MUTINY GOLD LIMITED
MYG - WA Mining Club - Mr John Greeve, MD
Thu, 2 Oct 2008 09:00AM
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MUTINY GOLD LIMITED (MYG)
ASX code: MYG
Website: http://www.mutinygold.com.au
Industry: Materials
Principal Activities:
Mining exploration
Address:
, , 29 Charles Street,
SOUTH PERTH
WA
Phone: (08) 9368 2722
Fax: (08) 9367 9043
Executives & Directors
Mr Frank Lawson , Chairman
Mr John Robert Greeve , Managing Director
Mr Allan Richard George Brown , Director
Mr Donald Kevin Hardman , Director
Mr Benedict Kusni , Director
Ms Cecilia Tyndall , Company Secretary
Company Podcasts
Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
MUTINY GOLD LIMITED (MYG) Events
Australia/NSW
MUTINY GOLD LIMITED (MYG)
| Appendix 3B x 2 | Tue, 16 Jun 2009 |
| Notice of General Meeting/Proxy Form | Thu, 11 Jun 2009 |
| Prospectus to raise up to $612,500 | Thu, 11 Jun 2009 |
| Mutiny withdraw from Ashburton JV | Tue, 9 Jun 2009 |
| Mutiny Capital Raising to Progress WA Gold Project | Thu, 28 May 2009 |
| Cue the Bounty - MD Presentation PPR Gold Showcase | Thu, 28 May 2009 |
| Mutiny Unveil Kaolin Co-Product at White Well | Mon, 25 May 2009 |
| White Well Project enhanced by 5 New Mineralised Zones | Wed, 13 May 2009 |
| Quarterly Activities Report | Thu, 30 Apr 2009 |
| Quarterly Cashflow Report | Thu, 30 Apr 2009 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
PRESENTATION BY JOHN GREEVE, MANAGING DIRECTOR OF MUTINY GOLD LIMITED (MYG)
“Resources Rising Stars”
http://www.brr.com.au/event/51956
THURSDAY, OCTOBER 2, 2008, 9:00 AM.
MYG So, thanks very much, it’s very nice to be here and have the opportunity to talk to you at the Mining Club about our company, Mutiny Gold. Before I go
10 to the presentation, I just want give a little bit about our philosophy. Our philosophy is to do the best we can with what we’re given. In our company, we’re not trying to draw out people and say, “you have to have X result bench market.” It’s all about we ask the question, “With what you had, did you do your best?” and we want the answer to be yes. That’s our philosophy, so we
15 keep it simple.
Now, to illustrate our understanding of the economy and our concerns with the economy at the moment, my daughter came up to me and she said to me, “Dad, can you spell mouse trap with three letters?” Mouse trap with three
20 letters, I’m thinking is this a bit of a joke (inaudible) (00:00:48), and she said, “Dad, it’s simple, it’s cat,” and it’s a little bit like that with the economy. A couple of years ago I went through sail with the US Ambassador and you know, he’d come to Perth to be incognito and is in incognito in our boat until we had three escorts with flashing lights saying, (inaudible) (00:01:12) here
25 please,” and then we thought that was really good. But one of the things I was talking about was, and it was scary, I read the other day you don’t have ….and George Bush had been in for three years at this time. I was saying you haven’t got an ambassador in the fourth biggest economy in the world, Italy at the time, and he said, “No.” What happens is when the government
30 changes, they recall all of their people and the President has to make over 3,000 personnel appointments, 3,000 personnel appointments and it takes almost that entire time of his first term to go out and replace all these people. I said, “What? Do they stay until they’re replaced?” They said, “No, they’re recalled, they’re gone, the position is vacant.” To me that’s a very, very scary
35 scenario with what we’re facing at the moment. Alright.
What we’re facing at the moment is not unprecedented if you look at some of your charts. 1982 is certainly stocking up as a very similar model and that’s why we’re excited because if you remember ’83, ’85, were pretty good years
40 for gold. But in 1990, just to give you something else, this shot we did a report on the property in Australia and particularly in Perth and said there’ll never be another burden. There shouldn’t be the big influx of people, but there has been. I mean, how wrong did they get it. But if they’re right, if they’re right, then you’re talking about assets like property supposedly doubling every
45 fifteen years, which means, we’re well above double which means we’re facing many years now of stagnancy and perhaps a 1970 stake inflation thing. I think one of the key investments that’s been forgotten is gold. You know, you’ve got your big investments, you’ve got currency, you’ve got property, and you’ve got shares , but I think people have unbalanced it. So we really think that ….in this being on another thing is that we’ve all been talking about the golden age, thirty years supercycle work. I can tell you the supercycle is well until we’re dead.
