Ann: Mitsubishi Sales Contact Signed , page-6

The signing of a contract that has been in the pipeline for several months certainly won't trigger much action in a company's share price. Today's volume validates my opinion. This is not the re-rating that you have been looking for, is it?

The only things that really have the potential to lift the share price on a continued basis are revenues and profits. This is where the rubber meets the road, everything else is just hot air.

My apprehension they would miss their third target too has been confirmed. Earlier this month we had been told that bulk shipment was expected toward the end of May. Now that we are approaching the end of May we're being told that bulk shipment was due "within the next few week*s*". This means revenues won't be booked before mid June at the earliest. If I was in the driver's seat I would have been prudent enough to keep the money that was intended to finance Tara drilling and/or the feasibility study in the bank until it is 100% clear that Carbine operations are self-sufficient just to make sure that the company doesn't have to raise cash again in order to keep going. In other words: The problems regarding production ramp at Carbine could indicate delays at Tara and/or the hard rock phase feasibility study.

However, throughput has "improved significantly" and grade is much better than anticipated. I truly hope this means subsequent shipments won't be delayed any further. But one never knows, a myriad of things can go wrong in this business. So don't take anything for granted.

Looking further out I think the capital requirements for the hard rock phase are a damper on the share price. We already know they will have to return to the capital markets in order to finance this massive expansion.