what does this mob have to do!!!, page-14

We all know some info on Penumbra is due Gefi.They have confidently given a very short timeline for start-up on ground at this project.

The box cut and decline are not massive by any mine standards so I wouldnt be surprised to see them getting well into the seams by years end.

But one has to be very careful even at what might seem the easy part of the project.The company must be careful of the structural integrity of the decline and portal as they can be suseptible to bad weather if not positioned correctly relative to surface drainage and bunded correctly to redirect the excess surface water.

Ive seen another company have massive issues with the establishment of their box cut/portal(ended up adding over a year to the project and blew out capex quite a bit) so one hopes that all the extra work Continental have poured into the project on safety,enviromental and ore body access grounds all pay off in this regard.

As far as any other news goes,we also have Botswana drilling to kick off very soon as well and then the DeWitt BFS shouldnt be far away.On top of this the left field one for me could be another acquisition,debt funded of course.I cant see that Don Turvey would entertain a large equity issue for such a move.But then there is that 15% potential placement capacity they have conserved via their shareholder resolution placement approvals.

As Ive mentioned though, it would want to be a very attractive deal to get the market worked about it given Continentals tarnished project development timelines in the last 6 months.

Personally I expect this kind of delay from an emerging producer,but with the excess liquidity from the massive raisings they have carried out it has somewhat backfired on proobably how they thought the market would react to all the developmental news forthcoming in the last 6+ months as we all well know.

Whether they are keeping Mum on any news for the AIM listing can only be proven by time.The fund/s that have been playing with the sp,and one in particular,have far reaching trading capability,so imo its going to take a fund/s(probably US)to get very keen on Continental.

This is where the move in the OTCQX listing in the last couple of days is interesting.Problem here is the big spreads one can get because of the way the market makers work on the OTCQX.Its no different to any other equity trading I guess,it needs to be backed by more significant volume.From what I can tell of the chart

http://www.otcqx.com/qx/market/quote?symbol=CGFAY

we havnt seen that volume to date which makes me a little suspect of this current OTCQX move.I'll only be happy if/when we see big volume with sp moves on BOTH(sorry Yo-Yo,had to emphasise this!) the AIM and ASX markets.

Now all we have to do Gefi is pray that those one-offs were indeed one offs and that we can take advantage of the thermal export price whilst its above $110/T.Would also be mmuch happier if Eskom did start paying a bit more for their offtakes too.

So there are a couple of possibilities to give the sp a bit of a kick in the posterior post the AIM listing,both of them not being factored in atm by any valuations.

Hoping that an official Penumbra project start is the beginning of a sustained move back up for all us long suffering holders.

d.