depth & trades nov 11, page-25

In my opinion guys Sipa is very unpredictable, when they first pegged the Thaduna tenemants they were going to establish a resource from the existing mines. Then the focus changed completely. Then when they found Enigma they were going to focus on establishing a secondary resource, the focus switched again to locating the primary. Geophysics were then used which didnt work. Now we have gone back to the Geophysics again.

This is Sipa at its iterative best, and this one of reasons why investors are not particularly attracted to the company. There is simply no clear and structured approach from start to end. The fact we havent heard anything for three weeks simply tells me that they have not made up their minds about whats next. I actually wouldn't be surprised if they started drilling next week, either would I be surprised if they started drilling again next year. Could they be also weighing up a major offer for Enigma as majors are evalulating Thaduna as a whole?

Which ever way things are being done it doesn't change the huge potential of enigma. Unfortunately it just looks like we're going to wander in the wilderness a bit more rather than take the direct route to the promised land

AGM presentation could read something like 'all set for major discovery 2014'

IMHO

GV