Ann: Quarterly Cashflow Report, page-4

It matters of course if Ausdrill takes shares - but, if they do - it's still dilutive - so, shareholders get the same deal really. It just makes your raises further apart.

We will have to capital raise anyway regardless -- what I really want to see is a heaftier bank balance for when the PFS is released -- we need cash then - not just down to a million or 2 -

we do not want funds at that stage putting pressure on us to give them larger discouts because they have decided to be in on release of the PFS - assuming it is good.

We need enough cash so they don't play their manipulative price tricks to lower the price KNOWING that we HAVE to raise soon - and, by end September - we MUST be in that position - unless we have raised earlier.

5 million atm is ok - but, you have to think ahead more -- will the upgrade be seen by the market as good???

if it is - then, do a raise - get some heft in the balance sheet to give us power for September October -

if the upgrade is so so - and the market marks us down - I suggest we are in the doo doo -- even though I love the project and the company -------- it's 'still' a card game. You can't just think through the next 5 million bucks or the next quarter -- and in our case with what we have coming up - the next 6 months really requires some strategic thinking -

funds don't stuff aroud - they have only one thing in mind and they don't really care how they get it.