might have a short run, page-23

When a company gives a production date, like 2007, that means they were working on approvals, mine designs, transport, etc., obviously well before that date, unless they were just plain stupid and pulled that date out of the air.

So when that 2007 date becomes 2008, then early 2009, then late 2009, and they still hadn't lodged final documentation by late July 08, I'm not sure what else you would call it but maybe dragging their feet a bit.

You can't blame the Gov't totally when the Karara project had Fed Gov't MPFS for a year,(meant to assist GBG through Gov't red tape) and yet it has taken them a good 2 years to prepare and lodge all documentation.

Sure, we all know how stringent the EPA approvals process may be but laying all the blame at the feet of the Gov't is not exactly totally truthful if that's the story they spun you.

GBG made a statement a long while back that they would not be drilling Karara any further because any ore at depth would not be mineable for at least 2 decades and that they should rather, focus on EPA approvals and development of the mine as early as possible.

Then, earlier this year we heard they were drilling again to prove up more resources. What happened to their focus? Had they lost focus - no, what they were doing was trying to boost the shareprice cheaply before a raising by doing a couple of $million worth of holes at Karara.

The market karked it ofcourse and those plans and results fell on deaf ears and they were forced to borrow their equity contribution in the end from Ansteel. That sounds great on the surface, but what are they using as security for that loan? I bet you don't know?

Ansteel wants the IO as soon as they can get it, hence my reference. In any case, I clearly said "I hope" Ansteel makes an offer, and definitely didn't mean to imply they were going to. It's only my wish because that's the only way the sp will lift in the short term!

Why do you say a T/O when I said a buyout of Karara? In that case, did you mean Karara or GBG wouldn't get the go ahead, and did you mean from shareholders, or the FIRB?