email to bromley, page-9

well he proved me wrong.. Straight back to me within hours.

This was my email to him.

Good morning Greg,

I am writing this letter as a shareholder of Mindax Limited.

Over the recent weeks there has been several announcements which have been of both negative and positive nature.

First, congratulations on getting Andrew Tsang on the board. This I’m am sure will add significant value to the company, in particular with his Chinese connections..

Now the main reason I am writing this letter is because I am one of many who I believe are in a predicament at the moment, and would really appreciate your feedback/comments.

On the 27th March 2008 you provided an update to the market regarding the Mt Forrest drilling program. It stated that you are currently awaiting completion of permitting, and that a major element of the permitting was aboriginal heritage issues which would hopefully be resolved early may.

As I am one of many option holders out there, this announcement certainly hit home hard. There was a huge expectation that the drilling program would commence at the end of March (Q1) as suggesting in previous announcements. Because of this delay it has put a very very limited timeframe on the drilling commencement/results and the expiry of options. Now, correct me if I’m wrong, but it would have to be in the best interest of MDX to ensure that all the option holders are in a position to convert the options when it comes time to in June, as this cash injection would provide additional funding to advance the drilling program for the remaining of the year at least.

Greg, basically what I am saying is that right now there are options holders like me who have far too many options to afford to convert @ 20c in June, if the share price is going to hover in the low 20’s. If there are additional delays in the approval I would expect the share price to fall below 20c which in turn would mean that the options are out of the money!

I understand that you have no control over the delays in permitting, though I truly hope that you can stick to this comment “A major element of this is clearance of aboriginal heritage issues. Following a meeting with the DIA these are now not expected to be resolved before early May”. If this is just a “hang in there announcement to shareholders”, then I can assure you that many many investors like myself are going to lose significant dollars in the options and will have no way at all to convert.

I hope you do your best to push the commencement of drilling @ MT Forrrest, as this is what your investors are waiting for!

Thanks for your time Greg, and I look forward to hearing from you.

Regards


AND this was his response.

Thankyou for your comments. You present a reasonable interpretation of the situation (I note however you have omitted our very significant uranium announcement of last week) and clearly I am unable to give you the advice you are seeking. As you state, we have no control over these issues but we are optimistic that there will be resolution of the permitting issues in such time as to allow results prior to option exercise at end June. You will soon receive further information from us concerning the way forward but I would urge you to seek independent professional advice regarding your investment.