more smoke, page-7

Being consevative is not a bad thing. In fact i would at times see it more as an asset in the spec end of the market.

Sipa Resources is also often referred to as being too conservative. But they are now starting to get some results at Thaduna / Enigma. It may or may not lead to an economic discovery.

Sipa had done extensive RAB drilling, soil sampling, chemical surveys , flown VTEM over large areas for a period of 5 years before the Enigma copper blanket was discovered in July last year. In fact they were exploring at Thaduna well before Sandfire's discovery put the area on the map.

Shareholders need to realise that these companies cannot be doing capital raisings every year ( especially in the current economic climate ).

Taking a conservative by the numbers approach to exploration thereby making the dollars stretch as far as possible is IMO the best methodology.

The management & directors have to be responsible ( most are. Granted there are some real sharks out there ) with the way funds are spent. Spending large sums on expensive R.C or DD without first having done extensive exploration to identify worthy drill targets is a recipe for disaster.

Sure it may result in a temporary drilling induced spike in the share price and make some shareholders good trading profits. But once management or directors of explorers start worrying too much about the movement of the share price then the game is over. Because thats when they lose focus on whats important.

Exploration is a game of due diligence & patience. Its as frustrating as hell at times and makes watching paint dry look like a major spectator sport.

Personally i think with such a large land holding in a highly prospective area coupled with such a low market cap & conservative management LSR represents good speculative appeal.