email to btv, page-15

re: relax.. Excelsior

Everything you say is spot on. Perhaps the only thing which I think Management should have done better, was to explain to the shareholders why they put the uranium drilling on hold. There was some money raised for that purpose, which ultimately went into furthering Gullewa/Deflector. Clearly, they saw this as more important work. They are responsible for keeping the company afloat, which does not necessarily mean keeping the share price up. No point in having a great share price, if the company's projects are floundering, because it would only be a matter of time before the share price reflected that sort of short term mismanagement.

They found a way to do the u drilling via a capital raising in Thor, which has a well advanced and very robust tungsten project. DFS in October!! In time, and upon reflection, I am pretty confident that owning 12% of Thor will be a lot more advantageous than having spent the funds on some u drilling, and not being able to complete the gold project. (Short term traders will disagree of course, but that's the risk of their game)

Whether they actually mine the gold or not is probably irrelevant. Once they have a BFS, they could easily sell/market the project. This level of advancement gives them choices. It is just plain intelligent management. I do understand that they are very keen on going into production. Given the nature of the deposit, my further understanding is that first year of production would likely produce some very good results....open pit, and stockpiles of high grade copper.

The share price is a disaster, but i would rather that, than the company to have wasted its opportunity to get Gullewa away.

I am keen to hear what is said about the iron ore deposit at the Gold Coast seminar today, should anyone be in attendance. I have an inkling that this could be rather exciting, and maybe what gets the share price cracking again, in concert with the BFS on Deflector.