Ann: WAF hits extensive visible gold in 1km hole at M1 South, page-53

Unexplained incrrease in share price?

We have just hit extensive visible gold in a 30m drill intersection 220 vertical metres below the base of a probable high grade reserve that has the potential to add 2.5 years of mine life to the OP/UG mine at M1 and the assay results are forecast to be completed this month (in November). They also intersected, in the same hole, shearing and alteration which could be related to the high grade parallel structure to M1 which has recently been discovered and if this intersection is mineralised if might also show that this parallel zone has the potential to extend a similar vertical distance down dip.

Maybe the market for the stock is still working a little. Have a look at what happened to the share price of PEX on the announcement of the result of their hole from SN which was an infill hole and potentially a brokers special to help them unload any remaining underwritten stock they got stuck with after the failed capital raising. At least here we are breaking new ground and potentially in a spectacular way if minable high grades carry through the entire length of the intersection, as is likely IMO. In any respect the plan in the main UG ore body at M1 is to mine everything between the foot and hanging wall and suffer the internal dilution. By suffer however Richard had said the diluted grade would still be around 13g/t which I guess is better than 99% of gold mines that are in production today. Esh