spot sales, page-11

Major, I really don't think there is much I can share we are stuck with a world that is gripped by fear and uncertainty and needs to see some common sense.

From memory all ore sales are to long term contracts including ore sales up to the 10MTPA.

The market now understands that they have got problems but I don't think anymore than other IO producers have problems. The difference is that MGX have put it out there and all will be revealed by all companies in the next lot of reporting.

MGX is still one of the lowest cost producers out there and probably able to handle a period like we have now.

Will it rebound, about a week ago it was seen as a takeover target at a then price of $1.80, I am sure that people once a few clarifications come out about the situation will be very interested in taking a position.

The company is very aware of the situation and trust me they were not enjoying yesterday one little bit.

All I know is, I like many I need some sanity to return to the whole market to preserve my sanity and lifestyle. Today is my last day I can access the market during the day for the next month, I was dreading this fact, but now I am looking forward to not sitting here watching blood bath after bloodbath. Hopefully when I return I will be able to once again enjoy what I am seeing.

In the meantime I am sure MGX will clarify the situation and we will start to move forward again from $3.60 to 70 cents is a long way down.