is this the announcement?, page-7

Alan,

I am afraid you need to look a little closer at the register which is closed.

Management holds over 20% and the top shareholders are over 50%.

No one is going to bid a company with a closed register and no bid could succeed until all of the news is out, in which case it would be too expensive to succeed.

The news however is good for the organic growth profile.

We are now just butting up against resistance lines created on the way down.

There is to be a continuous flow of news over coming weeks, culminating in a firm resource and reserve upgrade (very different things), mine life extension and lower cost over mine life.

The higher grades also suggest that more gold is coming earlier, which means that future reports on production will be at the upper end of expectations ( the other side of the lower cost higher grade equation).

There is also the offset drilling occurring, for which as yet we have no substantive reports.

Management will shortly have to reveal the change in ownership resulting from the rights issue in vrx and their underwriting deal. Even though that is all very well known and predictable, the market is unimpressed and it will dip when they announce this information.

If you are looking for an entry point, buy that dip. If you are holding and want out, then you know it is coming.

Good luck