous comparisons with GTP's (trees) situation 2-3 years ago, if it doesn't start going up fairly soon, I would be concerned about its trading future (as opposed to its undoubted prospects in the real world). For a number of reasons, I refer specifically to the price of the shares, not the options which the traders favour and which are almost non-existent on AIM.