dear mr huntley, page-37

I’m with you Shumsta

Done pretty much exactly the same but have since gone one step further and for exactly same reason – INTEGRITY!!!

I havent written them off by any means - the stuff is still in the ground and they will get it out sooner or later -but that is not the issue - intergrity must be recovered as the FIRST step. To me credibility revolves the ability to get to start up - integrity revolvs around what comes out of the mouth (and releases)

Having said that - I think you will find it is not two delays we have had – it is now three. We were to be in production by the start of 2007 (in fact earlier at one point but I don’t think that was official) the pre 2007 start was put off to mid year – then put off to mid October – and now put off to next year.

But it is not the start ups issues that have caused me concern it is the veracity of statements they have made and while this latest occurrence raises credibility issues for mine the last one was the most blatant and went to integrity and I have since found myself questioning the veracity of everything they say.

In my mind they blatantly lied about the previous delay by blaming the delay on the failure of the power company to meet its targeted delivery date for power and claimed it was for that failure that they had to put start up back from around June 07 to mid October 07.

This delay didn’t add up entirely to me because management assured us they would use a generator if power was late (that assurance was given at the EGM I think, and came after people more familiar with potential delays in power supply (westmoon eg) raised concerns.) They then claimed it was uneconomical to use a generator for the few short months till it arrived.

It never quite added up to me that they would go back on that assurance after being so adamant about it earlier. It was for that reason at the AGM I raised my hand after seeing the construction piccies in the presentation and said those pictures make it look like there is a heap more to do before start up – (fact is I really couldn’t tell diddly from the pic’s – was just calling the bluff) but I asked - can you say we would have been ready for start up had power arrived in time --- after some mumbling – the response was no, we would not have been ready even if power had arrived on time.

To me, by blaming an outside source for delays and then asserting that they chose not to use a generator because it was uneconomical when in fact they would not have been ready themselves was in my mind dishonest – and shows the intention is to “handle” shareholders rather than being frank and open with us