Yes, a disappointing quarterly to say the least - nothing new....

Yes, a disappointing quarterly to say the least - nothing new.

Hopefully, once the GXY/GMM merger is done & dusted (GXY held 86.22% at last count) more time and attention may be directed to HOR.

HOR does have potential IMO, holding ground within a proven gold and copper area and my view is once a dedicated geologist is appointed during this next quarter we may see movement forward.

Approval was given at the AGM held on 27th August'16 for the Board to make a further placement of shares and I believe they have a 3 month time frame to effect this - so that would be on or before the 27th September'16; approval was also provided for additional shares to be placed over and above the 10% placement ability which has a 12 month time frame.

The $622.5k raised recently, basically repaid the loan previously provided by MF to the Company and hence we only have circa $75k left in the kitty.

We have seen how this one can move and given the recent placement performance I believe the Company will raise the $900k via a rights issue irrespective of the share price at that time as there appear to be some core share holders that believe in the potential of this Company.

Having done nicely out of GXY, GMM and EGS I will take up my rights when the time comes.

I guess patience is a virtue - let's see where we are at in 6 months time, I don't think there is too much downside from these levels once they bring on the geologist who will review what work has been done in the past and work on a path forward and the subsequent 1,200m of RC drilling during this next quarter.