put it all on black?, page-5

And don't forget the options debacle. I was rather vocal last year when management were proposing to reward themselves with arguably opportunistically low priced options to replace options that had been granted to them previously as a performance incentive, which expired worthless because the SP had gone backwards during the 5yr option period. (2002-2007) That really got up my nose, BIGTIME!!!

When it looked like the gravy train was about to leave the station management were all about positioning themselves at the head of the queue despite the fact that they had delivered a negative return to shareholders over the same period. It was like, oh well those options have expired worthless ... so let's give ourselves another bunch, but this time we'll make the strike price lower and justify it via the BS method. It smacked of a distinct lack of empathy in regard to the real owners of the Company, the shareholders ... those that had stumped up the money and taken all the risk were about to be left well and truly at the back of the queue.

Hopefully PW and the team have learnt a few lessons along the way and realize this is more than just about delivering fat paychecks and soft options to management without regard to shareholder value.

Last but not least, yes I'll finish my rant shortly, not hedging a portion of their production when zinc pricing was
relatively robust was indeed a bad call. BSM recently closed out their hedging positions at a rather handsome profit, had Intec taken a similar strategy their cash position would be much different today and we wouldn't be forced into selling our assets, instead we could be looking forward to leveraging those assets.

Don't get me wrong, I think Intec management have made some excellent decisions but at the end of the day it will be the technology that will win the prize, without it we are stuffed.

Overall I think our chances are much better than simply red or black, despite our precarious cash position. It would appear to me that the technology has advanced sufficiently to make it quite compelling. In fact it is more enticing to embrace new technology such as Intec's during hard times as opposed to buoyant times because during a mining boom everyone makes money, there is no incentive to take on board risk by adopting new technology when easy money is on the table.

Right now the market situation gives good reason to seriously consider the Intec advantage and my gut feel is that we are going to make it despite all our trials and tribulations.

Good luck to those that hold and to the smart ones who have sat on the sidelines patiently awaiting their opportunity I wish you well also.

Cheers
Boomer