weekend aust article

RSN has made it into Michael West's Margin Call article in todays Weekend Australian. The article is below. Cheers John.

A merry dance with Les Sulphides
Michael West, Margin Call
February 05, 2005
"BACK up the truck, Sources. You've gotta own these Renison. It's going to the moon," said John Duckanweave, institutional wealth-maximisation adviser at Thrust Parry Runaway & Hyde Securities.

"Thank you for your sage advice, my son," intoned Frank Sources. "Are you referring to the old Sirocco, perchance? I recall the name was changed to Renison in anticipation of buying the Renison Bell mine in Tasmania but they were gazumped at the eleventh hour -- and stuck with the new name."

"That's it, mate. They're just about to finish their feasibility on the Tom's Gully project near Darwin."

"Ah yes, the great feasibility study. Even the Trojan War lasted just 10 years," said Sources. "I believe they will find, as MIM did when they drilled the area, that the orebody is refractory."

"Refactory? What, like shiny or something?"

"No. The gold is locked up in sulphides, very rich sulphides at that, so the cyanide can't get at it. The ground is flat, and highly faulted, too, and the orebody just 1m wide."

We made haste to the Renison releases. Indeed, the company's leaders, Dick Seville and Stevie Bizzell, were excited at the beginning of last year about "completing the feasibility study". The feasibility study had been unremittingly "nearing completion" and "imminent" for the entire year.

However, further "substantial progress" had been made this month in "completing the final feasibility study", and the great leap forward had been revealed just days ago with "substantial progress on the board review of the feasibility study".

"Look here!" said a startled Sources, "The chaps are undertaking a pre-feasibility study at Agate Creek, too. I envisage a robust board review on the pre-feasibility study, perhaps at the intermediate stage of the pre-feasibility."

The last word should go to Renison: "Details of the project's estimated financial performance will be available for release in the next few weeks upon finalization (sic) and execution of the electricity and Petrosea Alliance contracts and completion of the board review."

And one or two other small items: "The electricity supply agreement", the "Alliance Agreement with PT Petrosea Tbk and the debt finance arrangements".

"The completion of the study, including detailed financial studies, will facilitate completion of these remaining areas." Phew!

"Didn't Sirocco spin off a technology company during the dotcom boom?" asked Duckanweave.

"That they did," nodded Sources. "Sirocco Technologies -- a fully integrated communications networks products and services provider with a niche capability in dematerialisation of shareholder funds."

http://www.theaustralian.news.com.au/commo...5E16942,00.html