Ann: 10m at 54.2 g/t Au including 2m at 247 g/t Au at M1 South, page-15

I'm not sure if Macquarie are overly concerned about research clients. The real business they want is the financing package for the mine. That is where they make their money. This is true of the whole broking industry. It's always interesting that some of the weaker companies are issued with lofty price targets to keep on the good side of management for the inevitable capital raising.

The conspiracy theorist in me thinks it's in Macquarie's best interests to keep the share price under enough pressure so as to maximise the amount of debt that WAF will need. Since Macquarie has a large stake they are more than capable of doing this.

I think GOR's arrangement to bypass the investment banks and do a deal directly with a bigger partner may be a good model. There a lot of gold companies with cash, strong share prices and in need of new (high quality) projects.

B2Gold still my pick for a deal with WAF. B2 Toega maiden resource due in next 3 weeks.