Ann: Pilbara Gold Project Mineral Resources Jump to 643000 Ounces, page-52

Pretty straightforward story.

Johnathonc found Purdys/Comet. Novo are managing that now, and it looks like they have a potentially viable mining operation ahead...size unknown, grade unknown.

Noone else has so far found anything similar. Some have given up and sold out or like DEG working on their other projects. MZN still working on preliminary investiations and KAI and ARV have plans to do more work but no haste...indicating there is no certainly of good results.

The market isnt convinced there is much to the conglomerate story (look at SP's). Novo might but the rest havent shown anything exciting.

Sprott is a great believer, willing to take a punt that more viable patches will turn up, and is prepared to fund start up money for anyone with likely ground willing to explore. But hes the only one. All the majors are looking on with muted interest, not enough interest to put any money into the play.

Meanwhile the Canadians are hyped up and have pretty high expectations, purely based on scant information. Because of Novos expected sucess they are still supporting any Canadian startup.

The Australian market is wary, they will only buy on results which havent been forthcoming. Even if Novo releases great results the flow on, if their is any, is likely to be limited.

No game of chess here. Just a slow start with Novo the only real player so far.