Thanks peppie. You could well be right but I hope not! :)The...

Thanks peppie. You could well be right but I hope not! :)

The doubt re ability to raise capital is a genuine and fair question to raise. I think it's also a good test. If BB is able to get sufficient capital to get him through at least the next 12 months then it should put some confidence behind his prospects of getting a deal up. I'm keen to see how that plays out.

Correct me if I'm wrong but Coburn does have some advantages over other projects. Yes grade is not high but it is compensated by purities or I should say no problems with impurities that some higher grade deposits apparently have. This helps significantly from an economic perspective in helping keep down the cost of production such that it should be economically sustainable in pretty much any market conditions.

Deposit size is large with a long mine life that has potential to be extended and it is a consistent enough deposit.

Geographically it's sufficiently accessible for market and also has no title/lease issues.

Project wise it's almost completely ready to go pending only finance. I guess, based on the report, that all final permits will be comfortably in place within this half. That puts it around a couple of years minimum ahead of most other sands explorers.

Finance is the big one. If there's a party that wants something simple, ready to go, that they can safely tap into for a couple of decades and maybe more then Coburn has fair prospects. Given our minnow status I would be expecting a majority share farm out deal. IF that party is out there we might end up with as little as 20-30%, at a guess, but that could be an excellent outcome for GUN depending on the structure. Eg if there was payback of capital expended that would go a long way to funding GUN's ongoing share and reducing the dilution risk you rightly highlight.

Of course this is all speculation on my part which is basically where we're at in this end of the market. I'm prepared to lose what I've got in right now which has all been acquired around current levels after stepping out of the company between 10-20 cents when I felt DH was not going to get a deal up with the Korean tyre kickers.

Given I think there are some strengths for BB to work off I reckon that it's a reasonable time/level to take a punt. (Emphasising the punt aspect!) However it would be crazy to throw the house at it hence why my sentiment is buy not long term buy yet.