us tipsheet says

A US-based newsletter called Phase 1 Investor (small circulation and high priced) is advising its readers to buy GOT up to 70c a share. Current bid/ask is 49c/49.5c.

So, if the yanks jump on it in a big way, we could be in clover. The recommendation to buy came out only a matter of hours ago, so I expect the real buying wave from across the Pacific may not come until Monday on our market.

As posters here would know, on July 30th the NT government granted Groote Resources 3 tenements in the shallow waters surrounding Groote Eylandt, which are highly prospective for Manganese. Manganese is relatively rare in high-grade (40%-60% ore here) form, and is a key alloying metal in steel manufacturing. Naturally, it is in great demand from our Chinese friends.

What is interesting is that BHP and Anglo American immediately -- within 24 hrs -- locked up all the ground (also at sea) surrounding these tenements that GOT picked up.

And, these two mining giants should know a thing or two about the area, as they've had a joint venture mining manganese on Groote Eylandt itself for 40 years.

Obviously they were asleep at the switch and that allowed GOT to come in and lock up the exploration ground that stretches from the shoreline on out.

Anyway, I have bought some shares myself this morning and figure the worst I'll do is a quick profit as the US newsletter's other subscribers come rushing in. Long term, the story is actually quite a good one on fundamentals, too.

A good place to start your own due diligence is the latest quarterly activities report. Note the key board appointment recently made -- Barrie Bolton.

Barrie's been studying manganese for more than 30 years and was BHP's top manganese expert for 18 years. He specifically advised and managed BHP's exploration program on Groote Eylandt for 10 years. Now, he's on Groote Resources' team. As Phase 1 says, "It's as if Bill Gates joined the board of some little $100 million tech firm."

NOTE WELL -- there are also significant risks here, including the need for an agreement with the traditional land owners, and the usual strong oppostion from the environmental movement to any drilling at sea.

So, don't bet the farm!

Good luck all.