Granted the share price has substantially increased but my...

Granted the share price has substantially increased but my opinion remains the same. Look at the recent perform. shares granted and volume of late then compare and contrast with others in the sector. IMO, it is likely that changes is sub holding will occur soon enough.

Why should retailers buy at 23c?

They've just raised $2m odd at 11c a few days ago. Check back through the GLX announcements in 07/08 and compare and contrast - luck to those trading her but I don't like the formula and never will.

You've got approx $2.5m in cash or thereabouts. Check the market valuation.

Then you have the perform. shares:

25 million ordinary shares to be issued upon the independent delineation and estimation of 100 Mt of coal resources that can be reported in accordance with the JORC Code (“Class A Performance Shares”). Completed.

Next:

25 million ordinary shares to be issued upon the independent delineation and estimation of 250 Mt of coal resources that can be reported in accordance with the JORC Code (“Class B Performance Shares”). Completed.

Without touching a drill, they rec'd an initial coal resource of 339.2mt and 50m shares.

I just do not like the business model - once the resource reaches 400mt - another 25m shares will be issued, then IMO it's crunchtime...feasibility.

For me, it is mining the market. CIP Coal, Hinton Coal & XEN insiders are the ones with the dosh.