drilling burried evaporates, page-33

A couple of points:

1. What occurred between December 2007 and April 2008 was a government assisted mediation. This is the step before arbitration. Accordingly the company has not already applied for a determination via arbitration and therefore still has that option available to it.

2. The Terms Sheet that was signed in April 2008 is essentially an agreement to agree. The only real obligation that it gives rise to is to negotiate the final agreement in good fait. It is not a binding agreement for the purpose of the Native Title Act. If it were, Reward would be developing the mine as we speak.

For these reasons I think it is clear that Reward can apply for an arbitration determination at any time & I suspect that as the final date for the share placement passes Ruane will have his finger on the trigger.