with all due respect...

With all due respect, I get the feeling some here on this board have no idea how mining companies operate or are valuated.

THIS HAS NOTHING TO DO WITH OPERATING MARGIN PER TON. The purpose of a bankable feasibility study is to justify the projects inital capex with its calculated NPV and internal rate of return/capital payback over the life of mine. Exchange rates and commodity prices factor heavily into the NPV calculation.

With the current resources the capex required to build and operate a 1m ton/yr operation was not justified. The resources will need to be improved or the scope of the project modified before the feasibility study will be positive.

Suggesting that management "knew all along" or that is was some planned "scheme" is irrational and ludicrous. Feasibility studies cost big money and employ a team of analysts from big-name engineering firms.

Yes, some people apparently knew in advance (happens every day I'm afraid), and the ASIC will investigate director/ significant shareholders transactions. Until there is data to prove this, you guys are making libelous statements. Do what you like, but I'd suggest taking it easy until we have some more info.

Funny not one person appears to share my view and yet 11.5 million shares (48% of the float) were purchased on Friday at 0.09.

GLTA