massive upgard of resource , page-7

PP,

I don't think Tony has changed his business model that easily or that dramatically.

Sure, with AKI, he has shown that he wants to keep a royalty and hence some longer-term income stability. In time, this should make CFE's returns less 'lumpy' and hence attract more institutional support. And keeping a minority holding may do this too. But I really don't think Tony has had a epiphany and found a new passion for mining.

Tony is, again, rattling the sabre at the private buyers for Marampa. Whether you want to call this threat to mine Marampa a 'bluff', or whether he is prepared to go through with it, remains to be seen.

If there is a chink in CFE's business model, it is that the buyers for these assets know Tony isn't a miner. So the threat of walking away and mining it yourself hasn't been a credible one - the buyers always know, at a price, that these assets are for sale, at some stage.

So by adopting the position that you are prepared to mine yourself, you strengthen your bargaining position.

The money is still made in the identification and development of resources. This is where Tony and his team's skills lie.

And if I really thought Tony has changed his business model so dramatically and had become a miner, I would be out. Tony isn't a miner - he is an entrepeneur and a salesman. And that is exactly what he is doing.

Yaq