GRL Chart, page-266

Yes amigos, the steady rise in the shareprice has continued this week, with reasonably good volumes (simple 12-month chart below). The Narraburra project could have been the reason? A couple of months ago NSW Mining declared the central west of NSW is a hub for rare earth metals and I'm guessing it includes the Narraburra prospect. GRL strategy of buying the known deposit has saved them time plus saved it the the cost of drilling an alternative greenfield area that may turn out to be barren. It takes anywhere between 9 months to 18 months to get a fresh application for an exporation licence, whereas an existing licence can be transferred in a couple of months. So although the purchase of Narraburra was surprising, the team gets credit. GRL's MD, Jenta Owens, reckons: "The Narraburra Project provides a considerable opportunity for Godolphin. The Company has an exciting, extensive and active works campaign underway in coming months. Data assessment has commenced for infill and extensional reverse circulation percussion (RC) drilling, to deliver a JORC (2012) compliant Mineral Resource Estimation upgrade." And while on the topic of selling and buying of exploration licences, you can see how much time Orange has saved by buying licences from GRL. It gave Orange a running start, so Greenwood can take credit as well. (I don't hold shares in Orange). Have a good weekend.