funny uggers, page-5

Just couldn't control the urge, had to put this one post here.

There is no reason why GPN or YRR should be trading any higher than where they are. Here's just a short reminder.

What has GPN accually ever acheived?

1: S/h have seen their holding diluted to 19% of the only real assets of value that they had, being Gabinintha & Nowthanna.

2: They have the Peak Hill tenements which was projected to maybe contain a 40km strike line for gold as determined by Schwann. How far out was he? lol. They may yet get lucky and find a sizeable iron ore deposit instead. No thanks to the 'expert'.

3: Done nothing themselves and seem to have signed a j/v deal with Aurium as an excuse to list AGU as a vending machine for the benefit of a few individuals.

4: Gave up 220m shares to get 80% of Apogei then promptly do nothing with it. More dilution just to give free shares to the purple circle.

etc, etc,etc.


Now YRR.

5: From 57.5m shares to 188m in a few months for land that still has had no work done on it other than just enough to fulfill the minimum requirements. Not 1 hole yet drilled on any of the new land.

6: Brought out a very obscure report on Gabinintha in Oct 2007. Then scaled back the all-important drill program in Feb/March 2008. No diamond drilling done at all.

7: Then it takes 10 months to get a report with very little detail. No drill hole tables indicating the location, depth, grades, widths etc of each hole. No drillhole cross sections showing the afore-mentioned details. Just more "trust us" type info. Looks like amateur hour at Rivervale if that's the best they could do. Have a look at what any reputable company does if you want to compare the quality. Results are the only things that really matter so why wouldn't they use every opportunity to produce a high quality and informative report, full of as much relevant information as possible?

8: The report is more a negative rather than positive outcome. The Fe is actually less overall now than it was before. The grade has dropped 22% and the tonnage is about 7% less. 92.5mt of relatively high grade V, Ti & Fe has been reduced to around 70mt with .6% higher V, .49% higher Ti yet 13.6% lower grade Fe.

How can they claim a 30% increase in contained vanadium when it is now 939,000t compared to 750,000t before. That's 25% more but is based on a .3% cut-off as compared to .4% before. Co-incidently the reduction in cut-off grade is 25%, so how much of the increase is actually a true increase? The reduction in overall grade (from .081 to .062) is about 24%.

What happened to the scoping study?
No explanation as to why the grades (especially the Fe) no longer match all the historical drilling. Historically where the higher grade V is situated also contains the higher grade Fe.
Here's just a taste of what has been indicated more than a decade ago. Notice even this far back there are 2 distinct deposits, high grade and lower grade. High grade of 62mt @ 1.13% V and the lower grade deposit (HWZ) of 31mt @ .59% V. (The 93mt combined deposits had an estimated 880,000t of V at nearly .95% average). Incidently the "newly discovered" HWZ was known about in the 60's.

And look at the average V, Ti and Fe grades in the massive magnetite area. This is why you need full disclosure of all drill hole locations and details.
Anyway salivate over these older results whilst you ponder where it has gone.



"Further to our announcement of Monday, 14th December 1998 regarding
drilling results from the Gabanintha Vanadium project, the Company
wishes to advise of Inferred resource estimates calculated from the
drilling results provided.

A combined inferred resource for the Gabanintha, Yarrabubba and Flood
Plain sectors of the project area is estimated to be 62Mt grading
1.13% V(2)O(5). An additional lower-tenor inferred resource of 31 Mt
grading 0.59% V(2)O(5) has been estimated for the hanging wall zone.
Further in-fill drilling is required to define the resource potential
in the areas between those included in the estimates.

The drilling by Intermin Resources NL has confirmed the continuity
and grade of a massive magnetite unit along stake and to a depth of
at least 80 metres in the deepest drilling to date. The magnetite
unit commences at surface and varies from 10-25 metres in width. This
unit averages 1-1.2% V(2)O(5) 13-15% TiO(2) and 68-74% Fe(2)O(3).

Wide intersections of 0.5-0-7% V(2)O(5) mineralisation which occur
adjacent to the massive magnetite zone provide the basis for the 31Mt
resource grading 0.59% V(2)O(5).

In accordance with Australian Listing Rule 5.10 we advise that this
report is based on information compiled by a corporate member of the
Australian Institute of Mining and Metallurgy and is a competent
person as defined in the Australasian Code for Reporting of
Identified Mineral Resources and Ore Reserves, September 1998. The
report accurately reflects the information compiled by the relevant
competent person and is released with his written permission."




And for both companies:

9: Remta has been MD for 5 months and very little credible evidence he or any of the Directors are any better than the last crew. Very little information coming out to show progress on the many fronts that have been ignored for far too long. How hard is it to release a presentation promoting their assets? In times like these you must be proactive to get attention from those with the dollars.

10: Administration costs for the first 2 qtrs are $600k for each company.

11: Minimum tenement expenditure requirements plus admin costs alone will deplete both companies' funds very soon while they just let things drift along. They need to attract positive attention which won't happen if they sit on their arses waiting for something to change.


So why would anyone want to risk putting money in these companies until management prove they are genuine in their intent. Many other companies raised capital when their share prices were strong, unfortunately the former management of GPN & YRR were too busy diluting everyone's holdings instead of actually trying to achieve anything positive for shareholders.

If this board ever get their act together then the shareprice has every possibilty of reflecting the changing situation. Presently the sp reflects the level of confidence in the board to turn things around. There is a lot of baggage here. This board will need to work hard to change the perception that the names may have changed but nothing else behind the scene is any different. And in this new world we find ourselves in promises are worthless, only results matter.

That's it from me for the time being. Hope it comes good for all the genuine holders who have been burnt.


Feel free to contradict me or give a differing view. Better still keep the pressure on the board for answers to all your concerns. Never let them forget who they are supposed to work for.