I had a telephone chat with David Harley and in conjunction with...

I had a telephone chat with David Harley and in conjunction with the Quarterly Report, here are my comments/views:

1) The potential Coburn players are now becomming serious about making realistic offers. The high mineral sands prices are starting to have a real impact in sweetening previously inadequate offers.

2) Debt finance is a realistic option so prospective investors need to compete with this option.

3) I asked whether the Directors would recommend a takeover offer of around $0.45- "No, too low!" was the reply.

4) The economics of Coburn and quailty of product are vastly superior to the Ennaabba mine being re-opened by Iluka.

5) There is plenty of cash to keep the company going in the immediate term while trying to nut out a deal.

6) DH is of the view that GUN is worth somewhere between $0.60 and $0.80.

Patience is a virtue but I feel we will not have to wait much longer for something to happen in getting Coburn up and running. It has taken many trading days to build up my stake in GUN but I feel that it will be a big winner before too long. Things could happen very soon in my opinion.