new find, page-5

re: vein approx 20 g au equ over 100m Angus,

The DD hole under the pit was a disappointment -low grade. The drill results just announced are as you correctly said not the main game -interesting but needs more work as there are hundreds of similar situations in that area. In fact the ground PEL recently picked up at Motherlode has some nice 2 oz intersections and nearby some even better. I got the full history of that particular area from a Surigao contact the other day -but PEL have no mnoey and it is just a plaything.

Problem is all the work Red needs to do requires serious money and Edwards is a died in the wool explorationist -not a miner - and won't consider treating all the easily treated 'bulk mineable' gravity ores -some high grade -and the free gold was confirmed in their recent drill reports as well as past production history in that regard. Siana clays and mudstones could generate a big cash flow for little capex with a simple gravity plant. All these guys want is another Boyongan and that costs !! Anglo/Philex have 5 rigs going around the clock still. Some of these juniors need a reality check-look at less ambitious cash flow situations and direct that back into exploration. But you can't tell a gollywog -they are not programmed to think that way.