appointment of director, page-4

A new puzzle. The Federal Court has issued an injunction restraining the company from acting on resolutions passed at December Board meetings and now the company appoints another director a day prior to a hearing scheduled for 2.15 on Tuesday. Is this contempt of court?

The broader issue raised by this possibly unlawful appointment is whether the company should at this time be proceeding with diamond exploration when funds are constrained and the company is losing money on its gold operation.

This raises the further issue of whether an academically interesting theory proposed by Professor Coppleson about diamond ocurrence and dispersal is sufficiently robust for a small company previously focussed on nickel; this is in the worst market down-turn in eighty years. The actual appointment now suggests that this will be central plank of Jervois activities.