5 What we’re going to see are some transitions, it’s going to get nasty. We’re going to see project finance being tight and I think that it’s going to be little projects, simple projects that are profitable that people can really see the economic returns and stock up. So with that philosophy, for about November last year, we started being very concerned. I also assist the fund manager
10 out of the US and we’ve put about $600 million in capital in different investments in Australia, things like mergers in Fortescue, Queensland Gas, and what we’ve been consistently worried about is the lack of capital into gold mining companies. So with that, we decided to slow down our project in Victoria because it’s quite an expensive project to get towards ultimate
15 production and we went out to look for a simple project and that became what …well, we pursued George Lee, you had White Well at the time, relentlessly for about four months. Certainly, it was either his kidney or my kidney was going to give up first, but funny, he relented so, that’s the background on where we are and where our philosophy is.
20
So, Mutiny is a very active company. As I said, our philosophy is to do the best with what we’ve got and to give you an example, we acquired White Well in June 2008 and yesterday we announced that resource. At this stage, it’s only a small resource, 80,000 ounces but the economics on this project are
25 really good. It’s about spread between what you can sell your gold for and what you can produce. It now cost…. the more familiar we’re getting with the project to coming well about on what our economics initially were and we have about more to say about that by December.
30 We’ve got our drill programs approved at White Well within three weeks. We’ve finished our RC drilling by August and our diamond drilling by September, which enabled us to come out with our resource. I think I get the idea of how high that team works. In addition to that, we’ve got drilling programs set for our Ashburton project, which is copper and gold project….
35 we really think that’s the elephant project. White Well is all about good profit to push the company forward for the future and we’re also looking for similar projects, but the Ashburton really offers a potential to be a major copper province and it’s also got some other interesting minerals in there. In Victoria, we defined a resource. We haven’t abandoned Victoria. We’ve got a number
40 of programs going on in Victoria, but to develop cash that’s very expensive and we’re expanding out a little bit more within some probably wider, easier things to get into first.
So we have a track record of fast tracking our exploration plays. We don’t
45 just have a tenement and spend ages. If you look at our…. we’ve got constant news-flow. If you get on our website, look at our announcements, we get out there. We work hard, if it doesn’t work, it doesn’t work. As I said, we’re not embarrassed by doing the work and not getting success. What we don’t want to do is get values but not doing enough work. We intend to try and get our project at White Well into production by Q4/09 and as you get into these you’ll see that we’re very much on progress. You also with us get an exposure to, as I say, highly historical projects in WA and Victoria, and I think, we’ll have time to get in the Victorian one today and you have the potential for
5 major resources in WA, and you have a Board with a commitment to achieving goals, and we also have a very good team.
We’re lucky enough to have a really good young geologist out of BHP, Adrian Dellar, and Adrian’s experienced in the Cue area. We have Allan Brown,
10 who’s our metallurgist and Allan operated the whole string of mines but he operated Wiluna and he opened up Oxiana’s Golden Grove, and we’ve got John Burgess who was the Big Bell Mine manager. So they’re the guys really spearheading our systems and development of project at the moment.
15 So what we have here is in Victoria, Swifts Creek where we’ve got two little hamlets at Swifts Creek. There are about 200 people there and it’s up on the mountains. It’s really a bit of an upside down mountain, a mine originally when we got into it but where we’re at, where we’re at with that mine in Victoria is that we need about another $3M to develop it and we’ve decided
20 that we don’t want to dilute particularly given the state of the stock market. So we’ve really focused now on White Well, and White Well will be the cashflow and we’ll use some funds from that to re-develop at Victoria and also progress on with our plans up north in the Ashburton.
