Knowing When To Hold Em or Fold Em, page-14

Thanks John. I'm glad you appreciate my posts. I appreciate yours. And anyone elses who put the effort in to try an "logically analyse" the potential future cashflows of a company (even if I disagree with their conclusion).

Whilst not everything about the future is knowable, assumptions are required, so differences of opinion are inevitable, I do believe that diversity of opinion makes for better decision making.

I agree that the latest quarterly seemed to offer guidance for Co-O that was slightly below what I was expecting (more so for the expect AISC than production), so that was a little disappointing, but it was nice to see them put $5.2m into the bank (I had been expecting $5m but was hoping for $6m).

So, if you ignored the recent Philippine government actions I would have been happy with this result at this current share price and I'll be keeping my remaining 35,000 shares.

I too am looking forward to the updated B1 resource statement, but at this point I don't place any value on the deposit because of the political uncertainty. I now see it as a "one day, maybe deposit".

I'm not sure if the market would agree with me, but I think the sovereign risk is now too high so the idea of investing another $220m into building the infrastructure to bring B1 into production seems risky when the government is so anti-mining.

I would be looking to deploy the accruing capital into new mining operations in more favourable mining jurisdictions.