question for showman regarding shoemaker, page-2

Hi TTM,

Happy to hear you are making money in PLV, it's been a very good year, our 1st birthday is next Saturday. We are way further own the track on Irvine Island than I thought we would have been. We had allowed ourselves 12-18 months to get native title, so to achieve that in the first 6 months or so was very pleasing.

Anyway this is the GXY thread... and to your question:

I think the selloff was probably a little overdone. Expectations were very high and the announcement squashed those expectations a little bit (a lot actually), and also I think the announcement was a little hard to read and made people a little jumpy..ie: calculating tonnage based on 0 cutoff grades?? Even that confused me. However in saying that I realise there is more work to do so perhaps we will see better results in the future.

I am interested in Shoemaker because I believe it is an area that has had some drilling in the 1970's by BHP, and I think there were results up to around the 60%Fe mark.

In the 70's if you didn't find instant grades of around 64% or more then it was basically, don't waste anymore exploration money. The world has moved on and 60% is now an acceptable grade.

I don't know a great deal of the history of the area, but I do know that if BHP drilled on the lease, or nearby the lease, and found iron ore albeit lower grade than what was acceptable in 1970, then it is certainly a great place to go back to.

As to area it would need infrastructure so big tonnage needs to be found.

I find it interesting that this has sat around for so long and I look forward to seeing what GXY can find. I'm hoping that they report back with some good rock chip assay results around the 58-62% mark, and an estimate of the target area. If we get that then IMO GXY is cheap at the moment, hence my comments.

Hope that helps, but please don't rely on the above to buy stock. As I said I do not know a lot of the history of this area, however I am always interested in areas that BHP left for others to make money on ie: Koolyanobbing, Koolan Island, Cockatoo Island, IRVINE ISLAND, UMC's marra mamba tenements etc...

Regards, Tony.