are they fro real, page-31

If the IO was worth anything he would have sold a stake in it, after all ADY are getting the other 40% in Feb. No point talking about dreamtime IO production figures, PT has been talking up IO production for years and they still can't get cash flow positive.

Anyway, my only strong view is that Rincon is such an unusal and potentially valuable asset that it should have gone to public tender as such to assure holders the best possible price was achieved. ADY would have spent more that $36M AUD on Rincon to date and despite the state of the market would have got a lot more. Even selling 50% to another stakeholder would have raise more IMO.

The disgrace is that it was sold for just enough to cover costs and next few months working capital while being set up in a new clean company for "others" to make a motsa out of when it IPO's in a year or two time.

If you are happy with that as a shareholder thats cool, keep your shares and watch for the IPO with a light heart. Personally think the share price will tank as a large part of the 1.3B shareholder base heads off for greener pasture and ADY battles away with one of the highest cost, stranded deposits going around (certainly the new hard rock pits will be subsantailly higher cost than the current detrital deposit).

goodluck