Initiation report, page-3

Great to see some solid accumulating today at 3.5c - what I like about the report is that the share price valuation has considerable upside due to:

1. Exploration likely to add material upside to the project
see page 6 of report

2. Valuation sensitivities based on various US$ gold price and AUDUSD forecasts
see bottom page 7 and page 8 of report. Based on today's US$ gold price and AUD/USD the share price valuation is over 9.5 cents (GPR is valued at A$0.09/sh at spot commodity prices and FX (US$1,314/oz and 0.7775 AUD/USD).