ozelectro,I think the buyers somewhat took their foot off the...

ozelectro,

I think the buyers somewhat took their foot off the accelarator over recent sessions after GUJ announced the jv with PLV. Obviously, the market was expecting an announcement to signify commencement of their drilling program.

Until the General Meeting is out of the way (possibly in July I issue) I expect drilling to take place soon afterwards.

Also, yesterday's announcement regarding change of financial year end also didnt help the situation. This now means that the financial year ends at 31 March 2008...and not 30 June 2007 as we understood it prior to yesterday (this is my understanding). So in effect, when GUJ made this statement..."With this acquisition (Elouera) the company is expected to commence production of coking coal within the current financial year"...they implied that production will occur before March 31 2008 and not 30 June 2007.

I believe GUJ needs to provide more clarity regarding the Elouera acquisition before the market REALLY jumps on board in a serious way.

In any case, as Tibbs has said several times before, things may hot up around the 4th July.