Ann: Chairman's Address - Annual General Meeting, page-4

Interesting info from the AGM: costs have been reduced 65%, there have been a number of staff cuts, and VMS have sufficient cash to last 2 years.

Their exploration skills may give them upside in SE Asia. Their cash position may give them acquisition opportunities in cash challenged juniors. They are looking to diversify to get away from risk of everything being in Tasmania, and also to diversify in other commodities (so not just tin, iron ore).

It appears it is a case of waiting until the commodity prices move up before VMS can proceed with anything in Tasmania.

I think you have to give VMS credit for doing everything they can to preserve shareholder value in the company. The company is at the mercy of commodity prices at the moment and short term it would appear that they are relying on the expertise of their geologists in SE Asia to create any short term value while they hold the line on tin and iron ore.

The court case is not an issue. They would have gone ahead with it regardless of the court case if the IO price was right.

Lastly, VMS must be serious about cost control - there were no muffins with the coffee afterwards!