THE NEW GOLDEN ERA ****** the shorts are LOSING CO, page-6

There is another aspect of the viability of the larger gold miners that was higlighted by the CEO of Newcrest on Business Sunday today.

He made the point that the larger a gold producer gets the more trouble it has in increasing or maintaining levels of gold production. ie.as a company grows it needs ever increasing reserves and as very little money is being put into exploration this will be the great problem for producers seeking growth.

He even used the expression a house of cards in this context.

That gives an indication to me that successful explorers
are where the big money will be made by punters in the longer term and to some degree will be independant of the POG.