going north, page-4

Rogar,

Did my own research.....your mistaken

I spoke with Hugh..The placement had nothing to do with drilling.. The company is actively looking at other opportunites that will generate significant shareholder value, and they were very very low on funds to the concern of the auditors....Totally unrealated and at that stage they had no idea on Xstrata drilling timetable

The Pantheon investment according to Hugh upon success will generate signifcant returns to Pantheon and hence AXT. The net value of the Pantheon's Woodbine project is between GBP2.20 and GBP5.40 per share to PANR, which is currently 7p.... So a good result AXT with 7m PANR shares could generate at cash backing of 20c - 30c per share to AXT...Hugh said PANR very confident of success and should drill 3rd quarter this year.

3c, 4c, 5c really is irrelevant if its going to go up