FTA...., page-32

Chainsaw1 fiction: “coal locked up underneath a culturally sensative mountain that the indeginous owners have declared sacred and will never allow mining.”

Actual fact: Company is targeting a low impact CSG project, the traditional owners have signed a ILUA.

Chainsaw1 fiction: “Bm project is to close to melbourne for a major open cut brown coal mine to ever get approved by any government.Locals are all against it and the greenies.”

Actual fact: There has been an open-cut mine and a quarry in the town for the last 70 odd years. The resource is a “Strategic Resource” according to the government. Of course the greenies are against it.

Chainsaw1 fiction: “Not to mention the fact that weak coal prices mean the economics don't stack up”

Actual fact: “the process was competitive as long as the Newcastle coal price, currently at about $US70 a tonne, stayed above $US55.”

Chainsaw1 fiction: “and even if they did it would cost over a billion dollars to develop which a small penny dreadfull like mnm would have no chance of raising”

Actual fact: If the project had all the approvals the SP would allow a large equity raising as well as debt. Also as the project is shared the cost would be halved.

Chainsaw1 fiction: ” No wonder exergen looks like it is walking away from the project.”

Actual fact: The is actually no basis for this comment at all, the deadline relating the BM JV is due to Exergen’s delay in building its demo plant and this is because of the ALDP malarkey setting back the whole BCP about 12 months.

Chainsaw1 fiction: “and then there is Norton purchased for $300,000 of which no production costs have been forecast and no sale price for the concentrates produced has been suggested making it impossible for investors to know what margin if any would be achievable.”

Actual fact: “Research into the previous operation suggests a cost per oz of $800 would be achievable. The fact that this figure has not been announced is not a negative as far as I can tell, it is something to look forward too, yes?

Chainsaw1 fiction: “At any rate the previous owners didn't bother to mine it when gold was at $1800, so I can't see it being worthwhile now with gold at $1200.”

Actual fact: The previous owners were putting all their resources into their WA operations and divesting their smaller operations, and were not as ingenious as our board in solving the tolling issue.

Chainsaw1 fiction: “And for gods fakeshark,do not throw any more of your hard earned cash down the drain on this,you will only multiply your losses dude.”

Actual fact: I told fakeshark not to sell his heads for options, what makes you think he is going to listen to you either?