Ann: Response to ASX Aware Letter , page-56

To me the announcement did not really include anything new (they told us they would be doing down hole EM in the last ann)

The first thing i saw with this announcement actually seems to fit with my post yesterday - although it could still could be wrong i wouldn't be suprised if that's why it pressed on open to anyone that caught the line in there & pointed more firmly towards no near term move for capital. If the CEO comes out & states they will be drilling the EM targets in 4 weeks without any mention of required capital to achieve this then it's likely sufficent bank is already in place - maybe wrong maybe right but like below i doubt the 30/11/12 $1.4M put in bank was used in the drilling program already out of the lab. Assuming the Feb drilling is already funded then it looks like they wont be moving for capital until the 2nd round of results are out, more is known about the resource & greater confidence to any potential backers.






Yesterdays CR post
"The plus side is while CIB might be low they don't really need to raise funds at this point unless they want to get ultra aggressive on the lab release ? The funds raised at the end of November $1.4M where to drill the Fisher East EM & Ni Anomaly & progress Bonya --- this Fisher East drill program IS NOT ? what has just come out of the lab (as far as i'm aware but happy to be corrected) that program was already underway & less than 3 weeks after the CR the assays where all in the lab - so unless they needed that to extend the program while drillers were on site ? i find it hard to see that going from cash raised to cores in lab in under 3 weeks ?