could it be taken over?

Progress sofar:

Date 20 Oct 2004: 4.3 mill ounces, 3.1 gr/tonne.

Date: 6 May 2005: 6.1 mill ounces, 2.9 gr/tonne.

Date: 9 Aug. 205: 7.33 mill ounces, 2.6 gr/tonne

The last 3 months they improved by 410,000 ounces/ month. an extraordinary achievement by an excellent Management team using 3 diamond drills.

So far they have mainly concentrated on expanding the perimeters leaving a lot of infill drilling till now. Gradually, some of these drills will be doing that, leaving say 1 drill to further expand the project.

The grade has decreased with quantity, however more infill drilling could improve that, in any case, the area is massive and any open pit would be large as well.

Some African gold mines are working on less than 2 gr/tonne and of course. the size of the deposits matters.

MOE plans a detailed feasibility study late 2006, so there is plenty of time for infill drilling/further expansion, if possible.

I do believe that MOE wil be attractive to a medium size or larger producer, particularly because it has been very successful and is getting closer to a BFS. After the project has been passed by this and finance is being arranged, share prices tend to move.

Anybody interested in this project could buy from now on, wait till the BFS takes place or pay a lot more thereafter. And of course there is room for competitive buying as well; so, the first one in has an advantage.

Whatever, a splendid project and persistent endeavour.

Gerry
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