Pay dirt, page-16

People's impatience with THX is wholly justified. They had an MD who knew little about exploration and an ED that just wanted to explore with no eye on strategy or budget. That led to them holding far too many projects in far too many commodities.

The "new team" (years old now!) cleaned a lot of that up, whittled their portfolio down to a workable set and became a little more focused. No sooner had they doe that they started on acquiring more ground. Issue I have is that, having spent a Monza on RB and not come up with an economic deposit, they couldn't take the obvious hard-nosed decision and JV it out. Instead, they have left it hanging and moved on to gold.

The good thing about this move is that at least its into an area (gold) Crabby and Demarte know about. I would label the last decade or so a lost decade for THX. Blind alleys in uranium and copper that weren't recognized as such early enough. No big deal, it happens to lots of companies. But it did/does chew through shareholders funds.

Any argument on the "old" GG gold field is a red herring. "new areas, old ideas; old areas, new ideas" is an explorationists mantra. Plenty of old, worked out gold fields have given rise to new, commercially viable deposits. At GG THX have a real chance.