25 Now, so investment features for Mutiny, I guess is it has gold and it’s very important that a gold company has gold. We’ve got a lot of companies that has neurology and you know, we haven’t really tried neurology. We’ve actually tried to get gold. We’ve got a high expectation that gold will go over a US$1,000 up or some people will probably sick of me saying, I’ve been
30 saying for about two years. So if I say it long enough, I’ll probably get it right. But now other people starting to say it and I’ll show you the charts on how solid a performer gold really has been as we get into this. Also, we know that world production has peaked and declining. Only two weeks ago, the MD of Gold Fields said that really, he couldn’t justify drilling anywhere in the
35 world with gold prices at US$820. He just didn’t think it was economic. So certainly, whilst gold has moved, cost has spun, and as I’ve tried to point out that the cycle has been a bit of out of balance. Properties run, real estates run, and people in the currency, but can you trust currency? The Australian dollars had a just a ridiculous run in the last three weeks. It’s moved from
40 A$97 to A$77 and now it’s A$84. It doesn’t happen that in three weeks. It just doesn’t happen like that. We have had a major earthquake. We haven’t suddenly lost a half of the continent. BHP didn’t go broke and you know it’s just crazy. So world demand for gold is increasing and it’s increasing in quite a rapid rate.
45
Now, in for instance, SPDR, the biggest gold trader in London, not only will you know it about it, I mean, the real way to buy gold is not to go out by gold bars but have a loan bank certificates and these guys are the biggest now. Since September 15th, they have increased the gold holdings by 100 tonnes and that... what does that means? Well, it means it’s an 18% increase in ten days. Alright. So if you don’t believe that there is demand for gold, there certainly is. The Indians are about to open their own gold spot market and gold, has to a large extent, been held down because the Wall Street traders
5 don’t get commissions selling gold and I’ve got their big promotion vehicles, and gold isn’t on the radar. The other area where it’s been held down is the Indians, the big market, the waiting market, you all know about in Australia, you’ve got the Indians and the markets are huge, but they have been, into a large extent, have been a bit of a flux. First of all, they have been resistant to
10 pay high prices which has made it very difficult and the market is not as organised as iron ore where have are large buys, it’s smaller, it’s a difficult market. The other area with this is that they have been and to a large extent, so are a lot of people. They’re either ignoring gold or in fact, selling gold or melting down gold and buying shares. Well I think, you’ll see that they’re
15 going to stop to think that maybe they got the balance a little wrong.
And then moving on, prior to September 15th, the numbers were stocking up globally, like there’s 500 billion wiped out at the major banks and they had up to the last report had about three weeks ago, raised about 380 billion to fill it
20 in, so there’s a big gap, and that we know the gaps are even bigger. A lot of those banks have themselves…..of the assets they’ve got that have held value, that they could sell and not get into a spiral of declining prices was gold. So gold has been sold and the demand is going to be for these guys as they get their cash houses back into order and take a while, but as they get
25 the cash flows working, (inaudible) (00:12:01) market has totally collapsed. There isn’t one at the moment, and that’s going to be a big problem. Liquidity is one of the big issues because banks get about 20% of their funds from deposit and generally what they’re doing is they make loans, sell the loan, make another one, but they can’t sell the loan. There’s no one to buy them,
30 and that was the importance of Lehman’s. That was really the service Lehman has provided to the world. So we’re really…. not only have we got this declining global production of gold, simply because of the difficulty in finding economic gold deposits, but we’ve now got this very peculiar market. So, I think gold….gold’s time is here.
35
Now, this chart here shows you very clearly over the last ten years that gold has trended very nicely. You know, people go, “Oh yeah, don’t invest in gold, they don’t get much gains, it will go, yes, yes, you know, real estate is better and shares are better,” but they’re not. Gold is ….there’s the graph ,there’s
40 the proof. Gold is performing correctly. There’s been some hints, some issues going on, 2005 to today, gold doubled, so that’s a little bit too fast, and so you’ve seen gold now, a little bit unstable and it keeps trying to breakthrough the 900 barrier and it drops back, supports at about 870 at the moment, but it’ll have to push through US$1,000. You’re seeing that gold is propping up
45 the US dollar as the US dollar falls, gold goes up and vice versa, and you’re not seeing a great shift in Australian dollars to gold or shift to about $100 over the last month, it’s not bad, but it hasn’t been a wild ride and a little bit consistent. I’m still thinking around $1,300 but we’ll see, you know. These sort of numbers, $1,100, when you consider that we’re modelling our project, picture models on about to get project finance on about A$770 and you’re working back to that to your cost. So you can see how exciting this project could really be.
