HDR hardman resources limited

major broker trades, page-5

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    re: poune impact? Anyone been thinking through the likely impact of poune success or failure, and its implications? If the Miocene sand secondary target is successful that won't mover the market. If the Cretaceous is successfull - yahooooo! (but we are not counting on that given previopus failures). If the Cretaceous fails - what impact? I think it depends on whether that is the final drill this year or whether Pelican follows to keep up the interest. Poune failure - my guess down 5 cents (and it will probably be around 68-70 by then - so down to low 60's. It should then rebound on Chinguetti declaration of commerciality you would hopse.

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