Ann: Exploration Update, page-26

There is still plenty of time for tax loss selling to drive the share back to 17-18 cents, so I do not think the share price will race away. Note that the share price rise today of 8% is not on high volume when you consider the number of shares on issue. MOY is a hold for the patient speculator willing to wait 9-12 months for the new lower cost, higher output MOY to emerge. I may add some more MOY shares later on, but expect it will be below 20 cents.

Today's announcement is a positive, but we still face two quarterly reports that will mean very little free cash flow. It is possible that they will need to borrow some funds or even do a CR - I favour borrowing - to get them through the upgrade phase.

Note that the other two near doggies SLR and RMS have been running recently so those looking for similar prospects also think about MOY as a spec choice.

The share could take off early if they make some spectacular drill strikes or the AUD POG does a runner to 1900.

loki