ann out, page-5

"A slight delay of 4 weeks in the drilling.

Aiming for prefeasibility to be finished by Sep Quarter.

BBY broker stated price of $3-$9 share price based on how long it would take to get project up and running.

Early production would increase SP and capture high phosphate price.
We are definitely aiming for 2010 mining.

Recently met mining dept of NT. Outlined timeline and cashflows to govt. Explained the sooner it starts, the sooner the govt gets cash. The govt is streamlining approvals on that basis. No indication from govt that 2010 would be a problem.

Met Darwin Ports and trucking company. ---3MT tonnes output would be a big project for NT. Wonarah alone will add 40% to Darwin rail tonnage and is important for them.

Emphasis on moving material as quickly and cheaply as possible. Rail stated that the 3MT moving is achieveable.

Northern and Central Land Councils are enthusiastic. CLC will handle the negotiations, are supportive and organising to settle matters on royalties and mining agreement. Traditional owners want to get it started as quickly as possible and MAK get clearances this year.

NOI intent, mining license, Traditional operations were apparently sequential operations previously, they have now been informed they can be achieved simultaneously, speeding up the process.

"Thanks Joel"