The WCU float of $17.5 million is the largest U float in the...

The WCU float of $17.5 million is the largest U float in the past 14 months in Australia (refer to the Australian Financial Review 2007 float summary) where most U floats were between 3 - 8 Aus million. Why ? Because unlike WCU they dont have reserves, they dont have infrastructure to transport and mill, and they are nowhere near ready to mine.

Raising this amount in the current "sub prime" affected market is a fantastic result. Lets not underestimate how significant this is. And the support they have had from GDN shareholders is palpably obvious, despite the anger and emotional (read, not lateral) outbursts and predictions by the various professors on this site. Expected income $ 20 million year 1, GDN has 25% of that, so it now has access to real cash flow in the short term. With 52% of WCU shares in escrow, holdings are tight so I expect GDN's 25% of WCU to increase significantly in value in the first 12 months.

GDN's Current Cash position (as far as I can see):

Cashflow report end Dec 2007 : 2,034,000 cash at hand
add Capital raising 24 Jan 2008 2,030,000
less Paradox payment to Eclipse 625,000 paid 15 Feb 08
add loan repayment from WCU IPO 3,390,000

Gives cash (without adding expected Weatherford litigation settlement before scheduled April 2008 court case)= 6.829 million

Yet GDN stock is at 7.8 cents with Paradox 2 expected in March 2008 .. work it out .. GDN is cheap at 7.8 cents IMO .. it is priced assuming no Paradox 2 and no WCU ...

Just as they have done today, I believe GDN directors will also surprise those who have been saying Paradox is dead when they announce drilling on Paradox #2 in March 2008 as they expect.

The market has underestimated the strength of GDN in my opinion. Get in now because I can only see GDN moving higher from here. Same for WCU, given its imminent drilling timetable. And for once, lets give credit when credit is due ....

cheers glow