strong finish, u bidders all round, page-43

re: strong finish, for hardmano et al H
I agree with your comments on funding...I think the conclusion of the funding is absolutely paramount to getting HDR value to be more fully reflected in the SP. But it will not be fully valued until cash starts to flow from Chinguetti.

In the meantime funding certainty without too much dilution for existing shareholders would be great. Also, when ANZ project funding is finalised it will confirm to me that the HDR's participation in the development of whole region is assured. As I see it, cash flow from Chinguetti can bankroll the whole shooting match for HDR.

So anyone investing now should be thinking medium term ie. mid 2005, as the target date to see the real value of their investment start to be realsied. FYI i have been in HDR since pre Chinguetti 1 and it's been a very rough ride.

regards
DF