good results on all fronts, page-2

Back on 10 September 2007 (when the share price was $1.73!!!) I said there were 4 potential catalysts to get the share price moving higher.

As of yesterday (at a closing share price of $1.60), we now have 2 of those catalysts (with a possible third by the end of this month):

1. Higher gold prices (it is currently A$934, well above what it was back in September 2007 (US$700) but short of my A$1,000 expected producing enviroment for Portia);

2. Drill bit success at Kalkaroo (the market liked the latest Kalkaroo drilling results from yesterday - if the increase in the sp and daily volume traded was any indication); and

3. I will assume it is this month when we get PIRSA approval.

Offsetting the above in the share price over the last few months, we had the global credit contagion and at Mutoroo HAV and HJR agreed to convert HJR's earn-in interest in the Mutooroo copper-cobalt project into a direct equity investment in Havilah (because of the changed scope and higher financial commitment required for the project) which the market interpreted as negatives for HAV.

I continue to wait patiently for the HAV share price and its underlying fundamental value to catch up (albeit painfully slowly).

In due course, I would appreciate a contrarian view(s) on the above.

Cheers

P.S. I was off with my belief that we would be producing at Portia by 31 March 2008 (would appear the PIRSA approval is taking a lot longer than anyone was predicting).

I was also off on my expectation that the following goal (20,000 t of CU and 2,000 t of CO) would be achieved by 31 December 2007. However, I appear to be correct that the value of cobalt at Mutoroo will one day be greater than the value of copper (see page 22 of HAV's Copper Strategy presentation).