latest research - spells it all out., page-4

Hi Sally,

Intereseting research & summary of HRR's prospects. The market is not looking HRR & has not been for several months. One would think there is limited downside sub 50c, but HRR needs to get the market to refocus on it in a sustainable way in order to gain sp traction. What more can IB do?? Giving out a detailed DCF analysis of the KNP, further info re: resource size & potential all might help, but he needs to counter the percpetion that prodcution (and value) are several years away. In this sense the market has been a little unfair to HRR. Other mining speccies have boomed and their lead time to producer status is often several years behind HRR's, one would think. Oh well, that's the fickle nature of markets. Keeping a close on HRR for when sentiment turns. It could be a big run!

Cheers