did anyone go to shareholder briefing, page-28

Share Holder Briefing,

Very late update from my notes - sorry. There was not much more to say, so I include the previous notes.

Previous Notes!

Mike Fisher got the flick due to accepting sub standard research during the due diligence for Iberian. He trusted in what a scientist was telling him about the ore body, without getting in to the detail of it himself. Another director also got the flick, but I cannot recall his name right now.

Hugh, on a direct question, values the company anywhere from 10 to 25 cents per share.

Toronto is still on.

Announcements to come on JVs with large company/s to develop Filipina Grande and Santa Domingo iron ore deposits.

Actively selling assets from Lichkvaz and the Rishton Mill. Any monies received will go straight to paying off debt.

Also selling Australian leases. Again monies to go to paying off debt.

Generally speaking all angles were covered. No more negative surprises to come.

The focus is on Chilean copper and Chilean copper and ...

New Notes!

Peso is falling - this is good. At the time it was 490 to the $US. Now it is 520.

Power Costs had risen from 8c to 18 cents per lb.

Maintenance costs high due to hard ore.

London office is not on the agenda anymore and HC is moving to Santiago, Chile to better manage close up (HC has learnt an expensive lesson I think).

Crusher needs improvement. The average capacity has been under 3,000 tpd, but the maximum up to 4,300 (!!).

JV announcement/s on Fe expected in December quarter.

The Larox filter is the key to reaching 4,500 tpd by June 2009.


Cheers,
InHindSight