5 Being sarcastic here, but the news we have been waiting to hear, investors flock to gold on financial fears. Gold soars as buyers seek safe havens. So, I mean, gold, there was a night there, the day after this article, September 19th, there was a day where gold actually jumped and had its highest increase and its highest decrease in the same day. So it went from $920 to
10 about $820 and settled out at about $870. So it’s totally… it’s not just the stock market fundamentals that are out. So, anyway, you hear it more to hear about our resource, but I’m just saying, that’s why we’ve picked this project. But it’s a simple project and we believe that this project offers the opportunity to get in in the short term at a predictable period when gold is going to be
15 high and in demand. Our plan will be to hedge. We’ll be hedging at least 40% to get a project financed rather than dilute and we believe that by September next year, we’ll firmly know what that the price will be and probably by December, we’ll be in a position with our projects to fully release the figures that we’re looking at.
20
So it’s certainly in the Tuckabianna field, not to be mixed up with Silver Lights, it’s a completely differently structure there. This is (inaudible) (00:15:27), this is Calen. It’s quartz in Calen whereas their gold is (inaudible) (00;15:33, it’s a more traditional (inaudible) (00:15:34) than these. One of the big issues for
25 us is that it has abundant fresh water. While I get into the processing, you’ll see just how important water is. Ours is really…. our whole processing is all about water.
So, White Well, as we’ve said, is located 30 km from Cue, 45 km by truck.
30 We’ve got 42,000 m of drilling. Some of that, you can just count, it’s RAB, it’s good indicating but 22,000 that’s RC, some 950 holes. We’ve got our initial resource of 80,000, that’s just in the weathered zone, that’s not in the fresh rock, that’s opened at depth. Our project is….it’s deep weathered which in all indications ours is going to be free digging. There would be some blasting
35 but we think, minimal. Also, our objective is to produce a quartz concentrate so I mean, you’ll be sitting here thinking our initial resource is 80,000, 2.5 million tonnes, 1 g sounds pretty well, but when you consider that the gold is in the Calen and the whole thing will be easy treat and we’ll be producing an 8 g concentrate, that’s what it’s all about. That’s why that we keep going on
40 about the water, the water is so important to us. Lately, we’re finding visible gold and we’ve actually got some tremendous high grade intersections. We’re actually predicting the story in the resource will get big and not smaller. So the resource, 2.5 million tonnes, 1 g, 80,000 ounces, and as I say, we intend to produce an ore concentrate and we’ve got some great hits here. You know
45 some widths, 16 m at 3 g and we’ve got things like 1 m at 110 g, and we’ve just completed that diamond drilling. As I said, the big highlight is going to be the ease of extracting it and that is going to significantly reduce the expense of transportation and processing. So we think it’s going to be a low cost production.
Our CAPEX, we’re looking at processing CAPEX at maximum about a $1 million, it’s that simple, and the CIL plant is already in place. We’ll need an upgrade on that, so CAPEX is almost a non-issue for us.
5
Just going through, this is really more a bit of replay of the drilling and assays, I’ll let you look at that later, but you can see that there are some good widths , 54 m at a bit over 1.5 g. Now, the next step for us is going to be that the metallurgy works from the diamond drilling, we’ll able to use that to confirm
10 the density and that’ll be out by about November and we’ve also taken a 3-tonne sample and then working on the systems on how easy it’s going to be to separate the Calen from the quartz and our experience in the field is that we’re having trouble getting the Calen stick to the quartz, so we don’t think it’s going to be really difficult and our initial metallurgical test all support that, but
15 this is a more thorough, obviously, a review of it.
So our resource will be very quickly converted from Inferred to Indicated and we actually got an expectation that might go up because a lot of it’s going to depend on what grade you shut down the screening on this and also
20 obviously, the pit optimisation. So that will enable us to upgrade our scoping study which we expect to have released by December moving forward to sort of a feasibility study in February, bulk sampling coming out in April. So the production stock will just be for those that might not be aware.
