Ann: Placement to raise $2 million to advance NSW projects, page-8

Looks like somebody came knocking and asked to get in via the back door. Especially considering that Argonaut Securities is involved as lead manager because they have been known to get their clients set by door knocking.

Nobody likes dilution but c'est la vie as it goes down this end of the market.

However, reading between the lines there seems to be a positive about the Kadungle project. The following statement got my attention in particular the phrase in bold:

"Specifically, to drill some exciting new targets at our Kadungle project where a recent Induced Polarisation geophysical survey has revealed new untested targets. Based on the historical drilling and geology, these likely represent sulphides associated with a large, underlying porphyry copper-gold and associated, shallow, epithermal gold mineralisation."

This statement reinforces my enthusiasm about the good prospects likely to come forth from further exploration at Kadungle via some target drilling. It will be huge if successful.......... in fact "huge" will be an understatement IMHO.

Cheers