support and resistance, page-6

Was just looking at the chart, though a misstic art there is possibly some value in them to review history and understay the trend.

You will notice a shelf build at between 5.8-6c

We are know testing that support that was before the 70% slip in May 2008.

Directors bought about 90k shares each for $5000 in a SPP on the 18th May.

29th April: Perseverence maiden pour with 3000oz

28th May: Nepean drilling program commences - whats going on here

11th June: Further gold production with 1520oz

1st Dec: Resourse upgrade for Perseverence (32%) to 100k

1st Dec: Supplement - Maiden reserve defined 28koz

12th Feb: 80% Increase in gold resource at Brilliant deposit to 240koz, deposit remains open at depth and along stike to the north

24th Feb: Capital raising of $25M via the issue of 1250M shares at 2c and $3M raised from existing holders under SPP

27th May: First tonne of production

30th June: Production of 19koz during a 45 day campaigne

28th July: Resource update increase of 125koz bring total resource(indicated and inferred)to [email protected]/t for 1.92Moz

11th Aug: Exploration drilling delivers high-grade gold intercets at Tindals mining centre

12th Aug: Exclusive ore treatment negogiations commenced with Matsa's 100% Norseman project....FML recieved shares

7th Sept: Apporval to mine The MOUNT 350koz, Milling campaign commences lasting 49days......end Octber we weill see how many oz's were produced :)

This shows to me that there has been a steady stream of activity and development. The resent share placement and director buying shows confidence I believe in the project and tis future. Money has started to come in and production is well underway and looking to be increased. Their strageic thinking in regard to spares etc is showing the preparedness and competence of management. In writing this post I belive there are a few things outstanding regarding the Ni project and potential for further gold exploration and resourse definition.

Gold is increasing close $1067USD and therefore there is value in modest expansion and drive forward.

I do feel the share register is a little high, but really at the end of the day this is still at speccy prices generally. Re-rating will be a pleasure to see, but one thing I am appeciation compared to many other gold companies is the level of managementand their commintment to providing its shareholds value rather than broken promises. Fair that yes this do come up and problems will happen, but these goes have developed into production and I for one think that speaks volumes about this company and its future.

Anyway enough soppy sh*t, I welcome any comments and discussions about the above.