buyback stopped, page-37

Mx

Yes OZL is sliding towards its book value, of course it may not get that low but i tend to feel it may test recent lows under 9.00.

I would possibly pay more than book as the NTA value excludes any value for Carapateena which is sitting on the bs as intangibles. Whilst this is correct from an accounting point of view i feel it understates the value.

Need to do more work on cash flow projections as well as deciding the degree of likihood of extending PH's mine life.

Nothing wrong with PNA either - will consider it as an option as well.