25 The quartz will be extracted generally by free digging. The overburden is also going to be removed quite simply. There’s a very thin hard crust but after that, it’s all very simple. The ore that you’ve extracted will then be processed or trommelled to separate the quartz from the Calen. We’re not chasing any gold in the Calen. We’re not giving that any rating , that’s going back into the
30 pit and then the final pieces of quartz, say down about a thumb-size, you know, fingernail size, will be screened out and cycloned. That concentrate will then be trucked to the CIL plant and processed. So from start to finish….first take us about 45 days from the start of operations before we get our first cashflow. We’ve got about 170,000 tonnes already mined and sitting on the
35 on the top of the tailings dam. That’s got about 2,000 ounces in it and we’ll be bulk sampling that to test the speeds in probably about April. I mean, the issue there, the issue there….. we don’t think there’s going to be a great problem, but the issue is, are we going to be able to process this 2,000 tonnes a shift or 4,000 tonnes a shift. They’re really the issues that we’re
40 down to it and it works either way for us, but obviously, 4,000 is cheaper than 2,000.
So the work completed to date and I really stress this so that you’ll understand that we believe we can get this thing to work, is that we’ve
45 finished our RC resource definition drilling. We completed the diamond drilling and of course before that, we had to put all the work into getting those plants into the Mines Department approved and we then got our initial JORC resource. So, we’ve done in three months.
So the next phase, obviously, as we said is the metallurgical test work and I think our track record to date says that we will achieve their milestones on time then obviously that comes the scoping study we hope by December, our feasibility study by, you know, February, March, and then you’ll see us doing
5 a bulk sample moving into production. Somewhere in there, obviously, we need to raise some project finance, but it’s not significant. The project finance is really to cover the small amount of CAPEX that I’ve talked about and sort of about 60 days of OPEX and then really, it’s not a significant target that we’re looking at. We’ve already had talks with Macquarie and Goldman Sachs.
10 Their concern being initially, maybe the project’s a little small for project finance but they’ve indicated they’re very keen on it and the metrics on this are getting better and better, our cost our coming down, price is stabilising or going up. Now, this is sort of what the pit does and the table there shows some of our high grade Intercepts, you know, that’s a nice one metered at
15 110 and so forth, but really, it’s not about that because it’s going to be broken up, crushed up, but it’s not an underground narrow vein thing where you are following the ground.
I think the important thing here about this diagram you see is that these lines
20 here…this is the new crest drilling. So it’s absolutely had hell drilled out… these are the high grades through here where they’ve gone back and drilled intensely. So the drilling hasn’t missed much and we’ve gone through and put 27 holes in between them and we’ve got about basically 100% validation, so we’re pretty happy on the data. So this diagram really, anything yellow, pink,
25 red -- is 10 g and above. You can see the grades there, 50 to up, but the real issue is this is the high grade here which is the first pit we’ll probably operate, then this pit here. This hasn’t been mined. The depth, it’s still open, but the reason that we’ll be in here first is we’ll be using the water out of here. We’ve also got fresh bores in here and here available for water. We’ll probably end
30 up using more bore water than pit water. The pit water doesn’t appear to have come in by stream, it really just seems to be running water, it is…. I think it’s been there since about ’93.
Now, this chart here, don’t get confused, the table here is really just showing
35 us (inaudible) (00:23:54) but the table here is just showing the high grade. It doesn’t relate to this, this is really designed to show you the concentration at the main veins and the fact that they do have length, width, and really no penetration yet in the drilling of any significance into the fresh rock below. So you cannot close that off and say there’s no gold in the fresh rock. The reality
40 is that there have been some successful penetrations in the fresh rock but really, you can see that Newcrest just wasn’t interested and did not drill into the fresh rock. Silver Light’s made announcement although with same thing 93% of their holes in Tuckabianna went to the fresh rock in there. Actually, at the moment, planning a (inaudible) (00:24:42) program will be pretty
45 interesting, that’ll give us some indication perhaps of what we can expect.
