Everything you say about the market not embracing them is...

Everything you say about the market not embracing them is correct.

The major reason yesterday and today for the lack of support is the resource was on the low side of expectations. I was expecting at least 6 mill tonnes.

If you look at the actual figures Punchbowl has very low tonnage attributed to it. The old 120 metre hole @ 0.90% Cu is not in this resource.

So they are being very conservative. I'm sure there would be some companies that would include holes like that in the inferred resource.

From their point of view they are probably doing the right thing but it does not help the share price if holes like that are accurate. So far all the historical data has pretty much been validated so we could argue they should have included it.

The other factor which may have been missed is that the 2 diamond drill holes we were all waiting on were mentioned yesterday under the sections for Punchbowl & Azurite.

I believe the market has probably picked up on this and with the low side resource then it is no surprise as to what is happening with the share price. ie. there are still some positives with RBM and it is still undervalued but unfortunately the market is totally focussed on these negatives.

The big positive for me was the reference in the media announcement to "............ with the aim of establishibg a significant open-cut operation within a much earlier timeframe than we had originally anticipated".

Also the references to drilling later this year at Airport Valley and Target Zone 16 etc.

So all up a mixed bag with the market focussing only on the negatives.

I personally believe this will be in a much better position next year on the proviso that they meet their production targets.

Flipper