Ann: Quarterly Cashflow Report , page-3

Goldfields seem to be almost pattern drilling their 4 farm in prospects and spending almost the mkt cap of Clancy in 6 months to earn their interests. Given they can choose anywhere in the world to look for porphyry deposits and they are spending @10% of their world exploration budget on Clancy's permits and even the GFC couldn't stop them it suggests they themselves think Clancy's permits offer world class opportunities for significant copper/gold deposit discoveries. I'm sure Goldfields would love to get back to Australia with a 2m oz deposit. They also have been targeting these porphyry deposits all around the world, recognising I suspect that Australian geologists have improved the success rate - look at how successful Emed Mining (AIM listed but Australian management) has been in exploration in Slovakia on this type of geology.

Without any drilling results its a punt, but the risk reward looks very interesting for such a low mkt cap stock and management that knows how to preserve its capital by letting a major undertake the prospects involving expensive drilling .