in tony we trust, page-12

Any changes to the proposed deal will require all of the above. New EGM, new experts report, new contracts - all costs PLV money, which i guess we dont really have. This process, guaranteed to be a longer than a month or two, all with no guarantee that this situation wont happen again at the death nail.

For me, we either come out of a trading hault with the original deal completed (and cash held by PLV in a solicitors trust account) and an announcement to when the new EGM will be to approve, or we get a new deal (which could be no deal) with a new partner and we have to go through the EGM process again.

I would sugguest that we are up against the wall with SS&T, they played their hand and have showed they lack honour. Other than providing some experience and cash there would always be the expectation that any further dealing with them would be subject to re-negociation at will.

The last announcement already said PLV gave them further concessions, and then they still came back for more! If PLV have or can hire additional staff bring in additional experience as required, then it all comes down to funding.

Cliffs want out of the project, otherwise they wouldnt sign it over to PLV, so they are out in my opinion. It comes down to another player with $70m or more who are ready to invest.

Timeone may have been tarnished with the same brush as SS&T, so they may not be the viable partner we were hoping for since they have relied so heavily on SS&T to complete their original deal.

The real dambing issue here is can PLV still complete the acquisition of Cockatoo? Who knows, the play by SS&T could be they want the island for themselves since they now would have done their DD? PLV aren't in a position to acquire the island without funds, SS&T could if PLV have to walk away or their deal with Cliffs expires. We only have until the end of the month!

Cliffs want out (they want bigger deals), so i dont see them doing any financing favours for PLV. I wont be suprised if PLV sell the Cockatoo deal to SS&T for a couple of mil $, since we have no way (at this stage - according to me) to self finance and complete.

Does anyone else get the feeling with PLV that we are constantly on the verge of a company making announcement and then things go pear shaped and its the next announcement we are all hanging for?