Hi Auriga Highly doubtful of much more downside from here, a...

Hi Auriga

Highly doubtful of much more downside from here, a good bottom seemed to of formed around the low 50c level. Also yesterdays announcment is very significant and shows the strength of the ovoot deposit and the company, i would expect this years infill drilling to be on par with current results as the same seams and areas have been targeted.

Which puts our deposit as possibly the best quality coking coal in mongolia and looking at the current yeild results i would imply we are also on track to be one the most effecient producers as well. The Buying on Friday also suggests to me that a fund or institution is buying i dont know anyone prepared to through 500k orders around in these market conditions. Who ever is buying is holding the price at 56c happened at least four or five times on friday. With several very large orders moving into the ques and on the close.

The determining price factor will be the seller feeding out shares, tax selling and the buyers resiliance. Just my opinion anyway, Gl to all holders

GB