presentation last night - mark wheatley, page-23

Fact: in 2009 GDO forecasted 2010 prod'n of 140koz at US$300/oz and 2011 prod'n of 180koz at $US230/oz. They actually achieved 2010 prod'n of about less than half that at 62koz with costs near $US500/oz. Not unreasonably they slashed their 2011 forecasts.

The fact is that GDO management has been ridiculously optimistic in the past and may well be guilty of the same with Rand Uranium.

Clearly that's what the market thinks which is why this stock has been consistently panned.

For myself, I considered their asset base good enough that management would eventually get it right in time: or get takenover - seems like I was right!

For the greenhorns out there: judge management by what they do, rather than by what they say.