focus on one single large asset, page-19

I finally had a read, end to end, of the quarterly.

Reading in to it, they have painted a fantastic picture of our European presence. We have 3 separate projects, each with confirmed deposits with various grades of copper/silver/zinc/lead. Atleast in Europe, we are setting the ground work to become a major producer of these base metals.

The quarterly confirms further from last weeks announcement, that there is 1.9 million ounces of inferred silver at Monty, which at $30/oz equals out to around $60m of production revenue. Further exploration via ongoing drilling, and aerial electromagnetic surveys will (I say will, confidently), extend Monty's prospects.

Overall our European assets, together, form an amazing potential cash cow for us. There's still a lot of work to get them in to production, and this is going to continue to be a long term holders dream.

Given everything we know to date, further SP growth will come from either a Togo win, or acquisition of a new asset. I would hope that the company is able to acquire an existing production asset, or at least JV with a European partner to generate some revenue. Further news from our existing assets will not likely see large SP movements in my opinion - Bogdan certainly has the potential to shift, but I think the confirmation that we share the kuperscheifer deposit should have made that mark already, so a marginal shareprice increase based on further drilling results could be expected.

I'm hopeful management will pull off something that will truly blow us all away. The announced 2013 activities for our current assets thus far won't be making us millionaires yet, and I'm sticking with a LT hold/buy sentiment based on those alone. Togo/further acquisitions aside. I expect 2014 will see us in the big money for our LT projects.