the game afoot., page-56

"Hoots I presume you have had no luck so far finding a BFS that has included exploration as part of the pre production costs in regards to capex. "

Shadowboxer - I was referring to funding the whole " Rocklands Project " that includes exploration and the mine to market integral items like port and rail - I was working on a number of around $400m possibly could be higher than that now- I am puzzled by the back flip from the September project update that said no dilution as its not in shareholders best interest at these prices and debt funding was being pursued - then a prep statement of an imminent backflip in the annual financial report that we would possibly get both debt and dilution.

I also wonder why W.M wants the whole $84m underwritten ? surely $50m underwriting should be plenty given the upcoming JORC upgrade and DSO / NCU sales,

I think management missed a golden opportunity on page 80 of the quarterly report where they gave the retail shareholders guidance on the 3 options. A quote along the lines that all directors and the 3 major shareholders intend to take up their full entitlement would have seen the S/P north of $2.50 not struggling at $2 ( IMO )

Lots of confusion on the threads here mixing up the rights and the options. If the share price stays below $2.50 the rights are virtually worthless and may trade at 1 or 2 c - The options on the other hand could do very well over the next 2 years if the S/P trades around $2.20 / $2.50 the oppies look a good punt - hjowever unlike the listed minis that trade cent for cent with the heads the oppies will have a reasonable time premium % on them.

Very interesting month ahead. as TV 105 says get some popcorn and some Jaffa's to roll down the aisle and sit back and watch the show !

hOOt