go you good thing, page-15

Hey Mephistophles etc al.

All good questions and I have given my thoughts on the SP drop and increase in response to Ians.

In terms of the timing of the string of releases... you know went through alot of time in the last year wondering why it was all taking so long and why PMH wasn't racing forwards with getting the confirmations all worked through in one foul swoop... I mean we had a SP of 60c or so on that news...

Anyway, watching and researching more and more my thoughts are about the fact that PMH strategy vis-a-vis Ann Mason is linked and timed to the development of the whole Yerrington area and that that is where the value really is.

This is why I think there was a focus on acquisitions last year and in fast-tracking some of the holes which were not part of the initial Oct 2006 estimate, rather than confirming the initial estimates right away.

Everything is staked out now, a number of players are confirming extensive resources, a number are into late stages of revised feasibility study. My theory is there is no competition in the race for Yerrington anymore. We hold a command postion - just a matter of what our company determines to do with it - they are clearly in a strong negotiating position within an overall district plan.

What do you guys think? DL