Pukekohe trainer Nigel Tiley is taking a cautious approach with his exciting three-year-old Demonetization.

Demonetization was sidelined with a slab fracture on his fetlock joint when on track for a tilt at the Gr.1 New Zealand Derby (2400m) and has been off the scene since winning the Gr.2 Auckland Guineas (1600m) at Ellerslie on New Year’s Day.

“He didn’t have surgery. We’ve just let it heal on its own and he’s coming along well,” Tiley said.

“He’s still having box rest and will have another x-ray at the beginning of the second week in May. We’re a little bit over-cautious, but we don’t want to rush things.

“He started in a small yard and he’s been scanned a couple of times and it all looks good.

“The plan is to have him back in light work in June if the next x-ray goes well.”

Demonetization has been beaten just once in four starts. That was in his third outing when third to On The Rocks in the Listed Trevor Eagle Memorial 3YO (1500m).

After winning the Auckland Guineas, he was the early favourite for the New Zealand Derby.