top 20 shareholders, page-29

i'm glad that you feel that AUD1.5m is a
sufficient amount of capital to conduct
exploration but have to say that i am not
convinced at all - most junior specs spend
that much in 3 weeks, imo, once exploration
gets underway with all its' attendant costs.

glad you raised the spectre of a cap raising :
it would be difficult in the current market
environment and i don't see how it could be done
at much more than 0.015c - given the recent lease
valuations etc - and it would dilute current holdings
as well. just speculation on my part, but it may
need to be done at a big discount to market and that,
coupled with the dilution, could weigh heavily on the
share price, one would think.