At first glance this is all giving me indigestion. Good drilling...

At first glance this is all giving me indigestion. Good drilling results, and a sliding SP.

I got on this bad-boy last November, and still hold, what a ride! Wish i was getting on at these prices right now, and had had my money in Rio in the mean time ... but alas.

Here is the thing, and why I continue to hold. The share is fantastic, the management are terrific operationally, but unfortunately they are completely inept commercially.

I could sprout on about the management, and believe me, like you, I have some very definate thoughts about them. But like I said, they are terrific operationally, and Manburrum is starting to look good.

So where does that leave us? The management go out and get us all hot and wet with their announcement at the Brisbane conference that they were going to upgrade the resources on Sandy Creek and give an initial resource estimate on Djibitgun prior to Xmas, and then they disappear to the UK and eat steak and send out an announcement that they are going to delay the upgrade whilst they are in the UK.

Unbelievable.

So whilst there is someone picking up these shares at low $0.40's (good for them), it has been very light volume that has driven the share price down to these levels (tightly held top-order). The management are, well, you know what they are, but at some stage early next year , despite all of their commercial inadequacies ,they will have some real numbers to put next to Sandy Creek and Djibitgun, and at that stage the SP will look opportunistically low.

So, what do you do? Hold, or, if you do want to get out, at least do yourself an Xmas favour and get a better price than low $0.40’s, because come February 2008 we will have real numbers for this project, and a real SP to go with that.

Merry Xmas!

Downtime.

IMOO