GRL SP, page-4

Amigos, I have stopped posting here because I don't want to become a downer. But the directors have to re-assess their folly into rare earths. So far $1 million of GRL shareholder's funds have been spent on the Narraburra project, and the drill results are not exceptional. There are so many other rare earth projects for investors on the ASX - why does GRL think Narraburra is special? What is more, according to the contract, shareholders will have to give the company another $2 million to spend on earning the 70% interest in Narraburra. On about page 5 of the last quarterly acoounts, GRL said it will look for further capital raising (ie dilution and loss of share value), but if they can't raise cash, then GRL will pause its exploration. That means GRL's prospects with gold, silver and base metals, will be sidelined for several years. (Rock chips and mag surveys of brown-field projets are no substitute for drilling.) So, the search for copper-gold porphyries in "elephant country" was just hype. As an investor in the IPO, I see it as poor form - we expected better management. After the previous CEO left, the directors hired a new team which GRL boasted has vast experience in copper-gold porphyries. Then a few months later - the directors changed direction to rare earths. These directors have wasted our money. Who pays $3 million for a 70% stake in a low-grade prospect? Only fools, IMO. As a result, we see a run on the shareprice and the only substantial buyers are at 3 cents (and I don't even think they are genuine). I could go on, but will shut up now.