Have been looking over the Resolute presentation at Indaba 2012, and I have to say, they sound hungry, which could be a bit of a worry (or not).
We know they are now going to drill ML 15/552, as a priority, and as a direct result of the Auzex/GGG drilling campaign.
They have also clearly staked out their claim over the landholding.
If Bullabulling comes to life, the drilling continues successfully, and RSG prove up resources in ML 15/522, then we are a sitting duck.
My impression is they would want to take out Bullabulling earlier than later, and especially before a re-rating.
The only comment that the directors of AZX/GGG will make to me about Resolute is that they are aware of "The Resolute Issue", whatever that means.
Lets hope the share price of Bullabulling can get some traction before Resolute step in. Of course, the other consideration, is that Resolute may become a cornerstone investor, and as such, provide substantial funds for exploration without diluting shareholder value.
This is going to be a very interesting year Rich, one way or another, and makes the current share price very attractive.
Gw
AZX Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Held
