new broker report. buy recommendation, page-14

Matrixman,

The irony is that PSA did acheive one great drill result during FY06, in China, and it shows for nought in the accounts, to the likes of Sushi.

To put the way I see it simply: If say they replaced their reserves 300% last year by drilling, add back in 2/3 of the exploration writeoff to get a more realistic picture.

If it wasn't for being high growth filtered through the obscurities of successful efforts accounting last year would look a whole lot better.

EL