Ann: Investor Presentation October 2012 , page-15

Hmm expected completion by the end of November may indicate they could have an announcement out soon about drilling commencing.

Eer By no action I know you are referring to the share price, but what we have seen is action in one of the major shareholders dump and I mean dump 7m in the last month and a half in a share price range of 16.5 - 18.5 most at 16.5-17. Most of these shares were picked up by holders not in the top 20 and 1.9m of them bought back by LRL in the buyback.

It's time to get set IMO and a few smaller holders have evidently been doing so, it just hasn't got the same following (yet) as MEO on hot copper. MEO has a market cap of 121.5m (cash 48.5m and EV of 73m) compared to LRL's market cap of 42m (50m USD and a negative EV). My conclusion on that is it is damn cheap but DYOR

Oscarone I agree with your patience comments and believe they will be rewarded, I'm hoping we see the share price move north with HSBC-Goldman Sachs running out of ammo at the same time as the 2 wells are drilled. A little worried to also see Citi reduce their holding by ~500k since Aug22 (still 11.2m) and Camac by 58k (still 9.58m).

I also take a lot of comfort that the Managing Director in Paul Atherley is putting his dough on the line as a holder of 29m shares through North Asia Metals so I'm not afraid to wait for the drill result on the 2 wells either as this could be a big multi-bagger and with a negative EV (below cash backing already) there is that insurance on the downside