Hi Sector and all, If you read back on the history of the...

Hi Sector and all,

If you read back on the history of the company, you will see the Finchley is correct I can assure you. Historically they had an annual cash burn of $4 M and the reporting on this was sketchy to say the least, a minimum of $700K for director’s fees, KR wages and WA wages and often a single line claiming expenses often over $1 M without any break-down.

You would think an exploration company would give good details on the actual amount of money applied to exploration costs, but this was not always the case, I recall an amount of money being allocated for a set number of drilling Meters only to have the drilling program cut in half without a decent explanation. Claims of poor drilling equipment, break downs and inefficient drilling contractors and language problems where mentioned. I asked why the drilling expanses where generally quoted in Australian prices rather than the greatly reduced cost of local KR contractors. I also asked if we are paying top dollar for exploration who is responsible for hiring these sub-standard drilling / exploration contractors in the fist place. Like to hazard a guess as to the director’s name on the contracts? He is still hanging around if you wish to question him.

Clearly, I don’t hold in high regard any of the two main directors of the company, however, at least when the last renumeration vote was lost at the meeting and seeing this as a vote of no confidence at least Mike had the decency to knowledge his responsibility and resign. I just hope his severance package is adequate because the state of his super fund can’t be great after buying WCN shares in the open market.

The fact that these points need to be pointed out to you and Raginboom is very enlightening in my opinion.

I have long believed one should not make this type of investment without completing their research and full and due diligence.

I said before borrowing money to invest in the speculative end of the market I thought was foolhardy to do so without D.D. goes well beyond that in my opinion.

If the price alone and at least one director that has misread a drilling report that was later upgraded by some 60% had holes drilled on the wrong part of a lease (Hired poor quality contractors) and must be held (50%) responsible for some of the most horrendous loss of shareholder value in ASX history instils you both with confidence then I fear there is little more that I and others can do for you.

Perhaps some shareholder can show a little Christmas spirit and throw whatever amount of money will be required on Monday to close the share price back at the 1.5 cent CR price and you and RB can enjoy a Santa Rally.

Cheers and very best regards: Andy