more high grade results at hob, inc..., page-33

pg KDR had 3.85mn going into this quarter with an extensive drill campaign costing 1.65mn

Leaves $2mn for next quarter and further DD and assays.

Compared to our mkt cap having these cash levels is just fine imo.

I would expect a cr in the Jan - March quarter, 2013, once HOB is largely de-risked or even better JORC'd and at a much higher price.

With only 73mn shares we can afford to do another 10mn at say 50c - 75c early next year.

What % of the mkt cap do you want to see as cash, 50%?

EB