email reply from ir

It seems that some people now think that Mantle has more to do with Freddie Mac and Fannie Mae than with Mt. Mulligan and Georgina Basin. And it's good to see there are still some who can disconnect Mantle from these funny names.

Shortly after last announcement, I sent an email to Ian, with respect to a few issues arising from that announcement and some media coverage thereafter. As I said before I would share anything I get from him with those faithful.

The following is part of my email to him:

"In the latest announcement, the company says that "Mantle will now proceed to finalise the very positive discussions that have been progressed with the Traditional Custodians. These discussions have now proceeded to the point of exchanging a draft Indigenous Land Use Agreement (ILUA)." After consulting with the corresponding Queensland government agency, my understanding is that all necessary talks have been done and both parties have reached agreements on various issues, which must be included in the ILUA. And the only steps left are for both parties to sign off the ILUA and register it with the Queensland state government.

However in today's (20/06/08) "The Cairns Post", it says that "Mantle managing director Ian Kraemer said discussions with the Djungen People had been very positive and he hoped discussions over an indigenous land use agreement could be finalised early next year."

These comments seem to be in conflict with the company's announcement. May I ask for your clarification on this particular issue?"

And the followings are quoted from his reply (only parts are copied here, but these are the most relavant), which I received today.

"The newspaper article is not uptodate ... It is looking like a month or two for Access Agreement finalisation."

"No forms of mining have been ruled out, however CSM is our first focus as it can be brought on stream from exploration holes, is a low emission intensity energy form and can be introduced at a low capital cost. Other methods of mining will be looked at as part of normal feasibility study process ... No approaches are off the table with respect to extracting value from the exploration areas."

Warning: There is no way that you can verify these emails, especially for those who don't know how to contact Mr. Kraemer. And I have a very large position in MNMO. So please apply your own judgement.