I got in at 66 cents today hoping it goes to 85-90 cents by...

I got in at 66 cents today hoping it goes to 85-90 cents by December after which I will rethink what I will do with this one. This is a smaller holding than AMX, which is still cheaper.

I really like Burkina Faso for its lower risk and lower tax rate. I would normally rate PVM over GRY but the new tax regime there is much too high (35% in G vs 17.5% in BF) to which you need to add the govt free carry of 10% and the right to acquire another 10%. Plus they changed the depreciation rules against the miners.

GRY is cheap, but I can not see it going back up to $1.30 unless there is a significant increase in the resource and the reserve definition confirms the resource results because I am still cautious on the direction of this market.

GRY is presenting next week at the Africa Downunder conference next Wednesday morning. Hopefully that will really kick off a big run up of the share price.

GLA.

loki