questions, page-4

I purchased GOR at much higher prices, on the basis of their story that they are first mover in a newly recognised gold belt. I have just reviewed their presentation, and have to say that I am disappointed. All that effort. All that skill. All that money spent.

And what do we have? 1.2 million ounces. Sounds impressive, until you realise that that is over 13 discoveries. Central Bore, the best, has 152,000 oz resource (good high grade ounces, but....) which means that the rest are averaging maybe 100,000 each.

What the presentation doesn't do is give any sense that GOR management think that they could be on track to a really decent discovery (a Tropicana for example) that would excite us shareholders.

It seems to me that there is little point in doing expensive JORC drilling on small deposits. As a shareholder, I would rather see them using their funds to range more widely, capitalise on their insights and knowledge and ground position, and do quick and dirty work to find the big one that might be there. Perhaps they have already done that, and come up disappointed. But given their arguments about how early stage their play is, I doubt that.

Looking for insights as to why I should hold.