looking good, page-13

G'day hero,

I think today's announcement is nothing short of another fantastic bow in the quiver of potential wealth creation.

I flew from Brisbane to Perth to attend the 2010 AGM, and I had the whole meeting to myself to ask questions.

There were a number of things that struck me:

I have only met Peter Thompson once and my take is that he is not a person interested in flashy bling or status symbols, he is interested in how to get the most value from the exploration buck for GBM. One small image that sticks in my mind is his high quality leather brief case he used that was well worn (but still very serviceable) and may have been ditched by others for the purposes of image. Like Peter, I hate waste and that is exactly what I would do; If it's not broken I'll still use it thanks.

He adds an accountant's perspective to exploration and this leads to savings in areas such as having an office in regional Victoria with low rent & overheads; Striking JV agreements that contribute to our operating income by GBM being the operator; but still giving us a free-carried share to BFS. Peter also told me that we pay comparatively moderate rates to exploration employees because we can offer good tenure with our wide exploration activities. I guess they could be collecting rock samples at Mt Morgan one day and marking out drill sites for Bungalien Phosphate the next.

At the same time, the net has been cast wide for potential discoveries such as today, with low cost exploration permits covering wide areas.

It's for these reasons that GBM has been able to operate so effectively without massive cash burn.

Will also do a bit of a comparison with the early Milo results and post under Tweets thread.

...bit of a rant, but I'm sure you get my drift. The list of quality prospects is ever-increasing!


Cheers,



John S.