quarterly, page-9

Report reads all right obviously disappointing that we are still in the commissioning phase of validation. Good points for mind were:

• JDC directors put in $2.5m to recent capital raising, showing directors have faith in the technology
• Phosphorous was converted into phosphoric acid (science is working) and temperature of the kiln was controlled.
• Agglomerates issue is being addressed by professional in the field.

Hopefully if the agglomerates can hold in the kiln they may get some decent run times on the plant and we might get some good news some time in May/June.

Interesting point re management Frank, it appears in the quarterly that Cliff is outlining that currently he can only portray what JDC is telling him. I’m sure plenty are ringing about the delays etc. Will be good to get an independent director on the board of JDC.

Agree Ashwil that I would rather see some progress in IHP before any other project was introduced unless it was really good.