investor presentation, page-22

Bernard, you inspired me to indulge in a Bullers Rutherglen Muskat. 16yo and about the same $$$ per litre in bulk. Another two years or so in a 20L oak cask on my filing cabinet and it's for sharing with angels.

I like the idea of comparing BDG and HEG. I hold both. Cash costs should be used in the comparison somewhere and I think HEG's estimated $500/oz compares favorably. BDG has sunk much more money into infrastructure both with mining gear and treatment plant and the company now has a very classy operation. HEG is working smart though, keeping costs down and getting maximum bang per buck.

I predict an interesting market tomorrow. Only 12 sellers in the queue and not offering much in the way of volume. I see a comparison to be made with the lift from 10c to 20c over the final nine trading days of last year. If we consider the surge from the 15c floor that established itself over the past couple of months, then the price could head towards 30c over the next week or so. Late last year the gold price was lower and did not seem to be in any kind of trend. Now the gold price price is strong even bullish. We have a string of good announcements from HEG; announcements that have been absorbed by the market without much reaction. A delayed reaction started over the past few trading days.

Let's hope the reaction continues.