Very Quite, page-46

1. Until they start drilling and providing grades at SJ then the risk factor for delays/cash burn is extremely high. There is clearly an issue with land rights and anyone who believes that everything is fine is kidding themselves. A lot of you guys were saying last year that Isabel was a certainty and landholders were all onside - look how that all turned out.

A lot of you are acting like SJ will have the same or better results than Isabel without a sufficient drill program or feasibility study - speculation won't cut it here.

2. $$$ CASH - what makes a company either get run into the ground or prosper. This company burns way too much in admin costs and lawyer fees compared to what it has in the bank. That $5 million will be gone extremely quick - then what? Another dilution unless they get confirmation of land rights and great drill results at SJ to get a better deal for shareholders than the 18c + 10 yr option debacle.

3. Isabel is a long way down the track and in uncertain territory after the COA result. Rumours and 'could' 'should' simply won't cut it - they need to be back mining there without a court case on their books before it can be accounted for again.

My point is not to discourage or "down ramp" but when I see posts talking about how everything is fine and the management is doing a great job I feel it is worth offering my views to show the other side of the coin. I hate to see people lose money - I just hope you guys are being honest with yourselves about the position of the company.