trading halt...., page-4

While you can't rule an offer out once they have the project economics bedded down, they are unlikely to get a bid right now. The announcement clearly refers to the project. From the recent quarterly activity report, you would expect it to be one or a combination of the following (quoted from the ASX report):

- "The revised scoping assessment is ongoing and a final
report on the outcome of the revised parameters will be
completed in the current quarter"

- "Calculation of an updated mineral resource estimate
(MRE) for the Marenica resource started during the
reporting period. The work is being undertaken by Optiro
Consulting Group, based in Perth, Western Australia. The
revised MRE includes recent data derived from infill
drilling conducted at the East Pit area and MA7 Target.
The estimate is expected be completed during the current
quarter."

This company desperately needs some certainty about what we have at Marenica, the appointment of a new and decent CEO (not a decent Geo holding himself out to be a CEO) and a way forward in terms of a strategic direction.

There is no question this company is cheap based on its resource, but if they can't develop it at a commercial price, it all becomes irrelevant. The scoping study is make or break. I've been in this a long long time, so hope it's the former. but reality is they need to deliver more than just promises.

We wait with our fingers crossed.