12mt jorc, page-72

Thanks hef, nice to read those words.

As a general comment:

Of course I am upset the price is 17 cents. Of course management has a role to play in the shareprice, albeit if we were fixated on it we would actually not be doing what you pay us to do and that is grow the business.

To be frank we had a near death experience when SST pulled out. We had $400k in the bank (cause $12.6m tranche 4C was due that week) and SST shafted us. We had to close the Cockatoo the very same day with no money in the bank and we had to pay big dollars to the vendors for variouys studies etc...

That is, no money, money due to the vendors, no partner, no nothing. Basically we were stuffed. Very very easy to curl up in a ball and say it is all too hard.

Only two months later, after a hicup or two in this time cause we were scrambling,we not only have decent money coming in via pre sales, we closed out the cockatoo deal, we gave you a 1000% increase in JORC than you expected, we mine in 2 weeks rather than April than we advised....

and people still critise on our "sloppy due diligence", and poor management decisions, the numerous term sheets, the length of our suspension, etc etc

I'l set AKA and Satori and all these other guys a very very simple challenge..........

Name for me the new iron ore producers over the next two years...... that should be an easy task. Not want to be's.... name me the new guys who are going to produce iron ore over the next two years under their fully funded, access to rail and port, profitable business model, DSO etc......

You can see why comments like "sloppy due diligençe" and "poor management decisions" really bug me. We are not perfect, we are (WERE) a specie junior trying our best. Again show me the latest junior moving into production in a couple of weeks and show me their flawless move into production and I will tip my hat to you.

I have no doubt AKA and Satori will have answers to this but Im also sure they will totally miss the point.

Cheers, Tony.