Ann: Mt Cobalt Drilling Update, page-78

we've already asked this question of management. they are apossed to a consolidation for consolidations sake and would only consider a consolidation if a significant structural change occured, sale of an asset, purchase of an asset, new major shareholder, spin off of subsiduries etc.

I'm not concerned about the 2 billion shares as most miners go through a massive dilution phase during development to become producers. So people looking at explorers with 500m on script and thinking it won't triple or quadruple in issues when they need to develop are kidding themselves. you have to think what that 2 billion shares got us.... 2 mines and a mountain, cheap by any measure considering we didn't JV or Farm in with anyone, what we find is ours.

While the liquidity certainly makes for a lot of false starts and some of our shares are currently with less then supportive financiers the actual number is not a concern. 100-150m market cap within 12months is reasonable (assuming everything goes to plan) and that would still be a very big run despite the shares on issue.