Ann: Drilling to Commence at Paradigm East, page-8

Hi @Seth Davis

Haven't followed them closely (just out of the corner of my eye) but I know some of that ground very well. Don't know their other projects but lot's of drilling at Zuleika has happened with little to show. I know a while ago they were excited by the new tenements up near Paradigm. I'm not sure if they are granted or not. Would probably be smart to check.

If you are interested in another junior operating west of Kalgoorlie check out IRC. They've been around for donkeys years but recently they've started to show a little promise. Also around 9.5cents with a larger MC than TNR but they've had a little more success IMO. Lot's of those areas West of Kalgoorlie are pretty ugly with slat lakes and slat pans so in theory could still be hiding something as exploration is more difficult over these terrians. Looks like IRC are onto a few leads and could pocket some good cash from mining Teal. I don't own either but based on the stages of current projects and value I'd prefer IRC.

I don't know what's wrong with me but I like GMD. Three projects, anyone of which with a bit of luck at the end of the drill bit, could be worth more than their current EV (of ~7 million) . They seem like bona fide operators just in need of a little luck. There has been a constant seller in the market so their shares are very depressed considering how active they currently are. If the sellers dry up and they get some luck the stock could easily double and depending on what they find they could be worth a lot more. I'm waiting for them to test the potential for primary ore at Breaker 2. They've already proved the concept at Breaker4. This is gold ground in the underexplored Albany-Fraser domain on the orogenic margin that hosts Tropicana up the road. I don't know if it can be considered significant, as the ages are different, but the tenements also lie along the Kalgoorlie-Kambalda-Higginsville-Norseman line. Kambalda is now getting new life breathed into it through Gold Field's Invincible gold discovery near Lake Lefroy (apparently a fantastic deposit). I need to do more research before I can rule out the possible connection between this line and GMD's ground. Who knows how gold is mobilised or remobilised along very deep seated structures and how many separate epochs of mineralisation could potentially be involved. I'm sure some of the boffins know the answer but even boffins can have their own prejudices based in over-analysis. Gold is where you find it. Afterwards the boffins like to explain why it was found.

Eshmun