Now, just quickly across to Secret Creek Project. Secret Creek in the Ashburton was discovered really following the gold rush after Alexander Forrest went up there and doing his survey, and they ran into top camp, shovelled that about, I think, it was about 10 ounces to 15 ounces of gold and so they sent Jack back to Onslow to get supplies and the town of Onslow was a bit surprised because the Forrest brothers don’t come in for supplies about a week after they’d left. So they got him drank, gave him a woman, and he
5 was pretty happy and spilled the beans in the whole town of Onslow emptied into the Ashburton. So it was a gold rush there, from year about 1897 and it attracted some terrific characters and it attracted great characters like Russian Jack but it also attracted some terrific miners that you’ve heard about like Ford and Bailey. So it was mined, there’s an alluvial, and really no great
10 gold mines came out of the Ashburton till recently with Paulsen’s and Olympus. It’s been pretty difficult but there’s always been hysteria in Newcrest. A new pan of Australians put a lot of work into looking for Calen structures, and we’ve got some good Intercepts, some intersections there showing you know, sort of, 9 g and we’ve got chip samples with some very
15 high grade gold as well. But it hasn’t been…it’s very unexplored and the data is very sketchy. To give you an example, the British Metal Works Corporation had it from 1953 ‘til 1958. They mined about 100 tonnes of copper at Donnolleys Copper, but their main interest in there was looking for uranium and there are some interesting data on uranium, but as yet, we have men out
20 to locate the sites.
The other thing is then the next real look and we sort of run in the people who have been to Donnnolleys but they’re actually tracked the data.
25 The next slide down that we get is Anglo American going in the ‘70s. Again, looking for uranium and then saying “no, there’s no uranium, it’s only thorium”. Well, in 1958, thorium was worth about $280 a kilo and by 1973, it was worth about the same value with silicon, not very much. S, the one that they’re interested, but the copper itself never really got a big looking and
30 neither did the gold, so it’s very unexplored. Now, this copper is 1,500 m long, open to both ends and it’s about 30 m wide and it’s got some decent pits put into it so we know it’s got some depth and it’s got some widths, and the grades we’re getting are sort of, you’d say, if in average chip samples, you’d say averaging 8%, you’ve got the chance there, but it’s really ranging from
35 about 25% down to about 2% and we’re pretty excited about it.
Our Chairman, Professor Frank Lawson, is an expert in the area and lectures at Mt. Ashworth, at Mt. Isa, and we’ve had a lot of other people who are experienced on copper have a look at it because you know Ashburton is a
40 notorious for…… you know, as the American say, there’s a little bit of copper stones on the whole mountain and the Ashburton has been notorious for that, but this looks a bit better than that. So we really think this could be something special, and there is one of the pits. You can see some of the copper outcropping here and it stretches down to here, with some depths through
45 there, and that’s typical of what we’ve been seeing. This would have been a pit put in the ‘60s when they did some cross-straining on it and roads effectively through here, beautiful, were pretty made by British Metal Works company way back and they’ve graded the whole thing, but they’ve never done…. really developed it any further. So that chart there really gives you some of the idea of ….the reason we haven’t tested the both ends, is that they’re both disappear in the sand dunes and so forth, so we haven’t been able to get an edge in going up there on October.
5 When we did that sampling, it was about 47 degrees or something, by lunchtime, it was getting a bit tough. So that was sort of the best we could do but there are the charts there, and we think….. so we’re pretty excited about that. So if it develops and we get White Well to work like we hope, then we think, we’re in pretty fantastic shape and in for a very exciting future.
10
In Victoria, we have ten tenements. We’ve had a bit of problem in and we had hoped to get…. cashed us up into production but it turns out to be expensive than what we thought. We were looking to drill out on the extensions and stope them and what happens is the orebody stayed intact, but the gold
15 grade dropped off significantly and at depth, the orebody split in two so it became very difficult. We’re still think it’s going to be economic but that coupled with the difficulties of dealing with the bureaucracy in Victoria, we basically got fed up with it, to be honest. You know, it takes eight months to get approvals in Victoria for simple things and you get the opposite run
20 around. So, my mother is sick today and then you don’t hear from them for five months, and it’s too hard.
So, we basically say (inaudible) (00:30:23) we’re out of there for now and let someone else sort your systems out but we still have got a number of
25 projects on the go. We got over thirty service targets in the Victoria and we’ve got three that we’re intending to drill over the next year, one being King which we’re pretty excited about but the real purpose of the presentation today was to have a chance to explain what our resources about in White Well and try to put it in context. It might be a small resource, but we think it’s a very
30 economic resource and we also think that the world is going to be far more focused back on gold and understanding that gold is not the investment but it’s going to be one of the key investments. You need to put it in there with your cash. You need to put it in there with your property. I mean, it’s a hedge against territorial problems, it’s a hedge against currency problems, and we
35 think one of the best ways you can get yourself into some hedging on gold, is to invest in companies like Mutiny which got a bright future.
Thank you very much.
PRESENTATION CONCLUDED
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