Ann: Contingent Liability Update, page-11

I've come to the conclusion ...(rightly or wrongly ) that GBG is really in total "caretaker mode " .

For a while there l was pretty bullish ....but l think l may have been a bit over optimistic .

The Mt Gibson copper project is likely to stay in the planning stage for quite some time .

The management of GBG are pretty comfortable ..... plenty of cash in the bank .
The quarterly reports seem so predictable ....with a bit of extra cutting and pasting each quarter .

I suspect Ansteel is in no hurry to do anything .

If iron ore really kicks up ...... maybe a different story .

The only medium term positive is that it looks like the downside is factored in .

This could all change in a couple of years .

Cheers

VA