Ann: Positive Drill Results from Hermes South, page-10

Maybe it should have been 'bonzer', not 'bonza'.

Bonzer grades indeed, bonanza too!

I'm not one for looking back and regretting as a rule, but I do think that instead of starting Uni doing Arts (philosophy, psychology, government and general pure maths ) I should have started with, and done, geology. I live with it though. I also live comfortably with things done by directors in the past, generally anyway, even though at the time the decision looked a bad or wrong one to me. The Auris farm-out with Sandfire rankled me as an AUR holder. Good may come out of it though. Also, it is what it is!

It's therefore the case that I am not upset about what the ALY Board did in early 2015 with NST and earlier than that with IGO. It is what it is!!

However, in the case of the IGO farm-out/in, because vms exploration is tedious and expensive, it was better for a bigger company to tackle it. IGO is very slow though! ALY still gets rewarded though if something very decent is found.

The same applies with the NST deal, except that here ALY did have gold. The problem was though, I think, that the deposits were isolated. So, how to profit from their mining? Hmmm! Can ALY afford to do it? How to test for more gold? Hmmm! Is it worth the money and trouble if it can't be exploited by ALY?

I think that the Board made the right decision with the Hermes sale and the Wilgeena farm-out. Let someone big with a production plant not that far away (Hermes was still 60kms though and no direct existing road) do it all. NST built that new direct road ($$$$$??) and its successor Superior Gold has started extraction and production. Sure, ALY will only get a maximum of $200k in royalties, but that's better than nothing. It also has got Superior more interested in finding more gold in the area for the Plutonic plant.

That has led to it looking at expanding the resource at Wilgeena/Hermes South. Now that is starting to look very good for both the major party and the minor party. This could be a rewarding ride for ALY!