good looking punt, page-3

Hi PP,

FNT spun out of New Guinea Gold as was COY. Disappointed to see New Guinea selling down but they obviously need some cash and hedging their bets I suppose. They still have plenty of upside if Barrick make a discovery, in fact a sell out to Barrick takeover would be the most sensible exit for their volume if a discovery is sizeable. Hoping they hit another Dulgunna but near surface haha. The Geophysical anomaly really looks first class and discrete as a concentrated sulphide accumulation would.

I also like PNG for sheer mineralised potential. I always prefer to buy potential with some sovereign risk rather than very long odds and little sovereign. The RSPT has really shot the Oz exploration seen in the foot and I for one will not be filling the can of any junior exploring Oz with RSPT added to the already significant Native Title (eg RWD) and environmental hurdles (eg CBX) faced by those exploring manifestly mature ground. The soveregn risk in PNG was historically landowners who felt disgruntled or went ferral and of course questionable environmental practices of old. The government is 100% behind encouraging mining investment unlike Oz and I think with the benefit of hindsight new mining plays can avoid the landholder issues of the past.

I think this last boom has seen all the good PNG ground taken up and I laughed seeing the recent EL applied for by COY surrounding FNT Andrew's tenements. It looked very much like "well if Barrick are now doing all the work how do we justify our salaries .... better peg something .... bugger nothing much left ... I know, bit of nearology surrounding FNT's hot prospects" lol. FNT looks a good punt, will look into MGK cheers.

goodluck