director buying on market, page-23

Mr47

Well, TTC is pretty much right. I'm interested but not holding, and I work nearby, so I know the area. I think that Liberty-Indee is very interesting, from a geology point of view, and it'll be interesting to see how they go. So watch and wait...and work hard enough for my cash at the moment to take punts. Its a brutal market and its forced me to bunker down and consider my punts a lot more. So far, no resource company really blows my skirts up more than some of the small financials yet. Times will change, but for now, watch and wait.

As far as it goes, I'd say JUT would be paying AUD$140 a metre for their RC after costs, maybe a bit more. They were doing 200m holes, and knowing their driller and the rates they charge, you're looking at a fair whack for drilling past 150m.

They'll have paid up to $220 per metre for their diamond holes. A small program like that, they'll have copped a fair bit on a per metre basis just from mobilisation of the rig to and from site. Working nearby, we're lucky in this regard because we tend to do 5km campaigns at a time and do resource drill-outs.

However, as far as it goes, I think they've done the right thing in drilling diamond into this thing early on. The extra information a skilled geologist can pull from core versus chips is worth the extra $60 a metre. The sooner you drill a diamond hole into a deposit the sooner you can get a handle on the geology and structures and start predicting where to drill next and up the success rate.