placement in uk, page-12

Hardmano - the GSL is an interesting idea, I must remember to check it up. My only concern would be that the market can get a little too excited and your stop loss could get hit but the share price immediately bounces back.

Market reacting well to UK placement. Good to get the placement out of the way early in the drilling program, as someone has already commented.

Also price of 55c is pretty good, considering HDR only traded above 60 in the last week or so and when the placement details were being finalised, HDR would have been in the 50s region.

Also UK insto support is welcome. Oriel is a corporate broker and it signals the broker's confidence in HDR. For an explorer (with a small producing cash flow) to get a sizabel capital raising amongst institutions is pretty impressive. One only has to compare HDR's situation with Fusion - which had been forced to sell its stake on much less attractive terms.

With cobwebs out of the way - let get set for some driling excitement!