without prejudice, page-30

The 'German' would have been Peter Jermyn (sp?) - linked with Spargos, Malcolm Johnson and the whole IRL/Beach scam.

I don't remeber the poster though.

To add to the audit notes..........

After speaking with Kevin this afternoon, I now understand WHY the write off was done.

We had conflicting 'evidence' on why the hell 37 million was written down.

CVI adopted the an accounting policy to write off mineral exploration.

This is common practice for companies with mineral assets overseas in places with high Sovereign risk, because it is damned near impossible to value the asset.

Australian companies with assets here use a different method - and this is why we had more than usual unanswered question.
Most big international companies just write off off these expenses. As the leases become productive, obviously they can come back in as assets once an established bvalue is htere.

It by no means answers all the missing things, or the general state of affairs, but does in part cover some of our concerns.
As Cityview is the subsidiary company, it adopts the same policy as its parent company.

Still more happening, but that's the clarification bit on accounting rule.